Tips for Newlyweds

Just got married?  Planning on getting married soon?  When preparing for a wedding and even after the wedding has happened, there is so much going on for newlyweds that they often do not think about their financial life together.  There are a few things to do after getting married, or maybe even before that will help in the years to come.
Talk about your finances.  This is very important; once you are married your lives are legally and financially linked.  Sit down together and go over bank statements and other financial documents.  Many couples do not do this until there is a crisis and they have no choice but to do so.  You really want to talk about it prior to any emergency.    
Disclose everything with your significant other.  Let them know everything about your financial history.  Do you have debt?  Have you ever filed from bankruptcy?  Talk about what you have done, do, and will do in the future with your money. 
Divide your finances accordingly.  Many people think that when you get married you should close your individual accounts and open joint accounts.  This is not what is best for everyone though.  Maybe your particular situation would make it best to have a joint account for joint bills and a joint savings account for the future, but also an individual account for whatever you want to do with it.  Each situation and marriage is different so you need to sit down and figure out what will work best for your situation.
Together you need to start saving for later.  It is never too early to start saving for retirement.  It is also good to save because you just really never know what could happen.  There could be a very expensive emergency or if one or both of you lose your job, it will be best if you have some money to get you through until you get another job. So remember save, save, save!
You need to insure yourself.  No one, especially newlyweds want to talk about an untimely death, but it must be done.  Get life insurance so that if it does happen, your spouse has that to help with the funeral, which can be very pricey.  Also make a will, this makes it clear on who you want to have what.  Even if it seems obvious this person gets this or that person gets that, making a will, will take a lot of potential stress on those you leave behind.
These are not usually the things that most newlyweds want to think or talk about. However it must be done.  Down the road you may see just how lucky you are that you have done these things.  You never know what the future will bring, so being prepared for anything is a great idea.

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