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The finances of single household and a married household are far different.

Now that the summer wedding season is winding down, Iowa State Bank wishes all the newlyweds in the area well. Today’s blog will focus on financial tips for newlyweds and how you can be open about financial goals, spending habits and budget plans.

Financial tips for newlyweds:

  1. Talk about your financial goals. Find out what your spouse’s financial goals are and see how they match up with yours. There’s no need to worry if they are different, find a balance between both of your goals and meet in the middle. You may find it’s a good thing that your financial goals are different because then you’re able to work together as a couple to meet both goals. One of you may want to save for a down payment on a house, and your spouse wants to save for a vacation. Both are valid goals, but it may take a bit more time to reach both.
  2. Plan for a budget. When creating a budget, set time aside for you and your spouse to get together and make a monthly budget. Account for the essentials, spending habits and financial goals when crafting a budget. Find ways to save each month, whether it’s cutting bad spending habits or cutting out unneeded expenses. Budgeting can keep you on track to your financial goals.
  3. Evaluate your spending habits. Being open about your spending habits can save your relationship from taking a nosedive. Honesty is the best policy when talking about the spending habits you could improve upon. If you have a shopping problem or go out on the town too much, it can blow your monthly budget. Communicate with each other on how you can improve your spending habits.

Iowa State Bank wishes you well in your first years of marriage. If you and your spouse are looking to buy a new home, or start a savings plan, look into our mortgage lending and savings account options.