The Big Picture

Welcome to our blog and congratulations on becoming newlyweds.  Getting married is without a doubt the one of the most important events that will happen in your life.  Many things are interlinked with marriage such as parenting, relationship stability, and financial stability.  I will be focusing on the aspect of finances and the big picture that comes along with a financially stable marriage throughout this blog. 

There are many parts to look at when it comes to your finances such as: assets, debts, retirement planning, investments, and especially budgeting.  In my opinion, budgeting is the most important concept to discuss as a newlywed for present and future plans.  Over the next couple of weeks I will be going over some of the important aspects that I feel you need to know as a newlywed to enjoy a happy and financially stable marriage.

As a couple, both of you need to know exactly where you are with your money as well as what you want to do with it.  Couples tend to have different ideas of what they want out of their money, for example, one partner might wish to take an extravagant vacation to Hawaii while the other partner might want to save up for a new car.  This is where a conflict may arise.  As a couple, you must be able to sit down and discuss with each other.  This also shows the different values that each partner has.  Here is where the problem of a potential divorce arises.  NY Times journalist, Catherine Rampell, says that disputes over finances can lead up to divorce.  Whereas most couples surveyed stated that communicating about finances prior to marriage and throughout is highly unavoidable and should be discussed regularly so that both of you are on the same page.

Retirement planning is something that should be carefully planned early on.  This will be discussed in a later post but having the right planning to be in the right position when it comes time to retirement is important so you can enjoy your “Golden Years”.  Questions may arise such as:

·         “What Company should I take advantage of a 401(k)?”

·         “How much should I put towards my 401(k)?”

·         “Is the amount invested towards my 401(k) sufficient enough to let me enjoy life upon retiring?”

·         “When should I start a 401(k) plan?”

Each question should be considered carefully when planning for retirement.   As stated above, this will be discussed later but I just wanted to give background information as for you to know what to expect.

Big purchases/investments are another important thing to discuss together as a couple such as: buying a home,  buying a new car, investing in stocks, and the investment of your time, energy, and money towards having a family.  Which, I believe, that all of you will plan to do at least one if not all of these sometime in your life.  This can also be seen as assets and potentialldebts.  Later, I will further discuss how to budget efficiently so you can make these important decisions.  All which will influence the way you will live for the rest of your life, whether in debt or cushioned well in the financial aspect of marriage.

The big picture of marriage can seem difficult but if communicated well then you will surely enjoy marriage over the years and hopefully enjoy those “Golden Years” given to you through proper planning. 

"Never spend your money before you have earned it"

Benjamin Franklin

With that, I hope you take the time to go over your finances with your spouse and start planning to have a stable marriage and family.  Please feel free to ask any questions that you may have and be sure to read our other posts about newlywed topics to give you the knowledge you need to know to live a happy, steady life as a couple.