So, you’ve tied the knot, exchanged vows, and danced the night away. Now what? Beyond all the “I dos” and the honeymoon, there’s a whole new world of financial planning to consider. Suddenly, your monthly expenses are a bit more complicated than just rent and the occasional takeaway. And while talking about finances isn’t the most glamorous part of married life, you should. Getting on the same page about money can make or break your relationship.

Who is responsible for accounts and finances?

Money isn’t sexy, but it’s necessary. Create a joint budget that suits both your needs. Start by sitting down and mapping out everything you’re bringing to the table – incomes, debts and subscriptions you’ve forgotten about (we all have). The goal is to make sure both of you know where the money’s going.

You might want to set up a shared account for household expenses or create an easy-to-manage system where you both chip in – whichever suits you best. You don’t need to combine every single pound you’ve got (unless you want to), but working out how to split things fairly is essential. A joint bank account makes this a bit easier, but they’re not for everyone. The important thing is to have open conversations about who’s paying for what and how you’ll track your finances. Make sure both of you feel comfortable.

How can you plan for major investments and purchases?

Now it’s time to think about the big stuff. The house, the car, the dream holiday, and yes, even retirement (it comes quicker than you think). Think about what you really want for the future and how you’ll save towards it. Whatever it is, you’ll need a plan. If you haven’t already, start setting up separate savings accounts for different goals and start putting something aside each month. And if you’ve never thought about investing before, now’s the time to learn. The earlier you start, the better.

Do you know how to handle debt responsibly?

Let’s be real: most of us have some form of debt. Student loans, credit cards, or that impulsive purchase from a sale you couldn’t resist. Tackling it together is key. First off, make sure you understand where your debts stand. Work out how much each of you owes and set priorities – paying off high-interest debt should be the first thing on your list.

It’s also a good idea to check your credit scores and keep an eye on them. If you’re struggling with debt or simply want to boost it, consider looking into credit cards for bad credit to help you rebuild. Don’t worry, it’s not the end of the world, and many of them have reasonable interest rates for people looking to improve their scores.

Are you prepared for the unexpected?

Life happens. You don’t want to think about it, but you should. From job losses to health emergencies, having a safety net will protect you both. Do you have life insurance that covers both of you in case the worst happens? And no, it’s not all about the doom and gloom – it’s about securing your future together.

Additionally, make a will. It’s a good idea to decide now what happens to your savings if you both were no longer around. The sooner you make these arrangements, the better.

Taking control of your finances is an investment in your future. Get the budget sorted, talk openly about money, and plan for the long haul. Your love life (and bank balance) will thank you.