This is particularly true for partners who got together early in life and lack the financial or professional stability found in many older couples. Talking about finances and following a few basic tips to secure success can make a huge difference in the decades ahead. Here are four financial tips for couples marrying at a young age.
Consider Separate and Joint Bank Accounts
Many young couples make the mistake of lumping money together or spreading it unevenly across various accounts, which makes it hard to track expenses on a regular basis.
Creating separate accounts so each person can track their income and expenses separately is a good way to remove some of the mystery from the monthly budget. Couples can also establish joint bank accounts that they use for mutual savings or as a shared debit account.
Talk About Big Expenses
Partners who can work together to tackle big expenses or agree on major purchases can avoid confrontation and share the challenge together.
Each person can create a needs list and a wish list ordered by priority, allowing for long-term planning and coordination on reaching these goals. A month-long vacation to Europe can be prohibitively expensive a few months in advance, but is much more doable if both people are saving and planning years ahead.
Find Affordable Housing
Paying too much for housing and living expenses is one of the biggest financial mistakes that young couples make. Finding a dream home is a fantastic joint goal, but it’s also a big commitment to make early in life.
Couples should try to spend no more than 30 percent of their monthly income on housing costs to leave room for savings, emergencies, and other expenses. It’s a good idea to look at many different apartments and rental houses throughout your desired area to find the right balance.
Start Saving for Retirement
It may seem ridiculous to think about retirement in your twenties, but this is actually the best time to start saving. Employees who have the opportunity get matched or deductible contributions as part of their salary should strongly consider taking full advantage of these benefits. Saving for retirement early can have huge financial benefits down the road.
A marriage is about much more than finances, but they are an undeniable component of most committed relationships. Couples who can figure out how to have these conversations and work together to achieve their shared goals can avoid many of the common pitfalls that threaten long-term relationships.
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