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Tips to Manage Newlywed Finances

Now that you’re married, you’re probably wondering how to manage newlywed finances with your spouse. While 73% of individuals have a different money management style than their partner, don’t let this stop you from talking about your newlywed finances and start planning for a successful future together.

Keep reading for five tips to help you and your partner manage your newlywed finances.

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1. Start the Conversation About Money

To ease financial stress, try to plan for your new future before you and your partner get married. Even if you recently got married, start an open dialogue with your partner and discuss debt, income, banking accounts, financial goals and concerns.

If you intend to start a business someday or buy a vacation home, tell your partner so you can collaborate on financial decisions.

2. Combine Your Newlywed Finances

Merge both of your budgets and figure out what categories will be changing. Make sure you’re on the same page with how much should be spent and how much you’d like to set aside for savings. This step might require some give and take, but it should be discussed thoroughly. 

If you’re looking for an easy approach to budgeting, use a spreadsheet or an app like Mint, HomeBudget or Wally. At the very least, use a budget calculator and set aside a time in your calendar to talk about your progress and make adjustments as desired.

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3. Make Adjustments to Important Documents

Here’s what you should do now that you’re newly married:

4. Make a Will

If you already have a will in place, you’ll likely want to adjust it to include your new spouse. If you don’t have a will, it may be a good time to write one, especially if one or both of you have children.

You want to ensure that your kids—and spouse—are protected in the case one of you passes away before the other. 

5. Make Joint Decisions

You need to decide if you’re going to combine finances, and if so, in what capacity. You might decide to each keep an account, but open two joint accounts. This decision will be different for every couple. When making this decision, keep your financial goals in mind. 

Open an Account with Synchrony Bank

Now that you have a better idea of how to manage your newlywed finances, look into opening an account at Synchrony Bank. We offer many award-winning accounts and our banking representatives demonstrate excellent customer service.

Contact a Synchrony Bank representative today at 844-345-5789 or visit Synchrony Bank online to find an account that meets you and your partner’s financial needs.

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Sources:

Nerd Wallet: https://www.nerdwallet.com/blog/finance/nerdwallet-budget-calculator/ 

Nerd Wallet: https://www.nerdwallet.com/blog/taxes/tips-save-taxes/

Internal Revenue System: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit

*Synchrony Bank does not provide financial advice, so be sure to consult with your tax advisor or financial consultant before opening or contributing to an IRA.


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