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3 Smart Couples' Money Moves
If you're trying to get your finances in order, here are the three smartest money moves an engaged couple can make.
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1 Disclose debt.
Not telling your partner before the wedding about any unpaid credit-card bills you have may undermine marital trust.2 Create a savings plan.
Ideally, you should sock away 10 to 20 percent of your combined after-tax income in order to save for retirement and in case of an emergency, like job loss. It’s not as hard as you think: If, for example, starting at age 25, each of you puts $100 a month into an investment account (such as a mutual fund), by age 65 you’ll mostly likely have accumulated over $1 million, says Pybrum.3 Set aside “mad money.”
Agree upon a monthly sum that each of you can spend however you want. This way, neither of you will feel scrutinized for making purchases the other deems “frivolous.”—Steven Pybrum, the author of Money and Marriage For Engaged Couples (Abundance Publishing)
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