If you’re getting married, you probably already have a vision of what the future will be like with your spouse. Perhaps you’d like to own a home someday, explore the world together, or save up enough to start a family. Whatever your dreams might be, achieving them depends on consolidating your personal banking habits and working together to develop financial discipline. The tips below will help newly married couples get off on the right foot.

How Can Newlyweds Successfully Manage Their Money? 

1. Set Spending & Saving Goals

Too many couples don’t realize until after the wedding that they have different financial habits, so sit down with your partner to set realistic goals and expectations. Start by deciding how much you’re going to put toward your emergency savings and retirement, and also consider your short-term goals, like taking a vacation or buying a car.

2. Discuss Major Purchases

Some married couples prefer to use separate personal banking accounts, but you should still talk to your spouse before spending more than a certain amount. Otherwise, they might be making financial plans based around money that’s no longer there. These spending habits can damage both the financial health of your marriage and the trust your relationship is built on.

3. Simplify Your Finances

Each spouse brings their own debts, personal banking accounts, and investments to the marriage, which can quickly get confusing. To simplify your finances, start by deciding which debts you’re going to pay down first, which investment vehicles offer the best tax advantages, and where you should open your joint accounts. Many married couples find it’s easier to transfer all of their assets to a single financial institution instead of having accounts at several different banks.

Since 1919, Citizens Bank, member FDIC, has been one of northern Mississippi’s most trusted financial institutions. They pride themselves on providing the personalized, friendly customer service big banks can’t, with the range of services and tools you’d expect from a national chain. Whether you and your new spouse are in the market for a new home and need a mortgage loan, or are interested in opening a joint checking account to manage your finances, they’ll help you reach your goals. Visit the website to learn more about their personal banking services, or call (662) 838-2146 to reach their main office in Byhalia. For more updates and financial tips, like them on Facebook.