You have married the sweetheart of your life and hopefully had a wonderful honeymoon. After all these celebrations the time comes when you both have to settle down in your day to day life and also manage your finances efficiently.



Here is some advice which would lay the solid foundation of your married life:



Differentiate between good and bad debt



Good debt refers to the equity built through home ownership with a five to six percent interest rate on home loan whereas bad debt results from abusing credit cards which could carry interest rates between eighteen to twenty five percent.



Open communication regarding expectations and habits



There should be open communication regarding credit card and student loan debt. One should decide as to whether you would like to own a house earlier or would like to go on vacations each year. There are a number of things which could be discussed.



Planning for children



The birth of a baby is an auspicious time to think about saving for his/her education but till then the couple should maximize their retirement savings.



Don’t fail at budgeting



One should budget not only for bigger items such as car or a house but also for education of the child and emergencies. One should keep track of the expenses and compare them with the budget.



I hope these small tips make your married life blissful.