The Present
When entering a financial relationship with your spouse it is important to be completely honest and open about your existing circumstances. From discussing your income and outgoings to declaring any existing debt you may have outstanding, it is important to be completely transparent with your significant other to ensure they have all the information required to make an informed decision about entering into a financially combined relationship with you.
You should also discuss ways to supplement your income if you feel like you will not cater to all expenses. All couples, especially newlyweds, should start their new life with excellent financial health. You want to ensure that you have money to buy a home, pay for school, buy a car, start a business, pay for all household expenses, and more.
If you decide to supplement your income, make sure you sit down with your partner and evaluate all your options. This can help you make the right financial decision that will not stress you out later on in life.
One good way to supplement your income might be investing in online trading. It is convenient as you can work from anywhere provided you trade with reliable apps like Robinhood. Other ways to supplement your income are taking on part-time fast-food jobs, using your car as a taxi, selling homemade products, and more.
Once, existing circumstances have been established, as a couple, you should then draw up a budget. Agree on how much of your income you are willing to combine and equally set expectations on the number of outgoings and debt payments you are willing to share.
Setting out a clear, segmented budget will allow you to ensure you can cover all expenses over the course of a month whilst avoiding getting into further debt. It will also set expectations on the amount of recreational spending which can take place without causing frustration on either side.
Luciana joined our team as a mum blogger in 2020. A dedicated mum to a lively daughter and a dog, Luna, Luciana brings authenticity and passion to every post. Her expertise in parenting and lifestyle topics offers practical, relatable advice for real-life situations.