For Richer or Poorer: Financial Management for Newlyweds

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September is known for being the end of summer, but it’s also the end of the busy “wedding season.” With June, July and August being the most popular months for weddings, it’s safe to assume that there are a good number of new couples in our community.

Some of the biggest challenges you will face as husband and wife will be financial ones; it’s even in common wedding vows: “…for richer or poorer.” So how do you ensure your finances work in your favor? Start with reading through these pieces of advice to see what you’ve already done and where you have room to grow in your mutual financial management.

Start slow – It takes a lot of work to merge your individual accounts into one. Take your time, open a joint account and begin to share some of your bills.

To merge, or not to merge – Decide how much of your finances you would like to combine or keep separate. Try and do this before you walk down the aisle.

Communicate – There is nothing more important than communication in your new marriage. Decide who is going to take over paying the bills and taking care of the daily finances; however, make sure you are both aware of your current financial situation.

Make a budget – Start by adding up your monthly expenses. Once you have that figure, determine who will be responsible for each of the bills and from whose paycheck that money will be coming from. Make sure you also allow some room for spending money for each of you.

Establish goals together – When you have joint goals for your future you will be a lot more likely to work together as a couple. Don’t just look at managing your money as a nuisance, look at it as a way for the two of you to dream as well.

These tips are meant to be continuous actions, not one-time deals. Set aside time each week, two weeks or month to go over your finances. Life as a newlywed is exciting and full of possibilities, so make sure your finances are ready to help, not hinder, you.

Putnam Bank

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