Personal Finance Tips For Newlyweds-Part 2

Part one is here at The Frugal Law Student.

Brett wrote an awesome post about Personal Finance Tips for Newlyweds and I wanted to add a few more to the list. Believe it or not this was one of the more challenging issues when we got married. Since I was always reading the Suze Orman books and talking about what we should be doing I thought it natural that I would be the head of personal finance in our house. Not so said the man. I laugh now but it was a huge deal back then. Our biggest issues were *drumroll* who’s name goes on the checkbook, which bank to use and whether or not we would merge accounts. Husband didn’t like the idea of getting an “allowance”, which we have now termed “play money”. *Snicker*. I didn’t change my name and I wanted to use my credit union since every loan/account I have has been with them. Merging accounts and giving an “allowance” / ”play money” brought up issues around control for both of us. Lots of male macho psychology going on there but we eventually worked it out.

I share this only to show you that personal finance is deeply mired issue for all of us which is further complicated when you get married. But it’ll be ok, all is not lost. You CAN work it out! You don’t need to agree on everything but you do need to have to be on the same page regarding your goals.

Here are my additions:

• Discuss the minor things like name on the checkbook before you get married. Again, this was a huge issue for us because I did not change my name. This affects merging accounts and all around issues of maintaining individuality vs. simplicity. The latter because I like to have all accounts in front of me when reviewing finances as I do in Mint.

• Discuss who will actually manage the money? Both? You? Him? Why? Who is actually more vested in the personal finances of your marriage? Huge responsibility.

• See/Discuss the credit history before you marry so you know what you’re getting into. I helped hubby erase 14 out of 17 bad debts through the Myfico dispute process so that when we were getting qualified for a house we were in the clear. One of the main issues that contribute to the divorce rate is money. And having an understanding about how your partner approaches debt/credit is helpful and believe it or not translates to how they approach other aspects of their lives.

• Discuss when you’re going to purchase a home. How much to put down? Heck, WILL you purchase a home? That’s up for grabs these days.

• What are your personal philosophies towards paying bills? You would be surprised how this differs. One likes to pay on the due date, the other faithfully pays 2 weeks before the due date.

• Will you pay for your child’s education? This is an ongoing debate in our house. I don’t plan to pay for it and Im ok with that but he does so we haven’t come to a final decision yet. You can get a loan for college but you can’t get one for retirement. Nuff Said.

Of course none of this is groundbreaking, but if you’re a newlywed and struggling with how to get on the same page, hopefully, these will help you get on the way.

photo credit: jstick80