Marriage is an exciting time for a couple, however, once the honeymoon is over, it’s time to sit down and get serious about your finances. After walking down the aisle, Better Business Bureau advises newlyweds to take control of their money or risk a rocky financial future.
According to research by Utah State University, married couples that frequently fight over money are more likely to split up. Even when compared to frequent fights over other issues—such as chores, sex and in-laws—fighting about money was a better predictor of a future divorce.
“When considering your financial future, it’s important for newlyweds to realize that they are in it together and nurturing their nest egg can be a rewarding experience—and not just a source of frustration and fights,” said Alison Southwick, BBB spokesperson. “Have the conversation earlier, rather than later, so that you can develop healthy personal finance habits together.”
In order to start your new life together on the right financial foot, BBB offers the following advice:
- Let Financial Skeletons out of the Closet
- Build a Budget
- Designate a Driver but Travel Together
- Plan for Emergencies
- Save for the Future
- Make a Vow to Be Savvy Consumers
The BBB elaborates on this advice here. We also recommend following the BBB for advice on managing your money, www.bbb.org/us/consumer-tips-finance/.
You can also check out a business or charity on the St. Louis BBB website.
