Getting ready to tie the knot or just married? Congratulations! Marrying the person you love is exciting—and it’s a huge deal. Not only are you committing to each other for the rest of your lives, you’re joining your current lives together. That includes belongings, pets, households…and finances.
If your own personal finances are on shaky ground, the thought of you combining finances with your significant other can be terrifying. To help you build a solid financial foundation with your partner, from engagement to wedding to married life and beyond, we’re sharing some handy wedding and newlywed resources from our blog below.
Prep your budget for your upcoming wedding
The average cost of a wedding in the U.S. in 2019 was, according to The Knot, around $28,000. (The number did drop in 2020 to $19,000 because of COVID-19’s impact on, well, everything.) Still, that’s a big chunk of money.
If you and your partner aren’t clear on your budget before you start spending while wedding planning, the costs can add up fast. So can fights, resentment, and wedding planning stress. Make sure you read our How to Have Wedding Budget Conversations blog so that you and your spouse-to-be are on the same financial page.
Would you rather win a new car or your dream vacation?
Why not both? We wish. But seriously, if you and your partner can’t decide between buying a material item or an experience, we suggest the experience. Why? The value and good feelings we get from experiences tend to last much longer than when we buy a new possession.
We’re not suggesting you forego new possessions every time. But when you want to treat yourself, consider springing for tickets to a music festival, a camping trip with loved ones, or a series of classes learning how to do something you’ve always wanted to do. Learn more about Why You Should Consider Investing in Experiences, Not Things on our blog.
Combining finances can be scary, but it’s worth it
When the wedding ends, what comes next for you and your new spouse financially? Combining finances. This is a highly personal decision, and some couples choose to keep most of their finances separate for their own reasons.
However, we think combining finances is a good idea. It can make budgeting and achieving goals easier, strengthen communication, and offer more transparency and honesty. Convinced you and your spouse are ready to join your finances? Check out our tips for combining bank accounts, savings, and insurance plans in How to Combine Finances as Newlyweds.
Newlyweds, have you made one of these money mistakes?
Just because you and your spouse have combined finances doesn’t mean that all your financial problems will be solved. Far from it! In fact, there are plenty of money mistakes couples can make. Like failing to talk about money before the wedding. Or not setting a budget. Or, horror of horrors, keeping secrets from one another.
Read up on the Biggest Mistakes Newlywed Couples Make with Money so you and your new spouse can be prepared for your financial future.
Communicate, communicate, communicate
Failing to talk about money before marriage is a big, common mistake newlyweds make. But if you’re not used to talking about money—with anyone—how do you get started?
Because communication is so important, we put together an entire blog series called Newlywed Conversations that can help you and your partner talk about money. To get started, head over to Newlywed Conversations You Should Be Having About Money.
A fresh way to approach your finances together
Combining your finances with your spouse isn’t a one-and-done deal. Keeping your financial relationship healthy takes care and commitment, just as your overall relationship does. If you want further guidance on maintaining your finances together with your partner, the Everyday Money Workbook can help.
The Everyday Money Workbook focuses on four key areas of your finances: communication, values, assessment, and goals. It includes assignments to help you get your finances in order, financial planning tools, online access to in-depth financial resources, and much more. Grab your own workbook or learn more about it here!