Marriage brings couples together in a myriad of ways. As the old saying goes, “The two become one.” Nowhere can that truth be more difficult yet more rewarding than in the area of finances. However, by combining your assets, you can boost your investment power, bringing dreams to pass that you could never have accomplished on your own. As a couple starts their new life together, they should follow solid financial advice as they prepare for the following areas in their finances:

A New Home

Decades ago, couples married young and then bought a home together after they had built up savings. However, that model no longer applies as many individuals delay marriage, sometimes into their late 30s or early 40s. This means that depending on your age and financial situation when you married, one or both of you might enter the relationship with a home. If this applies to you, you will need to make wise investment choices: keep one or both homes, sell one or both homes, or buy a new home. Discuss these matters before you tie the knot, possibly with a real estate professional, so that you don’t run into conflicts about where you will live down the road. Address issues like the minimum and maximum amount of house payment you can together afford, the length of your mortgage, and if you want to pay off your loan early.

Multiple Car Payments

You likely each brought a vehicle into your marriage. Again, you will need to decide if you will keep those vehicles, sell them or trade them in. Decisions about leasing or purchasing a car depending on your finances and business situation. In some cases, you might lease your car under your business name, keeping monthly expenses at a minimum. Remember to include costs for car insurance, gas and regular maintenance. Keep in mind that vehicles depreciate, and as such, are technically not an investment.

Retirement Fund and 401(k) Plans

With so many pressing financial needs, you might be tempted to push your retirement fund to the back burner until you feel like you can better afford it. However, the simple math shows that investing when you are young pays off in a huge way because of the principle of compound interest. For example, if you invest just $100 monthly between the ages of 25 and 35, you can place the total into a retirement account and earn nearly $92,000 by age 65, assuming a 6 percent annual return. However, if you try the same thing from age 35 to age 45, you will accrue just over $51,000. If you invest as much as possible while you are young, the rewards will pay off in a big way.

Annual Vacations

While you want to plan for an annual vacation, you will need to strike a balance between being minimalistic and extravagant. Stick to a budget, possibly checking out travel sites that can get you where you want to go via reduced airfare, rental cars, hotels and entertainment.

Future Children

After the fact, nearly all parents agree – financially, it’s never a good time to have children. Even so, setting aside some money can help cushion the financial shock of adding a child into your household. Again, use the principle of compound interest to save for college.

Insurance Plans

Now that mandatory medical insurance is a reality, take the time to investigate the plan that’s best for you, especially if you are self-employed or if your employer does not offer coverage. Watch out for individual and family sized deductibles that must be met each year. Waiting periods are another pitfall of some insurance plans. Which job provides the best medical insurance coverage? Do either of your plans provide dental care? Is it beneficial to pay more on one partner’s work provided insurance than the other for better coverage? There are many things to consider as you begin sharing medical responsibilities.

When you get stuck, ask for advice. Parents, siblings, friends, and even strangers are always eager to offer their bits of wisdom after having been married themselves at some point. Figuring out what has worked for other couples and what has been a disaster is a great way for you to get a handle on this newlywed thing.

About the author: Jackson Cooper is a writer and real estate enthusiast, involved in the outreach team at Jensen and Company. Look to Jensen and Company, true leaders in the Park City real estate industry for your dream home. Follow them on Twitter Or Facebook. Check out the incredible high life homes for sale in Park City today!