Newlyweds may be happy to share a life together, but for many merging finances can be difficult at first. Tensions occur when he spends too much on golf clubs and she spends too much on a new dress.
Here are some tips on how to survive merging your cash as newlyweds:
Talk about it
Before you get married it’s sensible to talk about money issues such as how much you earn, how much you spend and how much you want to invest together.
Avoid debt
Debt is one of the biggest causes of stress in all marriages and it’s worse for newlyweds. You should buy within your earning capacity to avoid this unnecessary stress, even if it means buying a smaller first home.
Get a joint account
Keeping finances separate is fine at first, but further down the road this will cause real problems.
Keep an emergency fund
An emergency fund is essential and will keep you from suffering in the future. Neither party should ever touch this fund unless both of you deem it necessary.
Source: http://www.foxbusiness.com/personal-finance/2013/08/02/6-tips-for-merging-money-styles-as-newlyweds/
