Today’s newlyweds face many financial obstacles and challenges. Dealing with the stress these challenges cause can be difficult. Here are ways to make the conversations and decisions easier.

Keep the lines of communication open
Be honest with each other about your financial histories and current accounts. Discuss credit card balances, current car payments, and outstanding student loans. Knowing these can help you set realistic savings and spending goals. These choices will pave the way for future financial decisions you make together, such as purchasing a home, budgeting for retirement, and funding your child’s education.

Use technology to help your planning
Automatic payment methods for credit card and utility bills are easy to set up and simplify bill-paying—and they can help you avoid late fees. Some lenders may reduce your interest rate if you establish an automatic payment plan. Continue to monitor paper bills to ensure you don’t pay less than the minimum if you carry balances from month to month. Get paychecks deposited directly into your checking account. This not only saves time, it helps you foster better savings habits. Arrange for an automatic transfer of funds into a savings account. Putting money aside consistently is an efficient and practical way to build a nest egg.

Decide on joint or separate accounts
Joint accounts can put the burden on one partner to be in charge of managing the money, leaving the other partner unaware of balances; however, some couples find it easier to keep track of just one account versus several. Consider having one joint checking account for household expenses, vacations, and joint bills; and a personal checking account for each partner’s discretionary use.

Set priorities and goals
Whether you keep your accounts separate or joint, it is imperative to talk to each other about your goals. Create a budget you can both live with and adjust your spending accordingly. Together, you can work toward goals and avoid the financial pitfalls that plague many married couples.