I recently read an article that is worth checking out if you are planning on tying the knot in the near future. It also would be helpful for newly married couples that are trying to figure out how to deal with their finances.
The article is titled Six Money Mistakes of Newlyweds and the author, Erin Burt, discusses the importance of being honest from the beginning about your financial situation. You can only hide your credit card debt from your spouse for so long anyway, so it’s better to just be up front from the start.
The author also emphasizes the need for couples to create a budget, taking into account their current debt as well as their financial goals. She also suggests setting up a “money date” once a month to keep each other in the loop on how their finances are going.
Another must do, according to the article, is to make sure to have an emergency fund in place so that couples are prepared in the event that something unexpected happens. My favorite suggestion found in the article is to not sweat the small stuff. There’s no point in arguing over small money matters. It’s important to pick your battles carefully. For more details, you can find the article posted on Kiplinger.com.
1 Comment