If you’re wondering how to solve your financial problems as a newly married couple, these money tips for newlyweds will help! Financial expert Andrew Housser of Bills.com says as many as 75% of couples argue about finances regularly — and not having clear financial goals from the start of the marriage is one serious obstacel to creating financial abundance.
Before his tips, a quip:
“A successful marriage requires falling in love many times, always with the same person.” ~ Mignon McLaughlin.
Fighting about money can make you fall out of love faster than you can say, “Another Visa bill?!” For more money tips for couples, read Yes, You Can…Achieve Financial Harmony: A Newlyweds Guide to Understanding Money by Sam Goller and Deborah Shouse. And, read on for Housser’s tips for solving financial problems for newly married couples…
7 Money Tips for Newlyweds – Solving Financial Problems
1. Are you a Saver married to a Spender? To achieve your financial goals as a couple, discuss whether you are money savers or spenders. Perhaps more importantly, understand your partner’s actual financial situation. Discuss the nitty-gritty of salary, debt, assets, credit scores, child support or spousal support payments from previous relationships, and expectations in terms of returning to school, obtaining other employment, etc. Pre-marriage credit scores impact a couple’s financial future, as do attitudes and habits about money.
2. Play to your financial strengths. There’s no sense in dividing bill-paying duties evenly when one partner takes to money management like Tiger Woods to golf, and the other gets confused in the check-out line. “But, always discuss major purchases, investments and financial problems with your partner,” says Housser. Check in at least once a month to be sure both newlyweds understand their financial situation. Both partners should know where to find important papers and how to use the financial system.
To avoid arguments about money, read 11 Tips for Fighting Fair in Marriage.
3. Pay off your biggest debts first. Debt almost never helps you attract financial abundance (unless it’s good debt). A serious money tip for couples is to know how much you owe and make a plan to pay it off. Pay the most on highest-rate debt. When that’s paid off, move to the next-highest-rate debt. Remember that this applies only to credit card (unsecured) debts. Always pay any secured debts (mortgage, car) first. When your credit card debt is paid, move on to car, student loan and mortgage debt, and to savings and investments.
The rest of this article has been moved to my new site, “How Love Blossoms.”
Please go to Attracting More Money as a Couple to continue reading!
If you have any questions or thoughts on solving financial problems for newlyweds, please comment below…