By Chaoran HuFor the new married couples, they normalcy lack a good sense of financing a family, though they might have success experiences in managing their personal finance in the past, but family finance is a different story. As to family finance, they still have a long way to go to learn the finance skills, here I have provided some financial advice, and hopefully they could help them.
1.Sharing the Wealth: When you deciding whether you have to combine your finance with you spouse-to-be or keep separate, you have to consider individual money styles and find a system work for you. For the couple that they already have established their money habits are more inclined to keep their money separately. But, younger couples may be more receptive to change and could benefit from a combined income.
2. Keep tracking: Calculating cost in a regular basis, and discuss how the bills will be paid. Monitor the investments and take care of the taxes. Consider setting a date every month to view the transactions and discuss how to finance in the near future.
3. Create Separate Accounts and One Joint Account: To mingle or not to mingle your money is one of the most important decisions the two of you need to make regarding your finances. It provides you more flexibility to handle your money if money is separated; however, having a separate account will lessen the sense of the unity in marriage and shows a lack of trust in each other.
4. Massaging Debt. Couples should setting up a plan to pay down the existing debt, starting with the highest interest rates.
References:
http://money.cnn.com/2006/07/10/pf/saving/willis/index.htm
http://www.msnbc.msn.com/id/21564357/
http://www.smartmoney.com/personal-finance/marriage-divorce/the-six-financial-mistakes-couples-make-15414/
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