I just wanted to start this one off by saying that I myself recently got engaged to the love of my life on June 27th 2015! I’ve said it before and I’ll say it again, this class could not have matched up with the timeline of my life (this year) more perfectly! I have been handling my own finances for a little over a year now, and I have been handling my finances in a conjoined fashion with my fiancé for a little under a year (probably closer to 8 months).
I am writing this weeks essay from a unique point of view as it is, but I would also be interested in re-visiting this question in say, a year or two from now. I wonder if my options, or their order on the list will be any different after having been married (engaged) for a few more years.
In my opinion as somebody who has been handling their finances with a significant other for some (short) time, the biggest mistake young married couples can make in handling their finances would be to not communicate with one another. If one wants completely separate accounts/assets, and the other wants joined accounts/assets, this could be a recurring financial issue straining the relationship, and a middle ground must be found before any decisions are made. Communication and willingness to compromise are crucial. If one is great with money, and the other has no will power, then as a couple decisions need to be made to benefit you as a team.
Paying off bills and other expected expenses for the month should always be at the very top of your priority list. If there is money left in the budget for “fun” after everything is taken care of, be sure to remain conscious spenders. Do not ever spend money that you do not have, and avoid borrowing money at all costs.
3.) SAVE, SAVE, SAVE!
4.) Don’t Get Caught Up In The Moment
Young couples often get caught up in the magic of freedom, and the actual contents of bank accounts are easily lost in the wonder of the magic silver card. Together make a budget for each month so you’re on the same page. Don’t cost yourself money out of laziness or excitement; it isn’t worth it. Keep your eyes on the goal.
5.) Don’t Be Too Stubborn
Just keep in mind, you don’t know everything – nobody does. So the best you can do is take all the information and help that others offer you. Don’t be afraid to take advice!