Generally people associate the term newlyweds with weddings, bliss, love and just an overall happy time in life. On the surface things may seem like smooth sailing and perfect; however, without the proper planning for joining finances, your marriage may be doomed to hit one or two financial speed bumps ahead. There are quite a few common mistakes the newlyweds make when it comes to their finances but there are ways to avoid them if you stay conscious.
Stop thinking about your money in a selfish manner. You are now married to another individual and your money should be thought of in the terms of “ours.” Hence your purchases should also be thought of in these terms. Make sure to consult with your spouse before making a large purchase. Discuss what you deem as luxury and necessity items in order to eliminate some future conflicts.
Although this can be somewhat frightening, talk about your financial histories, where you made mistakes, how your making improvements and where your weaknesses lie. It is important to be understanding in all aspects of a relationship, including when it comes to finances as well.
Like all other financial decisions in your life it is extremely important to set goals as well as a budget. These will act as benchmarks to determine how well you are doing financially as a couple. The couple that saves together, stays together.