Getting married is a very exciting time in your life and your relationship with your spouse. From the wedding day to the honeymoon, and everything in between, there’s so much that needs to get done before you transition into newlywed life.
One of the most important decisions you’ll have to make with your spouse during this time centers around your finances and how you’ll work together during the marriage to save for your future and your family. Some major questions that come along with combining finances include: Will you combine all of your bank accounts? What will your new budget be? What big purchases will you start saving for?
While talking about money with your partner can seem intimidating, making financial decisions about your future doesn’t have to be scary. In fact, it can even be fun!
Manage expectations with your spouse by being transparent about finances and by having the money talk both early and often. Start the conversation with these printables.
Have the money talk early and often so you and your spouse stay on the same page. You can start the conversation with these financial questions to ask your partner printables. The questions will help you delve into your spouse’s financial past (by asking questions such as what is your credit score?), lifestyle choices (such as what’s an ideal emergency fund amount), and future plans (what do you want retirement to look like?) You can find more budgeting for newlyweds questions here.
In addition, you can also use these printables to budget out your month and year and decide what big purchases you will save for together.
There’s no one size fits all approach to combining finances, so make sure to choose a route that works best for you and your spouse. You should also take this time to learn more about your spouses relationship with money and what their future expectations look like.
Remember that compromise is key. If you do run into any disagreements during your money talks, a great place to air those grievances to come up with a solution is in pre-marital counseling. Your pastor can help you set financial goals with your spouse like building your credit, budget your first year of marriage, and decide what life plans are most important to set money aside for, so bring these printables along during your next session.
Jeff Smith is the Vice President of SEO at Self Lender, an organization that helps thousands of people begin their financial journey with a credit builder account. He also serves as Editor of the Self Lender blog. Jeff has more than 14 years of experience in marketing and product-management teams in high-growth companies, and was previously a newspaper editor.