After the “I do’s” and honeymoon, a couple should start to sort out their financial situation right away. If you’ve agreed on the wife having her last name changed, all pertinent things like banking information should be changed to her new last name. That’s not the only thing that will change, from now on both of you should be sharing joint responsibility of the money you both make and contribute to a joint account. That way, no one can argue about how it’s “my money” being spent. It should be “our money” from now on. Each spouse should view any income by the other as money that both can use.
As early as engagement, a couple should talk about their life together and not just being physically together but financially as well. It is important for the couple to be realistic when it comes to money. When discussing money, both should talk about what they want out of life, make a plan about how to spend their money, and be honest about how they spend their money now. If they discuss honestly about spending habits, afterwards they can think of and discuss constructive ways to deal with what one might perceive as issues or problems one or both have with spending and do their best to apply those solutions even before they’re married. Hopefully the good spending or saving habits they’re trying to develop continues on even after the honeymoon is over.
Talking about money openly and honestly before marriage is better than sorting out financial plans together after being married. It’s also better that both know how much debt each are in before marriage. If both are in a lot of debt before marriage, the couple should figure out ways to start paying off debts so they can get on the right financial track even before tying the knot. If your finances are complicated, you should hire a professional bookkeeper or accountant like EzyAccounts Bookkeeping to help get your new family on the right track of documenting your finances. They’ll help you put finances in order and can help you formulate a plan that can aid in getting out of debt. Both of you should be involved during the consultations with the bookkeeper or accountant.
Before marriage, the couple should come up with a realistic budget that they can put into effect as soon as they’re married. On a month to month basis, they should see if they’re sticking to the budget or if they need to make adjustments to the budget.
After the honeymoon, a couple should regularly set aside time each month to talk about the couple’s spending habits and talk about how they are coming along in reaching the goals they have set as a couple. Both should take an interest in doing the finances each month. If one party in the marriage is more financially savvy than the other, the financially savvy one should help the spouse understand how to do the finances as well. When both work together and cooperate about how to manage the finances, then it will be easier for them to reach their financial goals.