Wedding bells and shared accounts: Financial advice for newlyweds
Experts say most important part of money management is to be a team
InvestigateTV - Following a pandemic slowdown the past two years, 2022 is expected to be a record year for marriages.
Nate Johnson, a wealth management advisor with Merrill Lynch, said along with budgeting for a wedding, couples should also plan for how they will budget their life together.
Johnson said the most important thing for couples is to be a team.
“Whether you do everything together or you keep your account separate, the most important thing is just to have some sort of game plan that both partners are comfortable with and open with and committed to sticking to,” Johnson advised.
Johnson had two other important tips for newlyweds:
Get into the habit of saving as much money as possible, as early in the marriage as possible: Johnson said he has never had a client regret saving too much money.
Don’t be afraid to deviate from your peer group: While some may be rushing to buy a new house or new car or expensive vacation, do what’s best for your family.
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