Essential money management tips for newly weds

White flowing wedding gown, shimmering bridesmaid clothes, exquisitely crafted wedding ring, beautifully decorated reception hall, cute little flower girls, towering high delicious cake, and breathtakingly beautiful bridal bouquet. Does this surmise your dream wedding?  Whether you have already walked down the aisle or planning on tying the knot this spring, there are certain roads on the journey to marital bliss that you better not take. Most of these dreadful roads are known as financial troubles. And it is best to remember that money is something you have to manage for the rest of your lives.

Having spent days, months and at times years on end on dreaming about the perfect wedding day, newlyweds stop their planning altogether afterwards. If you are one among the blissfully married couples out there, looking at these money management tips will retain excitement and bliss in your lives. But before going ahead listing out money management tips, we believe congratulations are in order!

• Your bank balance is not a secret anymore

You would have spoken for hours on end before marriage but it’s unlikely that money figured in any of your conversations. It takes time and patience to uncover financial habits of each other. You would do well to remember that the days of being a bachelor are over. You should share all the information regarding your bank balance, savings and investments with one another. It is very important to have the complete financial picture clearly laid out in front of you. Discussing each purchase is important so that both of you know where that expenditure will leave you.

• Have little money talks

Money is a topic that can leave most of us looking uncomfortable. Money talks have the potential to turn even a small talk into a heated argument ruining a peaceful weekend. So the idea to turn these arguments into discussions is by opening up the doors to better communication.  Make talking about money a regular feature. Make money matters sound fun.

• Create a for-the-rainy day fund

It doesn’t make sense to spend every last penny. Emergencies come calling at times we least expect and they manage to surprise us. You should keep some funds away so that they will be able to bail you out of emergencies. Funds should essentially cover unexpected expenses without putting too much pressure on your financial status.

• Budget is not a bad word

Creating a budget will help you rein in your expenses very well. And it is better to sit together to create monthly budgets. While creating budget, allocate money towards emergency funds as well. Once you know what you are spending for, you will be able to accurately judge your financial position. Budget is always evolving. You should keep making the necessary changes and adjustments to your budget regularly.

• Win the money battle together

You can’t win the money battle singlehandedly. It doesn’t make sense if one of you saves and the other spends. Is money driving a wedge between you and your spouse?  Has the mention of the term money made you both cringe and cry? Regardless of the number of tiny fights you may have on the money topic, it is important to understand that each one of you come from a different financial background with unique expectations and attitudes. So sitting together and discussing your financial flow and expenses will help you sail through even the most difficult financial times very easily.

With these tips you can easily curb your expenditure while even saving few dollars in the process. Once there is better communication you would definitely appreciate the fact that it’s not very difficult to tame the finance genie. Of course there is no single solution or magic potion that can instantly bring financial stability. The path to managing money starts with trust and openness. There is nothing that can come in the way of a happy married life. That also includes money.