There is an old saying that if you kiss the person you love for the very first time by the light of a new moon you will soon be married, you will have undying love for one another, and you will never be poor. Naturally, love and marriage do not come with a guarantee. If you marry, you can only hope you will have undying love for one another. If you both plan for your financial future together, you stand a good chance of never being poor.

Choosing your Bank Accounts
The first financial decision a newly married couple need to make is whether they will keep individual bank accounts or whether they will open a joint account. This is a matter of personal choice as both options have good and bad points. A joint account means you only have one statement to balance and only one set of bank fees to pay. Keeping separate accounts allows you to maintain your financial independence and you can purchase such items as wedding anniversary gifts without your partner knowing how much you have paid for the gift.

Write a Family Budget
One of the most common reasons for a marriage to fail is the inability of the couple to budget as a family instead of as two individuals. You may have managed to budget very well when you only had yourself to consider. Once you begin married life, you need to review your individual budgets and write a family budget that suits you both.

Financial problems often occur because both the husband and wife have different ideas on how money is spent. By writing down how much money is coming into the household and how much money you spend on necessities, you will have a clearer idea of how much money you can spend on luxuries and how much money you can save.

Sometimes one person may like to save as much as possible whereas the other person may prefer to save a little, and spend more money on luxuries and treats. If you are aware of these differences from the beginning of your marriage, you can make the necessary budget compromises, so you are both happy with the financial path that the marriage is taking.

Plan for the Future
Two may not be able to live quite as cheaply as one, but with two incomes coming into the household you will be in the best possible financial situation to make plans for your future. Now that you have another person to consider you should up-date your life insurance policy, consider taking out private health insurance if you do not have any, and rewrite your will.

If you are renting your accommodation, you may wish to look at the option of purchasing your first home. A young couple planning to start a family should not commit to high mortgage repayments. Remember you may need to live for a number of years on one person’s income.

Talk to us about the best mortgage to suit your financial situation. Once you take out a mortgage, you can always pay more money into the mortgage in the early years when there are two incomes. You will be in a better financial situation if you pay extra into your mortgage than if you put the same amount of money into a savings account.

You can secure your financial future as a couple by making sound budgeting decisions at the beginning of your marriage. You will have more chance of enjoying a happy and successful life together, and you will never be poor.