Money Tips For Newlyweds
Business Information June 14th. 2011, 8:51amJune is wedding season. In fact according to TheKnot.com, one third of weddings happen during the summer months. And while couples may do a great job of preparing for their big day, they may not be doing so well at preparing for their financial future. According to The Wall Street Journal, these are some tips that will help newlyweds hold on to that wedded bliss.
Have a “Money Talk”
Financial expert Robert Walsh told the Wall Street Journal, “Couples need to lay it all out there.” And that money talk should happen before the wedding. You need to know where each of you stand as far as your budget, debt and assets.
Create a Budget
Couples should sit down and create a budget together. Use a spreadsheet or free online tools like Mint.com to record income and expenses. Even though one person may be more money-oriented, both sides need to be on the same page. Use this time to lay out short and long term financial goals.
Schedule Monthly “Money Dates”
Walsh told the Wall Street Journal that couples should meet monthly to talk finances. This way you can make sure you both still have the same financial goals. You can reevaluate where you’ve done well and the areas that still need work. It will keep you both working as a team rather than letting financial issues drive you apart.