Dave Ramsey is a financial counselor and bestselling author who offers advice to millions of listeners each week on his nationally syndicated radio program, “The Dave Ramsey Show.” Drawing on his own experience making mistakes with money early in his married life, Dave has become an expert in steering couples around the financial speed bumps newlyweds inevitably encounter. As Dave and his wife went from riches to rags and back to riches, they learned firsthand the effective money management tools that have brought them to their current level of marital and financial harmony. Here are Dave’s tips for starting your married life on sound financial footing:

Keep your wedding debt-free
It’s easy to overspend on your big day. After all, it’s a special event that you’ll want to remember for years to come. If you get carried away, though, you may find that the extra money you spend on the posh reception hall or the custom table settings isn’t worth the stress of digging out from the pile of bills you’ll have when the party’s over. The average wedding today costs upwards of $25,000, making it one of the largest expenses you’ll encounter as a couple. Keep your spending within your means, and enjoy the peace of mind that comes from having some extra money in the bank.

Establish a budget
Most people associate budgeting with restriction, but Dave insists that couples who budget regularly experience a sense of freedom because they can see clearly where their money goes. “A budget is telling your money what to do,” he says. “Write down what you have today. Income and expenses. From then on, spend all your income on paper with purpose before the month begins. 

Do your household budget on purpose, all on paper, and all with your spouse. Then you’ll have a game plan.” Dave suggests setting up two separate budgets initially: one for the wedding and one for your life after the wedding. You don’t have to wait for the perfect month. Start from where you are.

Answer the three magic questions
You and your fiancé must know the answers to three basic questions as you set up your budget:

• 1. What is our monthly income?


• 2. How much do we spend each month on food, rent, entertainment and other basic expenses?


• 3. Do we have money saved or invested, and how much?
  Knowing the answers to these questions is key to setting up a spending plan that works. After figuring out the basics, you’ll want to factor in retirement plans and insurance.

Honor your differences
Men and women view money differently. Women tend to see money as a security issue, while men are more likely to use money as a personal scorecard and a way to boost self-esteem. Men also tend to take more risks with money and are less likely to save for emergencies. Understanding that your spouse’s vantage point is different from yours will make communicating about money easier as you set financial goals together.

Talk it over
Couples fight about money more than anything else, so now is the time to get in the habit of keeping the lines of communication open. Be completely honest with your future spouse about what kind of financial commitments you have, and never keep secrets.

Embrace your inner nerd
Opposites attract, and Dave notes that often one partner will be good with numbers (nerds) and one will be allergic to them (free spirits). The truth is, nerds and free spirits need each other. Both have valuable insights to bring to the table. Nerds should prepare the budget because it comes naturally to them, and then listen to the free spirit’s input and accept the changes. Free spirits must participate in the budget planning process and not be shy about making suggestions. Likewise, one partner often will tend to be the spender (this person is not always the free spirit, by the way) and one the saver. Savers need spenders so they can live a little, and spenders need savers so that they’re able to retire comfortably.

Keep your money together
Marriage is a partnership, so resist any temptations you may have to separate your finances. It’s vitally important that both partners be involved in all decisions involving money. As you draw up a financial plan, give feedback, criticism and encouragement. Dave cautions: “Nerds, don’t keep the finances all to yourself. Free spirits, don’t just say, ‘Yeah, that looks great, honey.’”

If you’re in debt, get out
Dave recommends getting rid of all your debt except for your mortgage. He is passionate about getting rid of debt because he sees lots of clients make “huge strides toward being millionaires” after getting rid of their payments.

Have a nest egg
Life’s little emergencies happen to all of us. If you put a little cash aside, those occasional unexpected expenses won’t feel so much like emergencies. Dave recommends a minimum of $1,000. Be sure to keep it where it’s immediately available, not locked up in a CD or other investment where you’ll be penalized for early withdrawal.

Agree on spending
“Money flows to what is important,” Dave says. “What you do with money writes your autobiography.” When you and your spouse agree on spending habits, you’ll naturally agree on common goals and priorities, too. It may take time to come to an agreement when you have differences, but the time spent is well worth the rewards. Dave adds: “I’m not talking about agreement brought on by surrender, but rather by each person getting a vote, understanding the other’s view and finding common ground. Then there will be nothing left to fight about except who gets the remote!”