Simple to follow Newly Weds money management tips. Find more tips at www.howtomanageyourmoney1.blogspot.com

1. Newly Weds Money Management Tips
Managing your money can be a real
challenging when you get married
because incorporating your spouse’s
finances can be overwhelming. You and
your spouse will have to learn how to
manage your money together to achieve
your financial goals. This is a process that
should not be rush and or neglected but
you should take plenty of time to work at
it and review your progress over time. I
strongly recommend following these nine
steps so you and your spouse can easily
get accustomed to healthy financial
habits.

2. Newly Weds Money Management Tips
1.Talk About Finances
You can start by talking
about what accounts and
how much debt they have.
It is best to do this before
you get married, but if you
have not, discuss finances
with your new spouse as
soon as possible. You’ll
also want to be clear on
how you expect money to
be handled.

3. Newly Weds Money Management Tips
2. Make A List of Goals
Once you both know your
financial status, discuss your
long-term financial goals in-
depth. For example, Do you
want to get out of debt and
become a millionaire? Do
you plan to retire at a
certain age? Do you plan to
start a business?

4. Newly Weds Money Management Tips
3. Discuss Bank Accounts
There are both pros and cons to
opening a joint bank account or to
maintaining your individual accounts
after you’re married. You can even do
both. Combining accounts can
simplify your finances and may help
breed trust in a marriage. Moreover,
it may be especially valuable when
one spouse chooses to take on more
household or child-rearing duties
than the other and as a result there is
inequality in income.

5. Newly Weds Money Management Tips
4. Build An Emergency Funds
An emergency fund is money that is
set aside in case of an unexpected
expense, such as a lost job, illness or
natural disasters. If you don’t have an
emergency fund already consider
making it a priority. You could set a
goal to save 6 months worth of your
household expenses. Building an
emergency fund brings some financial
protection and security when disaster
strikes.

6. Newly Weds Money Management Tips
5. Design a Budget
Creating a budget will help
you live with your means each
month. A Budget will help you
identify and categories where
you spend your money each
moth and set limits on how
much you will spend in certain
months.

7. Newly Weds Money Management Tips
6. Review Your Budget
It is not enough to just
make a budget. You
need to make sure you
stay within your
spending allotments and
adjust accordingly as
your situation, or income
changes.

8. Newly Weds Money Management Tips
7. Weekly Budget Review
You could schedule a weekly
money meeting to help you keep
track of your progress. During the
meeting you could discuss how
your budget looks for the month,
if you have any upcoming bills to
pay, opportunities for income,
how you are doing with your
financial goals and anything else
money related. This is also a great
opportunity to strengthen
communication in your marriage.

9. Newly Weds Money Management Tips
8. Develop a Retirement Savings Plan
This forms part of your long-term
financial goals. If you are married or
not you should save for retirement.
A retirement fund can provide
financial security and protection
when you are retired and need to
maintain your standard of living
whether you are married or not. As
a couple you could consult a
financial consultant to assist you in
formulating a retirement savings
plan.

10. Newly Weds Money Management Tips
9. Make a Debt
Management Plan
Work out a plan together to
get out of debt. Incorporate
a payment plan in your
budget to reduce &
eliminate all debts. Make a
goal as a couple to be debt
free at some point of time
in your life. Learn more tips
here.

11. Newly Weds Money Management Tips
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