Todays Newlyweds: Can They Bank on Living Happily Ever After?
For many newlyweds, the honeymoon ends when the bills begin to arrive. This is especially true if either spouse entered the marriage with financial commitments such as car loans, student loans or alimony payments. Suddenly one wedding vow, “for richer or for poorer,” takes on new meaning. One key to a richer marriage is making sure that your approaches to spending and saving are compatible. Since no two people are alike, some compromise may be in order. Before you make a sizable financial decision, you should both agree. But only the two of you can determine what “sizable” means. In tying the knot, you have to loosen the purse strings — it’s no longer his or hers, but ours. Both spouses should be familiar with the month-to-month state of the family’s finances. Decide who should pay the monthly bills, such as rent or mortgage payments, utilities and credit card bills. This spouse should handle the household checking account. With one person paying the bills, there is less chance of unr
