A wedding is a beautiful thing, but many couples rush into it before considering the details like finances. Roughly 35-40% of relationships struggle with money problems, and it’s the leading cause of many divorces. At Maggi Tax, we want your happily-ever-after to last forever and so we’re here to show you some tips for working together to budget as a newlywed couple!
1 – Don’t Wait To Talk About Finances
Finances may not be the most romantic thing to talk about right before a wedding, but it’s important to get the details sorted out sooner than later. Waiting until a problem arises before planning out a budget is never a good idea because it may be too late by then to find a desirable outcome. You’ll want to lay out your income, expenses, and goals as soon as possible for a better chance at success and happiness in your relationship.
2 – Be Transparent About Your Money Habits
When discussing the details of your financing, your personal thoughts and feelings should come into play so that each side has a better understanding of how the other views money. Knowing the spending and saving behaviors of your partner can give you a better idea of how to approach the situation and be accommodating in a way that also lines up with your own ideals and practices.
3 – Agree On Shared Financial Goals
When each partner has drastically different financial goals, it can feel nearly impossible to reach those goals because the money is being spread too thin. If you want the satisfying feeling of reaching your financial goals in a timely manner, you need to agree on what should come first and how much money will be put toward each budget. Creating a priority list can help put things into perspective so you and your partner can create a clear plan.
4 – Consider Combining Your Incomes, Even If Only Partially
Deciding whether incomes should be combined or kept separate is often a point of contention between newlyweds, but it is something that needs to be addressed since it can greatly affect your budgeting methods. Consolidating incomes and sticking to a clear budget may be the easiest method for most couples, but some may be adamant about keeping bank accounts separate. If you can make things work this way, then that’s fantastic! If you’re having trouble, then consider making a joint account just for necessary expenses like rent, mortgage, utilities, and anything else that you share payments on.
5 – Take Advantage Of Couple-Based Rates
Even if it takes a little time out of your day, combining accounts for various expenses can help make payments easier while saving money. Examples include insurance plans and phone services where there are lower rates for having more people on a plan, but even doing as much as adding each other as authorized users on your existing credit cards can benefit both of your credit scores.
6 – Vow To Discuss Finances Often
The most important thing to do when budgeting as a couple is to have regular meetups to assess the current situation. How far along are you in meeting your goals? Does the budget need to be changed? Having two brains working together can help ensure that things stay on track, and it also helps to have two people encouraging each other when things get hard or if someone starts to stray from the plan.
Maggi Tax Can Help You Budget As A Couple!
For newlywed couples that want the assistance of a professional to help set a clear budget, Maggi Tax is the place to go! We will carefully examine both incomes while taking both of your financial goals into account to find the best possible plan that satisfies everyone’s needs. Just call (727) 799-1701 to schedule a complimentary consultation to get started!
