5 Financial Tips for Newlyweds

(StatePoint) February is the month of love and one of the most popular times of year for couples to get engaged. According to a recent study, 36% of respondents said Valentine’s Day is the most romantic day to propose. If you’re about to get married or just walked down the aisle, here are five things to do to ensure your financial health.

1. Determine how you will handle finances. They say money can’t buy love and happiness, but talking about it in a marriage, or even beforehand, goes a long way. You’ll want to discuss whether you’ll have a joint bank account and credit cards, separate accounts or a combination of the two. It’s a personal decision, so consider the pros and cons. It’s also a good idea to know the roles you will play. For example, will you or your partner pay the day-to-day bills? The other person may want to manage the monthly mortgage and auto expenses, or even the long-term investments and retirement funds. If you need help coming up with a plan, you may want to seek the advice of a financial counselor.