Financial Matters: Newlyweds

PORTSMOUTH, Va. (WAVY) – Getting married means merging two lives together into one and just like you’re planning your wedding, it’s important to plan your financial lives beyond the big day. Chris Jones, financial analyst from BayPort Credit Union shared some advice for newlyweds.

***Some statistics suggest 60-70 percent of couples fight over finances.
***financial arguments are equally common among higher and lower income couples.
***These arguments can be avoided if you commit to doing these three things together.

1. Dream Together
-where do you want to be in 10, 20, 50 years?
-are your financial goals compatible?
-grab hold of a dream you can be excited about together

2. Plan Together
-set standards according to your needs vs wants
-commit to a financial plan that will provide for today’s needs and establish a course for reaching long-term goals.

3. Celebrate Together
-agree on how to spend surpluses in your budget
-celebrate savings milestones

For more smart money management ideas and information, stop by any of the 16 BayPort Credit Union locations across Hampton Roads.

This segment of The Hampton Roads Show is sponsored by BayPort Credit Union.

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