Newlywed's guide to money management
Wedding season is in full swing and lots of new couple are beginning their financial lives together, but differing money attitudes can come as a shock.
Rebecca Dolgin of the Nest.com, a website for newlyweds, says it’s important to talk, before you make the walk down the aisle.
“You're entering a partnership and you want each other to know everything there is to know about that partnership,” she said.
A first step towards financial bliss? Avoiding too much wedding debt.
“The average wedding is about 28, 29,000 dollars -- and that's a big debt to be carrying at the very beginning and -- a lot of times -- at the very beginning of your careers,” Dolgin said.
Also, know you spouse’s spending style.
Put numbers on the table, everything from credit card debt to student loans, no matter how ugly. And, decide whether you’ll completely marry all accounts, or keep some separate.
“Even if you're not combining your accounts, if one of you is spending a lot more than the other one is spending, it will be a problem because it affects the other person,” Dolgin added.
A good money project for new couples: A financial goal to work on together, like saving for a house, car, or a first anniversary vacation.
For more financial tips for newlywed couples, visit www.thenest.com.
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