Money Monday: 3 Financial Tips to Know As A Newlywed
The wedding rings are on, now it’s time to shift gears from wedding planning to financial planning! After you tie the knot, your finances can go through some significant changes. That includes adjusting how you manage your everyday expenses and tax filings, if you need some tips about filing your taxes as a newlywed you can read our blog on the subject here. Your usual routine as a single person may not transfer to your new routine as one-half of a married couple, so you should take some time to discuss any potential changes with your partner. Communication is key when it comes to financial management as a newlywed and will help you avoid any major financial woes, here are three tips to help you in your new financial journey!
Decide On Joint Accounts
After you get married, you will need to decide on whether you will be opening a joint bank account, linking individual accounts, or continuing to maintain separate accounts. Generally, having a joint bank account will make it easier for you and your partner to pay bills and keep track of your overall finances. But, if you feel more comfortable maintaining separate accounts that’s perfectly fine. As long as you discuss who is responsible for paying certain bills and such, you can do what is best for your specific lifestyle!
Photography by Jess Sinatra & JNR Photography
Discuss Spending Habits
The easiest way to avoid any overspending issues is to discuss with your partner each of your spending habits pretty early on in your marriage. Deciding how you will go about making bigger purchases and dealing with any extra funds that may be left over after bills each month will help you stay on budget. It will also help you avoid any miscommunication with your partner that may lead to larger issues.
Photography by Ria Mackenzie Photography
Create A Budget
Whether it’s because of a longer list of expenses or a greater need to build up your savings, the budget you created for yourself may not necessarily work once you are married. Take some time to discuss with your partner what your household budget should be, including weekly and monthly expenses, as well as financial goals. This will help you, in the long run, to tackle any debts, build savings, and know how much money you will need to collectively set aside for bills each month.
Photography by Cassidy Lynne
Share this with someone who recently tied the knot and if you’re still on your engagement journey, get a head start on finding your dream gown by browsing our collection of made-to-measure wedding dresses!
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