Women Today

Gina Nytes, Kaukauna branch manager for Citizens Bank, brings us this week's financial tip:

Before you tie the knot, it’s important to discuss your finances with your significant other. Here are some tips to help you and your significant other start your new life off on the right foot:
• Determine what your partner’s spending habits and saving philosophies are along with what they want to achieve financially. Make sure that you are both on the same page or at least have similar views. By getting everything out in the open, your communication regarding money will be easier in the future.
• As you venture towards starting your new life together, create a workable budget. This allows for both you and your significant other to know what is coming in, what you need to spend to cover expenses and how much money is left over.
• Cut spending whenever possible. One way to get ahead financially and build wealth is to live below your means. Talk with your significant other to determine how you both will make minor sacrifices to help build a savings that can be used in the future for a down payment or as an emergency fund.
• Set financial goals as a couple. Money saved or spent should be planned as a couple. Any debt held by one partner should be considered the other partners and paid down accordingly. Other goals such as buying a house, car and vacations should be planned together as a team.
• Keep communication open. Talking regularly with your partner about finances is extremely important. Pick a time that is convenient for the both of you to sit down and discuss financial matters, goals, upcoming expenses and saving strategies as well as reviewing what you’ve accomplished.
These are just a few financial tips for those soon to be newlyweds. Following them will help to ensure your marriage gets off on the right path.