Is there anything better than being a newlywed? You just married the person you love and your entire life seems like a wonderful journey laid out before you. However, not everything in life is wonderful, and a lot of those negative things are surrounded by one thing: money.
Money and financial matters play a large part in making sure things go well in any marriage.
Given that it’s wedding season, we would like to offer up some advice for any newlyweds out there to help you get off to a great financial start!
“Let’s talk about it”- remember this phrase and use it often. The money conversation is not a great one to have, but it needs to be done nonetheless. While it’s not a romantic topic, it helps prepare both of you for what needs to be done financially.
No financial secrets- we’re hoping that you don’t keep anything from your spouse, but financial items – like what you have done, will do and are currently doing with your money – are on the “need to know” list.
Practice your division- not the math you learned in school, but rather the financial assets of you and your new spouse. Keep in mind some people have been financially independent most of their lives, so something like a joint checking account can be a huge step.
Learn to save- yes, everything glitters with opportunity when you first get married, but the economy is still recovering and financial danger is still lurking. This means your savings account is your new best friend; use it accordingly.
Get insured- no one likes to think about it, but bad things can and do happen. For those things, adequate life insurance and a will can help ensure that your spouse won’t be left in financial hardship should something happen to you.
We hope these tips provide some sort of help to all the newlyweds out there, and we wish you all the best! Remember that if you run into monetary roadblocks along the way, Northeast Security Bank is here to help in any way that we can.