Thursday, August 3, 2017

5 Financial Tips for Newlyweds

You've just got married and taken this tremendous step. It can be so exciting and also a little hectic at times. Getting married is a life changing move, especially financially. Knowing that your bank at the Lake of the Ozarks has taken the liberty of mapping out 5 pieces of financial advice for newlyweds. 

1. Work on your debt together.

You are married now, which makes you and your spouse a team. When you get married, your spouse's debt, in a way, becomes your debt too. For example, if your spouse owes a ton of credit card debt, this could potentially make it hard for you to purchase a home together. Knowing this, create a plan together to work on paying this debt off.
2. Know what your financial priorities are.

In order to achieve the same goals, financially, you both need to be aware of what your priorities are. Are you:

  • buying a home?
  • starting a family?
  • declaring yourselves debt free?
To start, list your top goals together.

3. Figure out your financial roles in the marriage.

Who is more responsible when it comes to handling money? In some marriages, having one person handle the finances, as far as paying the bills, managing debt, taxes etc., can work best. If you do this, just be sure that both of you have a clear knowledge of the numbers. Go over them monthly or quarterly.

4. Do what works for you, as a couple.

Different things work for different couples. If you think each of you still having personal accounts but a shared account to use for joint expenses, do that. For example, if one person makes a significantly higher salary than the other, the person who makes less may want their own account so they don't feel as if they are taking advantage of the other's earnings. Everyone has their own preference and it's all about what you are comfortable with as a couple.
5. Don't be a killjoy.

A main cause for fights in a marriage can be over large expenditures. One person can get upset over the other for spending too much money on a frivolous desire. To help ease this tension, plan out what you are both allowed to spend on hobbies, clothes, trips, etc. This will help you budget better and hopefully prevent from a large unnecessary expenditure and an ever bigger fight.

Opening a Joint Account?

First Bank of the Lake would like to congratulate all newlyweds on their wedding and we wish you the best of luck in your financial actions. We hope this blog has been helpful. Just remember to work as a team, don't over react, listen to each other. If you do choose to open a joint account with your spouse, visit your trusted bank at the Lake of the Ozarks today. 

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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

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