Together for Life Online Team

We were so thankful for Dan Lloyd’s article on the “Ten Financial Tips for Newlyweds” that we asked a few follow-up financial questions for engaged couples. Thanks to Dan and Catholic Financial Life for contributing!  1. What should engaged couples and newly married couples focus on first? Debt? Investing? Buying a house? A newly married couple’s focus will vary based on their financial goals and situation. Generally, achievement of one objective will lead to another. For example, if you do not have an established credit rating, you should focus on getting your debt under control. Once your debt is manageable, you will be able to focus on saving, which leads to the opportunity to purchase a home, invest for the future, or achieve other financial goals. 2. What is the best way to resolve conflicts and disagreements about financial matters? Your marriage partnership is also a financial partnership and it’s…

We contacted Catholic Financial Life to give Catholic couples a few short tips on managing their finances, especially when just starting out in a marriage. Financial advisor Dan Lloyd, was nice enough to share these ten financial tips for newlyweds: 1. Set Your Financial Goals Discuss your short-term and long-term goals together and write them down. Goals should be SMART: Specific, Measurable, Achievable, Results-based, and Timed. 2. Open a Checking and Savings Account Set up a joint account for household expenses. Do not use check cashing stores because the effective annual interest rate can be as high as 900%. 3. Communicate and Participate Your marriage partnership is also a financial partnership.  Both spouses should be involved in the household finances. Set guidelines for financial decisions and talk regularly about your progress towards your financial goals. 4. Create a Budget Start by tracking two months of income and expenses. If your…