The Newlyweds Guide to Financial Planning
Once the honeymoon phase is over and reality sets in, you and your new spouse have a lot of areas to get in order, one of which is your finances. 
Your financial plan should certainly begin as soon as your budget permits. This means acquiring life insurance for both spouses. (Hopefully you already have health insurance, usually in a group plan with your employer.) It is important to protect both husband and wife.
Most families do not realize the financial contribution of a working wife or the high cost of replacing a wife’s housekeeping and child care responsibilities. Keep in mind that the younger you are, the less insurance premiums will cost. But, of course, don’t buy more than your budget permits. Your insurance agent will be happy to help you choose a plan appropriate to your needs.
Along with your efforts to budget daily expenses and save a nest egg for the future (such as future trips or planning for your child’s college fund), you may be encouraged to establish and use credit to help purchase the goods and services a young household needs. Or, you may already have credit in the form of an auto loan, department store or gas company credit card. Never underestimate the power of your credit. It can help you establish a financial identity which is important if you wish to make large purchases in the future. Everyone relies on credit for buying a house and car as well as to cover cash emergencies. With credit you can stretch payments on furniture or appliances or even finance sudden, expensive auto repairs. Used this way, credit can be a financial lifesaver.
Likewise, credit is also easily abused. Charging $10 here, $35 there and $20 somewhere else is not necessarily extravagant, but when it becomes a habit combined with other credit expenses like monthly furniture and appliance payments trouble is sure to follow. Mounting credit payments and their high finance costs can quickly destroy your financial plan. Furthermore, surmounting debt is a source of much confusion in many relationships.
Whenever you use credit, keep in mind that you will have to pay for the goods or services purchased. A special note to brides of any age: if you already have credit, keep it in your own name. If you don’t have credit on your own, establish some now. Protect your credit by using it wisely. Despite protective legislation, many women fail to establish their financial identity.
