Scotia Investments

Financial Learning Centre

Scotia Investments Financial Learning Centre

Money Management Guide - Tips for Newlyweds

In just about any long-term relationship, finances will come into play, and in a marriage, it's essential to manage finances well together. Whether you're about to get married or have already tied the knot, it's a good idea to sit down with your partner and discuss money.

Financial Talking Points

When you sit down to talk with your fiance or spouse, begin by sharing the current state of your finances. It's important to be frank and nonjudgmental. Fudging the numbers or concealing certain items from your partner could result in serious problems later. What's important is making sure your plan for going forward is one to which you are both committed. Here are some basics to go over:

Planning for the Future

In your discussion of finances, it's worth discussing future costs, even if you can't know exactly what these will be. Do you plan on buying a house together? Having children? Taking a trip around the world? Moving? All of these things require significant financial investment. Be sure to discuss the following:

Making a Budget

Sit down with your partner and make a budget.

Income

Assets

Debts

Expenses

Making Your Financial Relationship Work

Once you've made these lists, consider the following:

Whatever your financial situation, it's always better to be open and honest than to be unpleasantly surprised in a moment of stress or crisis.