Ah, money and marriage—the arguments rage on. According to American Express, 61 percent of couples say discussing finances leads to an argument, while 75 percent keep financial secrets from their partner. If you managed to get through dating without discussing your student loans or spiraling credit card debt, put all your cards on the table now, so to speak. It’s tempting to put off talking about money until things get settled and the honeymoon dust has settled, but being financially out of sync leads to a gap that isn’t easy to bridge.
Make a Budget
Set up a budget on an app like Mint.com. The app categorizes your current expenditures into groups like “groceries” or “baby supplies,” and you can set up customized alerts that tell you when you’re over budget or when a large deposit has cleared. You can see what’s left over, save for emergencies and allocate any extra money in your budget to start saving for furniture and other home goods.
Other apps also help you budget. Check.me enables you to pay all your bills from one place, making it easy to see what bills are due when and which ones have already posted.
Securing financial independence doesn’t have to be stressful. Make sure you look around and do some research to find the right company for you. Companies like https://www.sofi.com/money/ help you get to the right place for your lifestyle. They don’t want you to pay to manage your money so the have no monthly fees or account fees.
Build Slowly
Splurging on furniture, home renovations, gadgets and new housewares can bust your budget before you even get started. Remember there are other ways than credit cards to pay for things. Think about starting a side freelance career or picking up odd jobs, and allocate the extra income for bigger purchases.
Leverage Your Credit Card
If you use credit cards, make them work to your advantage. Find a card with an introductory zero percent APR and a cash-back option. Move your credit card debt onto the card to start paying it down without the extra finance fees. Use your cash-back option to put toward the expenses of starting your life together.
Restructure Extra Income
Reassess your spending habits and income potential. If you receive structured settlement payments, consider selling them to a company like J.G. Wentworth for a lump sum payment sooner. Use the money to pay off credit card debt, reinvest in a high-yield mutual fund or as a down payment on a home.
Start a Joint Account
Separating finances means keeping your partner in the dark and vice versa. It’s almost impossible to agree on a budget and spending goals if you’re keeping track of two different financial agendas. Set up a joint account, but consider an alternative to big banks and their fees. A credit union often charges as little as $5 to open an account and offers members low interest rates on home and auto loans.
Finally, make a date to review your spending habits once a week. Agree on a budget for “fun money” that each of you is free to use on your own terms.
There’s really no one right way to design a financial plan to keep your marriage thriving. Keep lines of communication open and be flexible along your money journey.
