4 Things You and Your Honey Need To Know About Money

4 Things You and Your Honey Need To Know About MoneyAre you a newlywed? If so, here are four things you and your honey need to know about money.

#1: Tell your spouse about your secret credit card account.

I say this half jokingly, but I have seen this many times in my career. A wife has a credit card that her husband doesn’t know about and the husband has a checking account that his wife doesn’t know about. It’s always best to lay it all out now and be open about money. At this point in your lives, it’s no time to be hiding things from your spouse.

#2: Work on setting and sticking to a budget together.

When people get married, they should get a “how to budget your money” course along with your marriage license. Because running your household with a budget is one of the best things you can do for your marriage.

To get your budget going, sit down with your spouse and review all income, expenses and debt payments. Then write it all down. Then visit your budget every month, just to make sure you are sticking to it, and not spending money you don’t have.

#3: “Marry” your accounts together.

Like we just discussed in my article on Smart Banking… I always advise couples to put their accounts together. Now that you are married, it will be much easier to manage one checking account than two.

#4: Do not let money come between you and your spouse.

The Golden Rule of having a happy marriage is to put your family first. Then everything else will fall into place.

Money problems are the number one reason for divorce in the US. My advice to you is to stay in control of your finances. And live within your means. Then do what you can do to earn more, and set that budget we just talked about, and stick with it.

Doing this is a recipe for a happy marriage, that lasts until you are both old and gray. Whether you’re a newlywed, or you’ve been married 10 years.

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