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How To Manage Your Finances After Marriage: “Marriage is not just the marriage of two people; it is also the marriage between two families.”
This is a cliched phrase that we’ve been hearing for a long time. There is a third dimension to marriage that needs to be added to the conversation. “It is also the marriage of two finances.” In a time when both the partners are career-oriented and focused on their future goals, it is important that we do not forget the finances that both you will share once married.
To lead a happy married life it is necessary for both of you to understand that once married, you have got to share your entire life together, and money is an important part of everyone’s life.
So for all the newlyweds out there, this writes up is perfect for you to understand the financial changes that will take place once you are married and how you can manage them successful.
Share Financial Responsibilities:
You must be well aware of the phrase that “with marriage comes responsibilities”, the responsibility of starting a new family. Most of us ignore the financial responsibilities that come with marriage. Being a newlywed, it becomes mandatory for you to share all your financial secrets with each other, be it your income, property, bank balance or any other asset. Also keep them updated about your future financial objectives. Once you know about each other’s finances, it becomes easier for you to decide who is the more responsible one to manage finances.
Every decision that any of you make like investment or purchasing stuff that requires a big sum of money should be thoroughly discussed with each other. It’s better to make such decisions as to avoid future problems.
Know Your Banking Needs:
Many couples decide to open joint accounts once married. It is good to have a joint account, but keep your individual accounts working as well. Keep one bank account for your expenses and the other one for saving. “ Set up a joint account for shared household expenses and savings goals, while maintaining separate accounts for personal spending,” says Anna Behnam, a financial adviser at Ameriprise. You can also opt to combine all your accounts so you don’t have to keep track of numerous accounts at the same time.
To make the best of your credit cards, use the ones that come with exciting deals. This way you can know which cards to use and which to close on to avoid added yearly fee expenses. It is always advised to close the extra accounts because these extra accounts would only mean more expenses and we know how much we shop in the first few years of marriage.
Plan Your Retirement:
Once you have taken the marriage vows, it means that you agree to be there for each other in illness and in health. You two have imagined a future together, so work on making it a reality. Maintain a separate account for your retirement plans. Discuss with your better half about your future goals and then create easy saving strategies. It is good to spend lavishly in the present, but not at the expense of your retirement dreams.
Marriage is the new beginning for both of you, set out new objectives and plan ways to achieve them together. Set your budget straightforward and keep a regular check on it. Money management is a very important aspect, whether it is for your business organization or your family.