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"Financial Tips for Newlyweds (And Married Couple in General)"

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Marriage should be one of the happiest moments for everyone, and starting a new family is one of the most joyous things everyone can have. However, a harsh truth from many recent studies and research has pointed that financial matters are the biggest reason for divorce, especially during the first five years of the marriage.

Thus, financial management for newlyweds is not only important but can be the most pressing matter to attend to for any new marriages.

When managing personal finances are already a hard task, managing finances for your new family can be an even harder task, as you'll need to also manage all the differences with your significant other.

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Without further ado, here are some considerations of what newlyweds can do to help manage their finances:

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1. Communicate

When you are in a relationship, maybe you kept your personal finances to yourselves. Things must change. Communicate your present situations, goals, and visions of the future.

You can also talk to your parents for advice regarding their past financial problems. Did they ever fight about money? Were their financial live stressful? You can learn a lot about what you can do with your new family from their experiences.

With clear communications, you can manage things better when differences arise. Remember that it's not about forcing your approach to your spouse, but finding a setup that may work even when you have different approaches.

2. Set Goals

You should at least set three financial goals for your new family: The emergency funds, typically three to six months of essential expenses; a short-term savings goal, such as one to five years goal for a house down payment or a special vacation; and long-term goals such as retirement plan and education plan.

When in doubt, you can always hire the help of professional financial advisors. If you have debts to clear, also discuss a clear plan on how to tackle that problem.

3. Setting Up Your Accounts

You can either opt for joint accounts, totally separate accounts, and a combination of both. Discuss and do this in the early stages of your marriage to avoid fights later on.

If one of you have bad credit score or previously divorced, you might need to opt for keeping separate accounts so that your financial situation won't affect the other.

4. Designate Who's Paying The Bills

One of you should be made responsible for paying the bills. Talk regularly about what's happening and what expenses are made. By communicating about your bills, you can decide whether there are some that can be reduced to add to your savings goals.