5 Financial Tips For Newlyweds

Everyone should have a 'hope for the best, prepare for the worst'. An emergency fund is used to prepare for the unexpected. Perhaps the car blew an expensive tire, and it suddenly needs four new ones. Perhaps someone is ill, and the family must travel to another state unexpectedly to make one final visit before their family member passes. Perhaps the roof is leaking and needs repair. Things happen all the time with little to no warning, and it’s imperative families have the money to handle these situations. The best way to start an emergency fund is to place one thousand dollars into an account and never let it go below this amount. That said, it’s better if families continue to add to the account, so it then contains three months of living expenses, followed by six months of living expenses. Ideally, this account should always contain at least a year of living expenses if the worst should happen.

Continue reading to learn about the debate between joint and individual bank accounts.