In theory, you share everything in marriage, but in practice, more and more couples are talking less and less about their finances—it’s a dangerous trend as money is a leading cause of marital conflict and divorce.
Start with income. In order to figure out how much you can spend and more importantly, how much you can save, you first need to know how much money is coming in.
At the end of each year, most employers will provide you with updated salary information for the coming year. Then, just a month or so later you should get a W-2 detailing your total compensation from the previous year. Receiving this information should prompt you to sit down and discuss your collective income and how you plan to budget for the coming year. Take this time to plan for a financially sound future together - it will be well worth the effort.
This information in the Financial Tips section is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.