Till Debt do us Part – How to Navigate Newlywed Finances

The honeymoon is over. It’s time to come back down to reality. Money, it’s probably one of the most common dominators of most fights. “You were meant to pay that bill.” “How could you possibly spend that much?” “Did you know this is overdue?” “You’ll just have to go without; there are more important costs that need to be paid at the moment.” This is just a little insight that into what most newlyweds fight about. It can be hard going from fully independent to sharing the duties.

That’s what marriage is all about though, the union of two people. It’s more than just two wedding rings. It’s the combining of all your assets; emotional, character, financial and personality wise.

Paying the Bills

Single vs. married. When you were single you only had to pay your own way. It should be expected that now there are two of you there will be twice the amount of bills or the amount will double. There will be your electricity, gas, car, mobile phone, rent and other utilities.

It’s not uncommon for some newlyweds to feel overwhelmed by the amount of bills coming in, they can feel infinite. This is why it’s so important to share the financial duties. Therefore dates and amounts need to be where anyone can find them. You can no longer simply keep track of your financial statements by having dates in your head. Get organised and quickly. Communication is the key, no surprise there, and to be willing to forgive. You are both new at this so cut each other some slack. You want your partner to feel like they can come to you with anything.

Money, Money, Money

Marriage and money need to go together as money makes the world go round. You’ll need to determine your financial roles, it sounds very official but will insure that you both know what tasks you have to complete. Have a weekly or monthly debrief about finances. It’s your money and you should be up to date with it. To reach any financial goals you have, like buying a house, you’ll both need to know where you stand. Your bank statement will also determine how you spend. You don’t want to go into negative on something that is avoidable. consolidate your debt, if you have one. These are the things that need to be looked after not just bills. Someone should also be in charge of the day-to-day finances, especially if you are meant to be saving. Set little goals to help you stay motivated for long-term expenses like down payments for a house or a long-term holiday.