Money & Marriage: 9 Tips for Financial Success Before Tying the Knot.

2. Create a joint budget

   By creating a household budget together, you can manage expenses and savings more effectively, combining your incomes to create a plan that reflects your joint goals. (A great place to start and get some practice is with your wedding budget itself!) Ultimately, it’s important to ensure your budget is realistic and aligns with your overall goals as a married couple.

3. Deal with debt

   It’s also important to talk with each other about your outstanding financial obligations, such as student loans or car payments. Decide together whether you’d prefer to combine these debts or handle them individually, and develop a repayment or debt consolidation plan that won’t disrupt your future financial security.

4. Set financial goals together

   As an engaged couple, you’re constantly discovering things you enjoy doing together. Setting short- and long-term financial goals could be one of them! Whether it’s saving for your wedding, planning your dream honeymoon or getting ready to buy your first home, having shared goals can be fun, motivating you both to stay disciplined with your finances.

5. Finetune your financial structure

   Setting up the framework for how you want to handle your finances in marriage is crucial. For example, in terms of utilizing a bank account, you can opt for a joint option, keep everything separate or have a mix of both. The key is to determine what works best for your relationship and financial situation before getting married.

6. Build an emergency fund

   While your mind should mostly be filled with thoughts of wedded bliss leading up to your big day, we’d be remiss if we didn’t also encourage you to think about the importance of setting up an emergency savings account for the years that will follow. As a couple, having a financial cushion in place is vital for handling unexpected costs that could potentially arise at any point during your marriage.

   Whether it’s vehicle repairs, a sudden illness or anything in between, by setting up an emergency fund, you two can be better prepared for whatever life throws your way. As an action item, aim to set aside at least three to six months’ worth of living expenses.

7. Review insurance needs

   While we’re on the topic of being prepared, it’s also important to review your insurance needs as you start your life together. Whether it’s coverage for your home, auto, life or anything in between, make sure to sit down with an insurance advisor to protect what matters most.

8. Plan for retirement

   Your life together is just beginning, but remember that it’s never too early to start planning for retirement. Meet with a financial advisor to walk through your future goals, and make sure to contribute to diversified retirement accounts, such as a 401(k) or an individual retirement account (IRA). Set up automatic contributions to make saving easier, and don’t forget to take advantage of any employer matches that are available!

9. Keep the romance alive

   There’s a lot that goes into managing money as a married couple, but never lose sight of what’s most important – your life together. Ultimately, by maintaining a healthy relationship, you’ll be better equipped to navigate your financial journey. Make sure to have fun along the way with regular date nights and fun activities that don’t break the bank!

Better Finances With Your Better Half.

Getting married is a wonderful adventure, and managing finances together is a significant part of the experience. By communicating openly, setting goals and developing a solid financial plan, you can embrace your financial future with confidence and peace of mind. At the end of the day, you both are a team. By working together, you can build a prosperous and fulfilling life.