A newlywed’s guide to budgeting finances in marriage - Part 2

A newlywed’s guide to budgeting finances in marriage - Part 2

4 minute read

7. Delay Home Buying If Needed

Owning a home is a common goal for married couples. Consult a local real estate expert if buying is important to you and your spouse. Be realistic about when and what you can purchase. Expensive markets may preclude buying right away, which is okay. Rent if it makes more financial sense, and invest the savings for equity, like mortgage payments would.

8. Retirement Before Education Savings

If you plan to have children, make retirement savings an early priority. You can get education loans if needed, but not retirement loans. Start retirement contributions as soon as possible, aiming for around 15% of income. Use online calculators to determine target amounts. Learn about 401(k) and IRA options, and take full employer match benefits.

9. Start College Savings Early

If children are planned, begin college savings ASAP. Research your state's 529 plan for tax perks, or pick low-fee investments. Small early contributions reduce later financial strain.

10. Decide Family Loan Policies

Agree with your spouse on handling requests for personal loans from relatives or friends. This prevents unfairness perceptions.

11. Sign a Will

Sign a will early in marriage, updating it regularly. After a decade, have healthcare power of attorney and an organized current will to easily distribute assets. Most Americans lack wills, so prioritize this.

12. Seek Financial Help If Needed

If you find yourself grappling with financial matters or considerable debt, it might be advantageous to seek expert assistance. A finance professional can aid you in crafting a financial plan and outlining a budget. They may also help supervise your investments. Above all, a financial specialist can impart crucial advice on managing your finances and aim towards accomplishing your monetary objectives.
It can be fruitful to seek marriage and finance counsel from your parents, yet understand that their money management strategies do not need to mirror yours. Perhaps in your family, only one parent managed the finances, or maybe money talks were rare. As a married couple, you should carve your unique path in handling your joint finances, exploring what perfectly suits you.
Bear in mind, managing financial affairs in matrimony is a cooperative venture. Such collaboration will not only expedite your journey to your financial aims but also further cement your relationship as you jointly nurture your shared life.
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