Getting married is an exciting time – there’s romance in the air, and plenty of dreams of a happily ever after. But though no one wants to think about it, newlyweds need to think about more than just love – they need to think about money.

Looking out for each other’s financial well-being is an important part of being a good spouse, but it can be hard to know where to start. We’ve compiled some financial tips to help newlyweds maintain financial harmony and security in their marriage.

Create a Financial Plan

Creating a financial plan is essential for married couples. An effective plan should include setting saving and spending budgets as well as goals. Taking the time to discuss what is important to each partner, assigning financial responsibilities and tracking spending habits are all important steps couples should undertake in building their financial plan.

Maintain Financial Transparency

It’s important for couples to be honest and open with each other when it comes to finances. This includes everything from income and savings to investments and debt. This transparency will help couples create a trusting relationship when it comes to finances, as well as allow for more efficient budgeting.

Set Financial Goals

Setting long-term and short-term financial goals can help married couples shape how they spend and save money. Seeing real goals on paper can help spur couples to save more and make better financial decisions. A few financial goals to consider could be planning for a vacation, saving for a down payment on a house, or putting money aside for retirement.

Protect Your Finances with Insurance

Having the right kind of insurance is a critical step in the marriage process. Life insurance policies and disability income insurance can help protect a spouse’s wellbeing and finances, while health insurance can help pay for medical expenses. Married couples should research and purchase the kind of insurance coverage that suits them the best.

Planning and managing finances may not be the most glamorous topic, however, by preparing for the future and having open conversations about money, newlyweds can ensure mutual safeguards are in place. By operating a budget with shared responsibilities and adhering to financial goals, the newlyweds can achieve a lifetime of financial stability.