Newly Married? Are you Ready to Handle your Finances Jointly?

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Finance remains one of the trickiest parts of a new partnership. To start off with, it should be made clear that irrespective of whether both the partners are working or not—both of them should actually have equal participation in financial management. It doesn’t matter whether you’re looking forward to securing quick cash loans or mulling an early repayment of an existing debt—make sure you’re “talking your finances” with your partner – without fail. It is difficult because you are newly married. It is difficult because you are not used to discussing your finances with anyone else but you have to do it now because you are financially responsible to your partner.

Today, in the course, we are going to make it a little easier for you by telling you how you should deal with your finances after you have just got married.

 Start talking about finances

Do it even before you’re actually tying the knot—so that after you’re married you’ve already developed the habit of discussing your finances with your partner. You need to have a clear idea about each other’s accounts and debts. Both the partners should be clear about each other’s expectations regarding the financial management as well.

There shouldn’t be anything hidden from each other

As they say – all the cards should duly be on the table. You should disclose details about the following financial aspects to your partner and expect the same from him/her:

  • Loan Instalments
  • Exact Income
  • Savings
  • Investments
  • Deposits

In short, no aspect of your finances should be hidden from each other!

Budgeting

Yes budgeting, once again, remains a dicey part as far as financial management with your partner is concerned. Give it a try and we can actually tell you that it wouldn’t really be difficult for you to do it. Start noting down cash flow, expenses and savings among others. Identify avenues of savings as well. If you feel that there are ways in which you can cut down on unnecessary expenses you can discuss possibilities and reach a feasible consensus. Now, you may not realize it yet but let us tell you that discussing your budget with someone else might as well turn out to be beneficial for you! For instance, your partner might as well turn out to be a better financial manager than what you are. He or she may even identify the flaws in your existing budget so that you are empowered to address these flaws and make corrections in accordance. You might as well end up gaining better more meaningful financial perspectives in the process!

Savings

It is more important than ever to revisit your savings – quite simply because of the fact that as a newly wed couple—you would find it hard to resist the proposition of eating out together, going on vacations and gifting each other. There is every chance of you not looking at your savings at all while you’re spending thus! However, do remember that it’s important to ensure that you are considering your savings and tweaking your plans in accordance. For instance, if you’re planning a grand night-out with friends for the first time as a couple, you can always reconsider and tone down your plan to something like a cozy dinner with just a few friends at home.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

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