Newlywed’s Beginning Guide to Finances

Post by Amanda

Getting married often means learning how to blend two lives together into one household. While it may be romantic during the ceremony, actually merging two lives can be a lot of work. Everyone tends to have their own ideas about how to manage their social, home and financial lives. It took Evan a pretty long time to come up with his Family’s Cash Flow Model.  However, it is important for newlyweds to establish early on in their marriage how they will manage their finances so that they can plan for the best possible future together.

Raise Money Together

It can be hard at first for many newlyweds to not view their money as being only their own. Therefore, a great way to start viewing a person’s finances as being a part of someone else’s is to raise money together. Because most newlyweds already struggle with blending all of their furniture into one home, holding a garage sale can be a great way to clear out the clutter while also earning some cash. After the garage sale, any leftover furniture can be placed in Los Angeles, New York, or Ft. Worth self storage units. Then, the money that is earned can be placed into a special account that each newlywed can contribute to every month.

Create a Joint Savings Account

Many newlyweds prefer to keep their separate accounts. However, this can eventually become a lot to keep up with and many end up merging their finances into a shared account. Too allow some time for each person to get used to sharing an account, it can be helpful to first open a small joint savings account. As mentioned above, this can include shared earnings from the sale of shared items or joint business endeavors.

As the account grows, so will the trust and respect that each person has for the other. While many people use this account for long-term savings, it can also be rewarding to mark it for an upcoming vacation such as for an anniversary.

Hold Monthly Meetings

One of the most important things for newlyweds to do when they are first beginning to merge their finances is to communicate. It is important for each person to know what is in their accounts. Additionally, while one person may pay the bills, the other should be aware of their monthly expenses. Therefore, every couple should sit down together at least once a month to discuss their financial future. In order to make this a fun event, hold the meeting over a romantic dinner or plan to go out after.

Merging finances smoothly is an important goal for every newlywed couple to begin working on as soon as they say their vows. While talking about money may not be romantic, it is essential for the couple’s long-term financial future. Earning money together, sharing a joint account and communicating are a few simple ways for newlyweds to get started on blending their finances for their future together.

6 Responses to Newlywed’s Beginning Guide to Finances

  1. Yep we did all of these (we actually haven’t held a garage sale yet but have been finding things we think should be included in it when we do have one). The joint accounts are HUGE because it truly does feel like our money is both of ours now. There really is no mine and hers, just ours. Good tips.

  2. We’ll be combining finances when we get married and it will be an interesting experience for sure. I’ll have to blog about it but it isn’t in the immediate future.

  3. Since my wife and I got married so young, niether of us actually had anythign to begin with. No money, no real possessions… so merging finances and furniture was no big deal…there was nothing to really merge! Haha, we started out from zero together. I don’t know how people merge when they’ve been living alone for so long.

    • It was hard for The Wife and I. She had been doing her own thing since college and I had no money since I went right from college to law school…it was interesting and took us a couple years to catch our stride.

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