The honeymoon is over and now it is time to… talk about money and plan your finances together.

As unromantic as it sounds, budget-related issues play a significant role in how successful – and how happy – your joint future will be. If you want to live happily ever after tying the knot, you can’t skip topic related to finances and need to discuss your goals, assets, income, debts, and expenses.

Don’t postpone the conversation about finances

If you haven’t had a serious money talk before walking down the aisle, it’s high time to discuss your and your partner’s ‘balance sheet’ now. What you have, what you owe, how much you spend, how you save and invest, what’s your financial goal – all these aspects should be tackled in the conversation.

Be transparent to your loved one. Financial secrets are at the base of possible money worries and future money fights – a huge burden for the relationship and the number-one cause of divorce.

Set financial goals

To achieve your goals as a family, you first need to agree on what they are: buying a house or flat, having children, traveling, paying back your debts? What is your individual comfort zone in terms of saving and spending? Work together to figure out what you can realistically afford by establishing short- and long-term goals

Tackle debt together

These days, it is rare to have a sole breadwinner in a family. Usually, when time goes on, family-related expenses only pile up. Lofty goals like buying a new flat often result in indebtedness. This is why you ought to talk about debt management and saving strategies with an open mind and as a team.

Money tips for newlyweds_Main Article

Make saving a habit

In order to fulfill your aims, whether, in the shorter or longer perspective, you need to make disciplined saving a habit. For instance, you can set automatic transfers from your current accounts to your savings accounts. Also, take a closer look at your monthly expenses, subscription services, spontaneous shopping. Probably there is still some space for both of you to cut on unnecessary consumption.

Get your nest egg working

Leaving your money idle is a senseless way of losing its potential. For short-term goals, you can look for some interest-earning deposits. Alternatively, for the long-term horizon, you might consider stocks and bonds. Everything depends on your risk tolerance and time frame for investing.

Bank account: separate or joint

Some people prefer to hold individual bank accounts; for some, it is easier to keep control over their finances with a joint bank account. Both attitudes have pros and cons. Technically speaking, it’s easier to keep track of expenses and utility bills when you’re working with one account. Additionally, a joint bank account tackles income inequality when one spouse earns less than the other does. On the other hand, 100% transparency results in limited privacy of both spouses and makes secret expenses virtually impossible.

Finding ways to cut corners when family-related expenses rise can be very difficult.

If we cannot meet our financial goals, credit can help make our dreams come true. In the lookout of trustworthy loan providers, avoid costly fees and hidden costs. Best mobile loan apps like Zenka, Tala, and Branch offer you transparent and flexible financial tools, which will back up your hard-earned savings in times your family-related expenses rise.

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