Newlyweds and Financial Planning

Now that all of the wedding planning is over, the cake has been eaten and the honeymoon has come and gone, it’s now time to sit down and take a serious look at your financial future together.  The first thing you should do as a couple is to sit down and have an open and honest discussion about each of your current financial situations.  This includes your income and all of your debts.  Don’t be afraid to disclose everything.  Remember, you are married and should be able to open up to each other.

 

After you have had your income and debt conversation, it is not time to work together to develop a budget that works for both of you.  The budget should include all of your household expenses and how each of you are expected to contribute to these expenses on a monthly basis.  Both partners do not have to contribute equally but the expectations of each others contributions should be put down in writing so there is no confusion.

 

Next, set some financial goals together for the two of you to meet.  If you are planning on starting a family, maybe you should set some financial goals towards affording some of the common expenses that having a baby entails, such as hospital and prenatal care, the cost of a crib and stroller, baby clothes and your child’s education.  If you two are interesting in buying a home or a new car, consider setting up a savings account or making monthly contributions into an existing savings account to fund these goals.  Just remember to make sure both of you are on the same page as far as your savings goals go.  Also, you can save for multiple things if both of you have a particular goal you want to work towards.  Don’t feel like you both need to agree 100% on one goal to save for.  Included in your savings goals should also be your individual retirement plans.  Monthly contributions into your retirement plans set up through your place of employment plus any additional money you plan to contribute on a weekly, biweekly, or monthly basis should be included in your budget and your savings goals and discussed on a regular basis with your spouse.

 

Finally, consider creating and contributing to an emergency savings plan.  You never know when something might happen and having an emergency fund to help curb the resulting damage can be a life (and marriage) saver.  Financial planners generally recommend trying to save at least six months worth of living expenses for this kind of savings plan.

Guest Blogger Author Bio: Elizabeth Roque is an in-house writer for <a href=http://www.facebook.com/pages/Franklin-Debt-Relief-LLC/101102239931526>Franklin Debt Relief</a>. She presents information about debt relief programs, credit card debt reduction and getting out of debt on a variety of financial sites online.

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One Response to “Newlyweds and Financial Planning”

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