wedding-1353829_640Getting married represents a new and exciting chapter in your life, where you look forward to many happy years together.

If you want a long and memorable unison that lives up to the vows that you made when tying the knot, it is important to ensure that you take on board, some sound financial advice that sets you on the right path together.

There are likely to be times where you might need a bit of short-term help to pay some bills, by using some like MoneyBoat.co.uk for example, but whatever you do, you are now joined at the wallet, as well as in law, when you get married.

Being open is important

There are sadly, plenty of marriages that fail because of arguments over money and it is only when it is probably too late to resolve, that full details of each other’s financial position comes to light.

If there is one primary piece of advice that will probably keep you together forever, it is to never have any financial secrets between you.

All married couples can do just fine by having their own limited financial resources that they can spend as they wish, but when it comes to major expenses, every credit card, loan or other form of borrowing, needs to be fully declared to your partner.

When you get married, you make plans for a life together. This includes talking about major financial decisions and purchases together, such as buying a house. If you don’t operate a full disclosure policy between each other, you are potentially damaging an element of trust between each other, which can be hard to repair.

Plan for the future

It is very easy to live in the moment and when you have just got married, almost everything in your life seems to be new and exciting.

One of the best ways of keeping together into your twilight years, and enjoying a happy retirement together, is to plan for the future.

Regardless of how young you are when you get married, it’s an obvious fact of life that you are going to get old and there will come a point where you don’t want to work or are unable to do so anymore.

If you are still in your twenties for example, and can put away even a small amount of money between you each month, it can often result in a much more comfortable retirement. Leaving it until you are in your forties or fifties before seriously thinking about retirement, can create stress and tension when you realize that you might not have enough money to retire and enjoy life the way you wanted to.

Always have an emergency fund

Most of us will invariably experience some unexpected financial bumps in the road at some point in our lives.

Having to find money for a repair bill or medical emergency that you weren’t planning for, can soon blow a big hole in your finances, leading to some tension between you as you argue over what to do.

One of the best things to do when you start your married life together, is to set up an emergency fund that you put some money away into each month.

It doesn’t have to be a large amount of money, but if the months pass without any financial emergencies, you can soon accumulate a tidy sum, that you can use to sort out an unexpected bill with, without any unnecessary dramas.

Create a monthly budget

It is always a good idea to work to a budget each month, so that you manage to spend within your means.

As a couple, sit down together and make a list of all of your monthly household expenses. Work out what both of you owe and what you have to pay each month, individually and collectively.

This will give you an accurate monthly total of all of your expenses. Compare this to how much money you both have coming in each month, and you will be able to see where savings might need to be made or where you might be able to put some money away for a special trip or trip that you have both talked about.

It may not always be easy to adjust to sharing your financial information with someone else, but seeing as you have just agreed to spend the rest of your lives together, it seems perfectly reasonable that married life should also mean a shared financial relationship.

Nicholas Krauspe is the Head of Operations at MoneyBoat.co.uk, a London based alternative finance company providing unsecured consumer credit to residents of the UK. Nicholas has over 10 years of operations and management experience in the consumer finance sector.