Much like your wedding, the moment you decide to move in together is a truly grand milestone in your life and your relationship! Whether you’ve decided to first try living together before you get hitched, or you’ve already said your “I dos”, life together comes with more than just excitement and belly butterflies. Perhaps you’re still focused on your post-wedding plans, but you should be mindful that your life together and the act of moving in require a strategy, too. 

One particularly sensitive topic on the agenda is, let’s face it, money. No matter how much both of you earn, you need to find a mutually supportive way to budget, spend, and invest in your future together. That said, once the wedding and honeymoon jitters begin to subside, you should take some time to cover this crucial topic with your spouse or partner. In doing so, you’ll set a strong foundation of honesty and transparency for your marriage and you’ll be able to find solutions to all of your financial troubles in the future. Here are a few financially savvy ideas to keep in mind! Start by identifying your combined income and expenses to get a clear picture of your financial landscape. From there, establish shared goals, like saving for a home, paying off debt, or setting up an emergency fund, while keeping an open dialogue about spending habits. These newlywed budgeting tips for couples can help you navigate this sensitive aspect of your relationship with confidence and teamwork, ensuring a financially secure future together.

Realistically assess your debt and assets

If you keep ignoring your credit card debt or you have no insight into your spending habits, you cannot realistically live with your significant other and prepare for that journey with a strong, reliable budget. Before you start haphazardly buying and spending, you should first look at your debt, if you have any, and structure your re-payment system well. That way, you can reduce the stress of managing your finances on a monthly basis, and have more insight into what you, as a couple, need to do to spend, earn, and save in a smart and planned way. 

Share your family goals

Do you two love birds know each other’s long-term aspirations in terms of family and kids? Do you even know if you would like to have kids, live in the city, in the suburbs, work from home, start your own business, or send your kids to college? All of these life-changing decisions will affect your family life and your relationship, so the sooner you cover them, the easier it will be to understand your financial future. In fact, by talking about your goals when it comes to starting a family together, you’ll be able to determine how you can adapt your spending habits, your career path, and your savings strategy. Perhaps it’s time to set up a college fund, or invest in your home business if you’d like to add another source of income for your future family.

Protect your assets with insurance

We all have valuables that we cannot afford to lose, or if an accident happens, we need financial help restoring to their previous glory. Most often, couples moving in together will consider a home insurance policy as well as protecting their vehicles in case of an accident, theft, or natural disasters. Start researching together and ask for an insurance quote from companies that are reputable in your region, and that provide useful perks and adapt their prices based on your habits and needs. Make sure you understand your policies in detail before you choose, so that you know the procedure in case you ever need to use your insurance. This investment can give you the peace of mind you and your partner need to feel even more comfortable moving in together. 

Invest in your health and life

Right now, old age might seem to be merely an abstract concept you’re not too eager to contemplate, because you’re enjoying your youth and your relationship so much. However, it’s key to start planning for your silver years with your bae, because you’ll be able to plan for each other’s financial security. In addition to protecting your home and your belongings, you need to think about investing in life and health insurance policies that will ensure proper medical care in case you ever need it. You’ll be able to keep the prices lower if your lifestyle is healthy, so make sure that you invest in your health and life through more than just a policy.

Plan for savings and expenses

There’s no one-size-fits-all solution for how you’ll spend your hard-earned money, but you definitely need to communicate your needs and suggestions from the get-go, to avoid any misunderstandings. For example, if both of you already have a savings plan in place, then you can talk about your options. You can keep them separate, merge them, or craft a separate savings account for your kids (should you choose to have them). The same applies to your expenses. You should be mindful of your own lifestyle and self-care needs and those of your spouse, so it’s wise to create a monthly spending budget that will give you a clear overview of what your options are to save, or spend on things you can do together, such as travel (as soon as the pandemic allows it), take up classes, or make investments. 

There will be all kinds of financial conundrums down the line for both of you to resolve, but these challenges can either bring you closer or cause conflicts. It’s up to you to stay honest with the love of your life, to find creative, constructive ways to solve your financial issues, and to greet any turmoil and instability with an open mind and willingness to communicate. That alone will provide a perfect basis for your marriage and it will help you lead a wonderful life together as you move in!