Congratulations on getting married! Now that you’re married, you and your spouse will probably learn to do things together as a team, one of which is managing finances. It’s advised that you and your spouse are on the same page when it comes to money to avoid financial issues. Mark Matson lists a few simple things that will help improve your financial future.
Agree on shared financial goals
You and your spouse should be on the same page regarding your short and long-term goals and how you will accomplish them together. Do you want to buy a home? Start a family? Are you focused on saving for retirement? Discuss your goals, agree on them, and determine how your income will work to meet those goals.
Set a budget and track expenses
To avoid encountering debt and achieve your financial goals, you should set a budget and track your spending. You might have different spending patterns now that you’re married and your budget might not be perfect the first time around. It could take time to figure it out but tracking your expenses will help.
Plan for retirement
Although you may have short-term goals you want to meet, or you think saving for retirement can wait, you should start saving now. Take into account that Americans tend to be living longer nowadays and retirement will be here before you know it. The sooner you begin saving, the less money you will likely need to save and you can enjoy a comfortable retirement. You and your spouse should each have a retirement account of your own and allocate what you can afford into it. Ideally, you should each target a savings goal of 10 percent of your individual income in your plan.
Get out of debt
Debt can be damaging to married couples since you are both responsible for paying the money back. Eliminate debt as soon as possible and avoid falling into it again. Living debt free helps you financially and is usually beneficial for your marriage.
An emergency fund is cash put aside, usually in a savings account, for when an unexpected emergency occurs, such as a job loss or illness. Set up a savings account with both of your names on the account and deposit money into the account each pay period. An emergency fund will help bring financial security and keep you protected in the instance that a disaster strikes.