A healthy marriage requires a willingness to share your heart, your home, and your hard-earned cash. However, it has been said that money can be one of the greatest relationship challenges. As a newlywed couple, you can avoid these problems and keep your marriage on the right track by following these tips.

Get on the same page financially

Talking about your finances may not be the most romantic topic of conversation, but it is an important one to have. Get a clear idea of your financial situation. Then decide how you are going to organize your money management and finances. You should also be clear on how you would like future money to be handled and come to an agreement on what will work for both of you.

Determine your goals

Once you come up with your baseline financial status, discuss the long-term financial goals that you might have, such as a plan for your next car, starting a family, or buying a home. Of course, you’ll want to plan for retirement. Write down your goals and review them regularly. By doing so, you will have a better chance of success.

Set up joint bank accounts

The plus side of joint accounts creates financial transparency, simplifies finances, and develops trust in your marriage. However, this can create red flags in your relationship if you or your spouse does not have good spending habits. One solution is to create a personal savings account for both parties. This allows you and your SOS to still have those ‘treat yo self’ days with zero regrets on blowing money from your joint checking account.

Emergency fund

Unexpected events like a car breaking down, job loss, or health emergencies happen all the time and if you aren’t prepared it can drain your finances. Make saving for an emergency fund one of your top priorities. Aim for saving at least six months of your household expenses for emergencies. It should be a priority because an emergency fund can bring financial security and help protect your relationship if a disaster or mishap arises.

Stay on budget

An effective way of sticking to your budget is to make a Google spreadsheet of all your bills, spending habits, and savings for the month. Set small goals and move any extra cash to your savings. Staying on a budget can be difficult but very rewarding in the end. Remember, communication is key!

Get out of debt

Being in debt can be damaging even for a single person, but it becomes a double threat when two people have to pay it off. Set a goal with your spouse and plan out how long it will take to pay certain debts off. Creating a plan allows you plan out large purchases around your debt so you never get a surprise expense.

Financial hardship is one of the most common issues for newlyweds. Try the steps above and create a financial plan for you and your spouse that will help you stay debt free, create savings, and life happily ever after.