What is your best financial advice for newly weds?

Answer 1

There are a lot Mike but I'll give you four to start with. The very basic ones. Get Health Insurance.Build an Emergency Fund.Plan your Retirement.Save for Big ticket items.Fun money.

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Answer 2

1. Always be open and honest with each other about financial debt, spending, and long-term goals. You will avoid 80% of marital arguments about money if you do this from the beginning! Don't assume the other person knows what you are thinking/planning/spending.

2. Each of you should check your credit and make a balance sheet (list of assets and debts) and then share the numbers with one another. It can be a fun and lighthearted activity--but either way it HAS to be done. You need to be on the same page ASAP.

3. Set goals together. It only has to be done once (and maybe re-visited once a year). Each of you write out your financial goals (new car, new house, retire by 55, start a business in 10 years, etc) and then decide which ones to tackle first. This really can be fun, because you can talk and dream together about your future.

4. Now make a plan to reach those goals. It's as easy as opening a few joint accounts (in addition to retirement accounts, which should be a given). Open a money market fund/high yield savings account for short term goals (house, car, vacation, emergencies) and a broad index fund for long term goals (house downpayment, etc.). Then each of you contribute to each account every month (you can each put 5% of your incomes in each account, for instance).

You also might want to each contribute to individual savings accounts each month to retain your autonomy.

5. I would read a book or two--I highly recommend David Bach's "Smart Couples Finish Rich" which gives advice on organizing the finances, filing, goal setting, etc.

Good luck!

Answer 3

I suggest you take a class called Financial Peace University by Dave Ramsey. We have been married over 7 years and wish we would have taken the class when we were newly weds. This class is 13 weeks taught by Dave Ramsey via DVDs and hosted (usually) in a local church by a coordinator. If we would have had this 7 years ago, we would have avoided many, many fights.

The class teaches you budgeting, saving, investing, get out of debt, the different thinking between men and women and money, etc.

Go to his website and find a class near you (if none near you, you can get the materials from his website).

Answer 4

The best advice I can give is to pay yourself first and then save as much as you can afford. It is not important where you invest your money. It is just important that you know what you're doing and invest regularly. My advice would be to invest the max amount in your 401(k) or 403(b) that your company will match. Then, if you have additional money left over, consider opening a Roth IRA for each of you. Yahoo's own personal finance page is a good place to use as a resource. MSN Money also has a good one.

Answer 5

If you have debt (like credit cards). PAY THEM OFF.

Set financial goals together (do you want a vacation fund? do you want an entertainment fund?)

INVEST/save as much as you can....as early as you can. It will be easier on you when you are older. I heard the most horrible statistic the other day...2/3rds of people aren't preparing for retirement. OUCH!

If you do have debt...CELEBRATE when you pay off a student loan or credit card!

Have health insurance, life insurance...etc. Be protected.

When you want to buy something...ask yourselves...do I WANT this or NEED it? You'd be shocked at how much $$ we all waste by getting caught up in the new stuff.

GOOD LUCK and have FUN...marriage is great! :) You're smart for asking this question and thinking in this manner!!

Answer 6

This advice stems from personal experience. Don't get caught up in "keeping up with the Joneses". My wife and I did and we still have bills from 10 years ago. Trying to keep pace with your parents' lifestyles could be detrimental as well. Realize that they are well established folks and in a completely different stage in their lives. You will be there eventually and if you are smart about it, you will be in a BETTER position.

Plus, the number one reason couples fight is money (BILLS!). If you don't have many, you will be off to a great start!

Answer 7

I know this is easier said than done, but do not fight about money. Money will always be tight, regardless of your income, for your entire marriage (unless you are Bill and Melinda Gates). The two of you need to be on the same team, not working against each other.

Answer 8

Stay out of debt.
Manage your credit wisely.
Live of 75% of your income (15% in 401K and 10% in a high interest savings accounts)
Pay your bills on time.