Money advice for newlyweds?

iVillage Member
Registered: 02-19-2003
Money advice for newlyweds?
12
Mon, 04-27-2009 - 10:02am
Some couples have separate accounts, some couples have joint accounts, some have way too many accounts to keep track of, etc. What sort of banking situation works best for you and your dh, and why? If you could give advice to newlyweds about how to arrange their finances, what would it be and why?

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iVillage Member
Registered: 07-05-2006
Mon, 04-27-2009 - 11:40am

The biggest advice I could offer to a newlywed couple is to not live above their means. In this day of SUV's and flatscreen TV's, it's hard to not feel like you need all of those things right away when you get married. I mean, afterall, you're starting a new life and you want that life to be a good life so you overspend on that brand new washer and dryer instead of looking for a used one. You buy the big house that you know is a little too expensive because you have grand dreams of starting a family with a picket fence and a dog! Start small and build slowly. No big TV or grand family vacation is going to make you happy and it may just bring you financial ruin!

As far as bank accounts go...I take care of all the finances and I've run the gammot from having multiple accounts for everything, separate accounts for me and my husband and now we're down to one main account that we both use and one savings account. I keep track of everything using quicken software which has been a real lifesaver for me!

iVillage Member
Registered: 08-04-2008
Mon, 04-27-2009 - 11:51am

It depends on the newlyweds.




iVillage Member
Registered: 03-27-2005
Mon, 04-27-2009 - 11:57am

Some couples have separate accounts, some couples have joint accounts, some have way too many accounts to keep track of, etc. What sort of banking situation works best for you and your dh, and why? If you could give advice to newlyweds about how to arrange their finances, what would it be and why?


My advice is that you need to be married in your finances just as you are married to each other.


In the 17 years that

iVillage Member
Registered: 01-25-2009
Mon, 04-27-2009 - 12:19pm

Kids ARE expensive!


I am tired of

iVillage Member
Registered: 07-02-2008
Mon, 04-27-2009 - 12:30pm

My advice to newlyweds would be to keep it simple. In combining your life try to make do with what you have before buying bigger and *better* models. If you have a vacuum - make use of it. Don't just go out and get yourself a new this and that because you feel entitled.


Also, I am a fan of joint accounts. That way my DH and I knew where *our* paychecks went and we could both look in the checkbook and see what checks were made out. I am in charge of the finances but our checkbook always sat out on our desk so if my DH wanted to see its contents - he could. (he never did but that's another story.)


My DH makes more money than I do but that has never posed a factor for us. It's OUR money and its combined. I feel that when people keep things separated it causes for problems in that one person generally makes more and the other person pinches pennies more. Not as much teamwork involved there.


iVillage Member
Registered: 11-14-2008
Mon, 04-27-2009 - 2:34pm

Plan, Plan, Plan and plan some more. Things can change so quickly even if you get in the groove something will change(wedding expenses, baby, house etc) It can throw you off course in a hurry. An emergency fund never hurt. So have monthly meetings to discuss strategy.

Set your goals and make sure they match. There is nothing wrong with saving for something before you buy it so you better really want it. And decide if you need something or want it. That is key.

I believe there is one saver and one spender in every marriage. Decide how to split up spending money and once it is gone it is gone. You can't tell each other how to spend it but it is in limited quantities.

I agree about the partnership. Just because your wife doesn't work( or the other way around) doesn't make them less of a person when it comes to money. Equal decision making power is important.

Being married isn't easy, it takes work. If you plan to take the financial strain out of the situation you have a much better chance of making things work.



iVillage Member
Registered: 03-17-2003
Mon, 04-27-2009 - 4:43pm
I suggest couples allow each a set amount of money to spend as they see fit.
iVillage Member
Registered: 11-17-2007
Mon, 04-27-2009 - 8:19pm

What great pearls of knowledge do I have to pass along after 40 years of marriage.


1. Always have a saving account. If it is just putting in 5.00 a week do it. I am not taking about 401K or retirement accounts I am talking about money you can get your hands on if you have too. It will keep you out of debt.


2. Even though I believe both people should be interest in

iVillage Member
Registered: 10-02-2008
Mon, 04-27-2009 - 9:39pm

Here's a thought.

iVillage Member
Registered: 03-17-2003
Tue, 04-28-2009 - 12:13am

Discuss these items before walking down the aisle.

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