The Credit Professional Winter 2018 Dec_2018_magazine | Page 28

10 Pieces of Financial Advice
For Newly Married Couples
By Trent Hamm
A few weeks ago, I was
attending a wedding where I’ve
known the groom for about
20 years. I wasn’t one of the
groomsmen and didn’t know all
of them, but I was hanging out
with them for a bit.
The groom introduced me to
them as a writer, and the usual
questions followed: What do
you write? Where is it
published? You get the idea.
Upon realizing I was a personal
finance writer, one of them
grinned and asked me the
million-dollar question.
“Hey, got any money advice
for newlyweds?”
from my own experience of
more than a decade of
I thought about it for a few
marriage, interviews and
seconds and simply offered up conversations with couples who
the first item on this list, which have been married for many
was received pretty positively
more years than that, and
by the group, but the
countless personal finance
conversation moved on from
books that have passed in front
there to other topics.
of my eyes. Here are 10 pieces
of very valuable money advice
The question stuck in my head, for newly married couples.
though. What money advice
would I give to newlyweds?
#1: Never, ever, ever hide
This year, I know of several
a dollar of spending from
couples that are getting
each other.
married, including one couple
to whom we’re close enough
If I had to give one piece of
that a member of our
advice to married couples, it’s
immediate family is in the
this. Never, ever, ever, ever hide
wedding party.
a single dollar of spending from
each other. Period.
This article is for all of them,
particularly B. and C.; B. and
Don’t get me wrong, I think
E.; and W. and A. This comes
both members of a married
The Credit Professional
27
couple should have some
pocket money that they can
spend freely, but that money
should be fairly limited and the
total amount should be clear
to both people. Once you step
outside of that “pocket money,”
you’re almost always going to
be causing financial and,
eventually, marital problems.
If you have a “hidden” credit
card, you’re making a giant
mistake. If you’re taking money
quietly out of the ATM and
hoping your spouse doesn’t
notice, you’re making a
giant mistake.
Why? Your spouse is assuming
and planning as though all of
the bills are on the table and
that money isn’t vanishing from
Continued on page 28
December 2018