Not preaching but offering free and friendly advice.
1.) "One hand and one hand only in the cookie jar" If both the husband and wife have debit cards and checkbooks you'll find yourself in trouble real quick with more month than money.
2.) Know the difference between a "want" and a "need". In your heart you know the difference between coveting something and needing something.
3.) I'm guessing you're a young couple so remember you have to work your way up to that nice house with the granite counter tops, Stainless steel appliances and other high end finishes.
4.) Buy cars that are at least 1-2 years old. You will still have a factory warranty and can for a modest fee increase it to three years or more. The moment you drive a new car off the lot you've just lost upwards of 40% of your investment.
5.) Do not carry debt other than a mortgage or a car loan. They are at least somewhat covered by the real property they represent. School loans are "OK" too but only if you have to. You and your career are the real property that covers those.
6.) In conjunction with #5 above, do not carry any credit card debt, ever. This is the killer of many a home budget. Don't believe the consumerism hype (BS) to put a purchase on plastic. It is an undeniable fact that most arguments between spouses are caused by money and financial worries. You can attest to that already. Discuss large purchases. Both must sign off on them.
My wife and I have the perfect setup. She puts "x" dollars into the bank every month towards the budget. The rest of her money she uses for groceries and for herself (fun stuff). I put all of my money in the bank since I make the lion's share of the income. I pay all of the bills and my wife is not interested in knowing the details. She does know my process however, in case something happens to me. Of course, if something does happen to me she'll be well off and at least finances will not be a worry. Get opposing life insurance polices to protect the other spouse. You would protect her physically right (on the street)?
I track each and every purchase, broken down into categories in Quicken. This is the only way you can track spending and to a just married couple that is important. Know where your money goes, don't guess. Money is simply a tool, and tools work best when kept sharp. Use Quicken or another financial product to track your spending. Do it now if you're not already. You'll thank me later.
I would have paid good money to have had this advice when my wife and I were young and just married. Neither of us were taught good money management skills and sure we made mistakes along the way. Learn from the mistakes of others. Learning from others is free. Learning first hand...well...not so much.
Chris
