The honeymoon is over, what next, financially speaking? Every couple confronts the moment when they have returned to their home or apartment and need to acknowledge they have gone and done it. Married and wow! The marriage is on. Financially, things will need to be done to become a legal couple.
If you think in terms of the old adage, “Two heads are better than one”, then you can be successful. If there isn’t a commitment to this philosophy there could be disconnects with the finances and the relationship. I have seen too many marriages fail as a result of lack of consideration with matters related to money.
Things to do after the nuptials and honeymoon have ended:
1. Set up joint accounts to hold funds generated by the new couple.
2. Agree who will pay the bills.
3. Do an accounting of all debts, including student, automobile, and credit card debt.
4. Create a monthly budget to share exactly what your outgo and income amount to each month.
5. Agree on a tax advisor and who will take the lead for tax related issues.
6. Discuss who will do what chores around the house.
7. Discuss career plans, what you are going to do the next years.
It is normal to have questions about each person’s role in the new partnership. As individuals you might make your own decisions or you may rely on a parent for guidance. In any event, you will now be expected to consult with your partner on just about every facet of your lives together. At some point, all these roles and questions will be answered but it would be better if you discuss before they become contentious things in your new life together.
Write things down and don’t rely on chance to make things work out for you. For example create a balance sheet that shows your net worth and an income statement that shows your income and outgo. This will help keep spending in line with your means. Discuss the negative side of credit card debt; you must understand as a couple that what one of you does affects the other. Furthermore, credit cards can decimate a marriage faster than a bachelor party in Vegas. Too many couples are undone by one being the spender the other being the saver.
Set goals and stick to them. You need to plan retirement and savings as early as possible in your careers in order to reach your goals. Review your joint balance sheet once every three months and your income statement (Salaries after taxes and Bills/Outgo) each month. Try to anticipate bills so a tax bill doesn’t shock you for several thousand dollars, which crushes a vacation that is much needed for a young couple.
Communicate every day and night, respect each other’s opinions, and never go to bed mad! The patterns you create from this day forward will only be reinforced, so make them positive for a loving couple to share.