You’ve just gotten married; congratulations! Now that the wedding has passed, consider joint finances with your spouse, like joining bank accounts and merging credit cards. It's not as exciting as sampling wedding cake, but in the long run, it is much more important.
Now that you’ve taken some time to get settled in as a newly married couple, it’s time to take a closer look at what marriage means for you and your spouse when it comes to finances. Don’t be afraid to inform your partner of your salary, your investments, your debts, and your credit score. It will be easier to make shared financial decisions when you’re both aware of each other’s details.
Here are some quick yet important pieces of wisdom you can consider to help make your new life together stronger and more financially secure as time goes on.
Debt is a word that can bring a cold sweat and sensations of anxiety to countless people. Many of us have it in the form of student loans, credit card balances, car payments, or one silly mistake we made years ago.
As a married couple, you might have double paychecks (and double debt), but in any scenario, you're a partnership, and you should team up on handling debt. Sit down and be strategic about approaching what you owe—how much and to whom. Next, devise a plan that best helps you start crossing debts off your IOU list.
The two most common systems of debt paydown are called "The Avalanche" and "The Snowball" methods.
Investing is an important point of discussion for newlyweds, and it should continue throughout marriage. Retirement may seem to be a lifetime away, but it's not that far off in reality, so start your marriage on the right foot and begin preparing.