DISCOVER TIPS | Knowledge Magazine

The honeymoon period is officially over when newlyweds start talking about finances. Jokes apart, there are a few tips that I would like to share for newly married couples. These are- a) Discuss your financial status: Discuss finances with your spouse as soon as possible. You’ll need to go over what accounts you have and how many loans you have to payback. You’ll also want to be clear on how you expect money to be handled. What you have, what you owe, what you spend, and how you feel about investing should all be part of the conversation. In other words, avoid financial secrets. b) Understand financial goals: After you have determined your baseline financial status, discuss your long-term financial goals in-depth. Set some common goals, whether you’re buying a home, taking a yearly vacation, or planning for retirement. Work together to figure out what you can realistically afford. Make sure to write all of your goals down and review them periodically. You’ll have a much better ch