Merge Your Finances Together
When Jacob and I came home from our honeymoon, one of our first stops was to the credit union to open a joint account. It was important to us that we were both involved in financial decisions. And having a joint bank account allowed us to both see what was going on with our finances.
After your honeymoon is over, be sure to stop by the bank or credit union to open up a joint bank account. It’s important that you are both on the same page with your finances. The last person you should hide something from is your spouse, so make sure that your finances are available for both to see! Having a joint bank account will also help hold you accountable for your spending.
There is definitely a logistical side to merging your finances. First, decide which credit union or bank you’d like to work with. Then go to the previous bank, cancel your account and withdraw your funds.
Take your money to the new bank and open your account together. Open a savings and checking together that has both names on both accounts.
Dream Together as Newlyweds
You are in this most awesome stage of life! Being a newlywed is such a fun time that you just get to spend and enjoy with one another, and you have the rest of your lives ahead of you.
So get dreaming. Where do you want to be in 2 years? 5 years? 10 years?
When Jacob and I were newlyweds, we had dreams that we shared with one another and wanted to accomplish. We decided together that we someday wanted to have a house, and someday wanted to have kids.
We quickly realized that these dreams were going to be much harder to obtain if we were in debt. So we got serious with paying off as much debt as we could as quickly as possible.
If you are a newlywed, I’d like to encourage you to do the same. Dream about your future. The things you want to do. The people you want to be. What you want your finances to look like. And from there, create a financial game plan.
If your dream is to go to Europe together in 2 years, then that will affect your budget! You’d probably want to start saving every month for that big trip.
So sit down and talk together and just dream. And be sure to write it down. Then, come up with a plan to use your finances to accomplish your dreams.
Create a Budget Together
Once you’ve dreamed, it’s time to create the plan! And the plan is the budget.
At the beginning of each month, sit down together to create a budget. This should really be done together because both spouses are going to have input!
We all know that money fights are the leading cause of stress and divorce in married couples. To combat this, make sure that both you and your spouse get to have input into how your money should be spent.
Budget meetings are my jam. But I’m also a budgeting nerd. But budgeting doesn’t have to be boring. Rather than dragging your spouse to the kitchen table once a month, create a date out of the budget meeting!
You can go out to coffee on a Saturday to discuss the upcoming budget, or even meet over ice cream sundaes. I can’t stress enough how important it is for your marriage to be on the same page when it comes to finances. So do anything in your power to make these meetings enjoyable!
Here are five amazing budget printables to start budgeting today!
Make Financial Decisions Together
One of the many things I love about my husband is his respect for our budget. I am the saver and he is the spender. But he spends within his budget.
Every month, we each get $75 of personal money that we can either spend or save. I normally end up saving most of mine. And my husband saves for large purchases. But when there’s something he wants and doesn’t have the money in his personal fund, he doesn’t spend it. He waits.
If he really wanted something so badly, he could use his debit card and spend the money without asking me first. But because he respects me, our goals, and our finances, he doesn’t spend more than what we’ve agreed to.
In the same way, it’s important to be on the same page as your spouse whether it be normal expenses, or large purchases. You could even make it a rule in your marriage that if someone plans to spend over $100 (for example) they must ask the other spouse first. Therefore, you can imagine how serious you should be about this when making car, house, or even vacation purchases!
Don’t let money fights destroy your newlywed marriage. But instead, dream together, budget together, and give each other full transparency over your financial health. I promise you, this will lead to a successful and rewarding marriage for years to come!