How to Manage Money During the First Year of Marriage

Most people envision their first year of marriage as a blissful and exciting year, and while it should be wonderful, it's important not to forget about the financial and practical aspects of marriage. The following steps will help you to make smart financial decisions and plans with your new spouse so that together, you can successfully manage money during your first year of marriage.

Instructions

1. Be honest with each other about your current financial situation including how much money you earn and how much debt and savings you have. Make sure to keep an open mind and to keep the negative judgments to yourself.

2. Discuss your short-term and long-term financial goals, and decide what your financial goals as a couple will be.

3. Decide if you will have one combined bank account or if you'll have a combined account, plus personal, smaller spending accounts that you'll manage separately.

4. Make a budget that includes your monthly earnings as a couple, your monthly bills and expenses and how much you plan to set aside for savings or investments each month.

5. Develop a plan for how you will pay bills, whether it be electronically or by check, and decide who will be in charge of paying each bill.

6. Contribute equally to the account managing and bill paying process. Verify the balance on your accounts frequently and work together to manage your money.

7. Check in with each other often about your spending habits, your savings and your monthly bills. Continue to make positive financial decisions as a couple that will increase your earnings and savings and cut out unnecessary spending.

Tips & Warnings

• No matter who brings home more money in the relationship, treat each other as equals when making financial decisions. Each person's opinion should be equally important as you're setting financial goals.

• Set up your budget and financial goals as a couple before you get married so that there aren't any surprises during your first year of marriage.