Managing Joint Finances

Managing Your Finances After the Wedding

When you are planning your wedding you spend a lot of time deciding on colors, place settings and locations. What a lot of couples forget to think about their joint finances and unfortunetly, money is the number one problem faced by married couples.

Before the wedding takes place, couples should work together and make a financial plan and budget. It is important to decide who is going to take on the day to day finances by recognizing who has the better skills for working with a budget or financial plan.

Many couples worry if one partner makes more money or has more assets how this is handled. This is something that can be taken care of with a prenuptial agreement(link to prenup article), and the purpose of marriage is not for one partner to be financially independant and the other not, it is to have financial peace in the home and communicate and share equally financial matters.

Ultimately, you should have a savings goal for emergencies and then set up a long term savings plan for college expenses for your children and retirement for your long journey together.