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3 financial concerns for newlyweds

After your wedding day, spend time with your spouse discussing finances.

It's better to figure out finances with your spouse early on in the marriage before you both let bad habits develop or go unnoticed. With that in mind, make sure to do the following: 

Don't hide your finances from your spouse 
If you have credit card or student loan debt - let your spouse know. Don't keep them in the dark about expenses you racked up before you married. Ideally they'd know about any debt you have before marriage, but if you haven't told them yet, let them know about your debt. It is Equally important don't cover up any financial assets you possess. It might make your spouse think you don't trust them if you don't let them know 

Have an honest conversation about finances
If you and your spouse haven't had a talk about finances before, set time aside to do so. Find out how you each keep track of your spending, where the majority of your money goes, how you save and what retirement accounts you have - if any. You should find out how each of you were taught to save and spend money - what financial values did your parents instill in each of you? If there's differences between how you both handle finances, it's nothing to cause worry. You'll just need to find a system that works out for the both of you. 

During this conversation, discuss how you want your accounts to be set up. Do you want to continue to keep your money separate or open a joint account? Will some money that each of you earn go into a joint account for bills and financial goals you share, while you still keep individual accounts as well? These are important questions to consider for how you want to keep your finances in your married life. 

Contribute the maximum to both of your retirement savings
It can take decades of regular investments into retirement accounts to have an adequate amount saved. If both of your employers offer 401(k)s - especially if they have employer matching - make sure you max out  your contributions - Doing so will help make sure you're both prepared for your senior years.