The vows, the rituals, the coming together of families, the celebrations, the sparkling hope of starting something new, and the lifelong commitment all make the start of your marriage journey magical. There’s so many pressing topics to cover that when couples do decide to spend their lives together, the discussion on how to manage finances is often an afterthought. But it is arguably the most important conversation to have.

Here are some tips on how to manage your finances as a newly-married couple:

• Be Transparent

Be upfront about your finances with your partner, be it debt, savings, goals, spending habits or anything else you might not have shared before. Transparency and clear communication form the crux of a healthy financial partnership.

• Create a Shared Budget

Outline your expenses, individual and shared, so you can craft a budget as well as have room for investment. You can divvy up your financial tasks depending on your individual earnings. A shared budget offers accountability and clarity, two things crucial in a relationship.

• Build an Emergency Fund

Often neglected, an emergency fund can be a lifesaver in times of turmoil. Sit together and discuss saving three to six months’ worth of living expenses in a separate savings account.

• Align on Long-Term Goals

Marriage is just the beginning of a number of other milestones like buying a home, buying a car, or investing in land. Discuss your financial aspirations and work on a plan on how to get there together.

• Make a Game Plan for Your Debt

These days, most couples say “I do” while carrying some debt on either side. Talking about debt with candour can take a lot of burden off the marriage. Chart a course to tackle debt together and set a timeline for yourself. Consult a financial expert to get a robust strategy in place.

• Set Ground Rules

It’s crucial to make the big financial decisions together while also maintaining some semblance of financial independence. Every marriage is different, so you can decide the guardrails for your situation. Some common rules include how much a partner can spend before having to consult the other, or how much you can withdraw from your joint account, or how to delegate monthly expenses.

There’s no one-size-fits-all approach when it comes to couples’ finances. Every couple should decide what works best for their circumstances. All you have to remember is you’re both on the same team and not just spouses but financial partners for life too.

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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.