When you first get married, one of the most important things that you will have to learn to work together on is finances. If you aren’t on the same page as your spouse, you can get into a lot of debt fast. Here are some tips to prevent this.
Set a Budget
The first thing you’ll want to do is talk to each other about a budget. If you both know how much you make, you can more easily understand how much can be spent on expenses and how much should be saved. Be sure to discuss what things are important to you and your partner. For example, is going on vacation important? If so, how much should be set aside each month so you can go on vacation? If something costs more than what is budgeted, are you both OK with getting online personal loans, or would you rather wait and save up?
Never make a big purchase without consulting your partner. What qualifies as a “big purchase” will depend on your own situation. For many couples, this might mean any item that costs more than $100, but for others, it may be more or less. Decide as a couple what that means for you. This should help prevent problems with overdraft, which can easily happen when two people are withdrawing money from the same account. It’s also good because one partner might not want to spend money on this item or that item, and discussing it before you purchase will help prevent arguments about money. To keep your love alive and prevent strife, communication is the key when it comes to finances.