More than ever, you and your spouse need to be on the same page when it comes to money.

Getting married generates no shortage of opportunities to have important conversations with your spouse-to-be.

Will you raise your kids with a particular religion, will you both register with the same political party and how will you arrange reception seating to ensure your new mother-in-law is content with who is at her table and where she will sit?

Maybe you can postpone or even dodge altogether some of those talks, but at least one potentially challenging conversation can actually help ensure your marital bliss down the road – the talk about finances. Numerous polls and studies have shown that money is one of the top reasons couples fight, that it generates more stress in a marriage than almost any topic other than children and is a deciding factor in a large percentage of breakups.

Making sure you’re both on the same financial page before the wedding can help ensure that post “I do” money talks will be less divisive and stressful. And, the good news is that establishing a sound financial footing for the future is not nearly as complicated as you might fear.

Here are some of the money basics you should start with:

Start with a budget

If you’ve lived alone as a single for a while, you may already have your own budget, but now you are balancing income and expenses for two people. If you combine your income and expenses, you’ll need to combine your budgets too.

Write down everything each of you spends every month, taking into account housing, food, utilities, transportation, student loans, credit card balances, car payments, taxes and nonessential spending. Next, consider what your financial goals are – do you want to save for a down payment on a house? Are you content to rent and instead focus on paying down revolving debt? Once you determine what your shared goals are, you can adjust your budget accordingly, reducing spending on nonessential items and focusing on spending that moves you toward your overall financial goal.

Establish an emergency fund

One reason so many families and couples suffered greatly in this recession was because they had little or no emergency funds set aside. An emergency fund helps ensure that you and your partner are secure should something happen, like one of you loses a job or experiences a serious health issue. Agree on how much you want to save for “a rainy day;” experts advise you should save 5 to 10 percent of your income in a joint savings account.

Pay yourself first by having cash for your emergency fund directly withdrawn from your paycheck or checking account and deposited in your savings account. Aim to accrue three to six months of living expenses in your emergency fund.

Check your Credit Score

Make sure you both have a current copy of your credit report and have verified it for accuracy. Now that you are married you can leverage each others credit score to borrow at lower rates depending on who has the lower score. Get your free credit report here, and learn how to maintain good credit reading our free credit guide “Your Credit Sucks”.

Life insurance is crucial

If you’re young, single, in good health and debt-free, you may not need life insurance. For virtually everyone else, and especially newlyweds who have taken on new responsibilities and often new debt, life insurance is a must, experts agree. Life insurance can give you peace of mind that your loved ones will have sufficient money to take care of themselves should anything happen to you – and it’s affordable.

Make a plan – together

Write down your mutual financial goals. Your plan should be specific and realistic, listing the actual steps you will take to achieve your goals, including buying a home, starting a family, taking vacations and saving for retirement. Decide what additional investments you’ll make apart from your regular savings, such as maximizing your 401(k) or IRA contributions.

Be sure to include tracking your expense and income, as well as your tax burden, in your overall plan. Decide what tax filing status will be best for you, and consult a tax advisor if you’re not sure.

Reduce debt

Credit card debt is the top obstacle to a secure financial future and a major stressor in a marriage. Knowing your credit scores is essential; check them annually with all three major credit bureaus. Scrutinize your reports and correct any errors that could affect your ability to get a loan at a desirable interest rate in the future.

Money talk doesn’t have to be difficult. With a little strategy and the right attitude, you can build the financial security you need to secure a successful, happy life together.

– Article courtesy of ARAcontent