"Marriage is not just the marriage of two people; it is also the marriage between two families."
This is a clichd phrase that we have been hearing for a long time. There is a third dimension to marriage that needs to be added to the dialogue. “It is also the marriage of two finances.” In a time when both the partners are career oriented and focused towards their future goals, it is important that we do not forget the finances that you both 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 everybody’s life.
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So for all the newlyweds out there, this write up is perfect for you to understand the financial changes that will take place once you are married and how you can manage the successfully.
- 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 overlook the financial responsibilities that come with marriage. Being a newlywed, it becomes indispensible 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 goals. Once you know about each other’s finances, it becomes easier for you to decide who is more the more responsible one to manage finances.
Every decision that any of you make like investment or buying stuff that requires a big sum of money should be thoroughly discussed with each other. It’s better to make such decisions so 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 personal accounts working as well. Keep one bank account for your spendings and the other one for savings. “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 a track of numerous accounts at the same time.
To make the best of your credit cards, use the ones that come with exciting offers. This way you can know which cards to use and which to close on to avoid added annual fee expenses. It is always advised to close the extra accounts because these extra accounts would only mean more spendings 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 sickness and in health. You both have imagined a future together, so work on making it a reality. Keep a separate account for your retirement plans. Discuss with your better half about your future goals and then make easy saving strategies. It’s 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 goals and plan ways to achieve them together. Set your budget straight and keep a regular check on it. Money management is a very important aspect, whether it is for your business organization or for your family.