Hey, newlyweds — time to talk about money

"For most of us, it took years to develop bad financial habits, and it will take at least the same amount of time to create the good habits we want," Garrett says. "People spend more time planning their annual vacation than discussing their personal finances. That's not healthy, especially for newlyweds."

It's never too early to start planning for retirement and the children's education. Garrett urges newlyweds to begin equal contributions to separate Roth IRAs as soon as possible. (See: "The Too Good To Be True Tax Break" and "Seven Deadly Sins Of Retirement Planning.") If there's money left over, consider setting up a 529 Plan for your children's college education. (See: "Saving For Retirement vs. The Kid's College.")

Be careful with credit. Banks, department stores and gasoline companies are likely to send you "preapproved" applications. If you haven't already established credit, select one major bank card and one oil company credit card (a good way to get started and build a credit rating). Cut up the rest. You don't need more than two major credit cards, and a wallet stuffed with plastic may tempt overspending.

Pay the balance due in full each month. Remember: A credit card is short-term debt — not free money — and the interest rate can punch a hole in your budget. (See: "Establishing Credit," "Using Credit Wisely" and "Deciphering A Credit Report.")

For other long-range goals, Garrett suggests that both partners should note things they'd like to do in life and then exchange the list. This can help define future financing.

Anna Bengel, 27, and her future husband, Joshua Green, 33, both of New York, plan to marry Nov. 4. She's a freelance writer and assistant Web editor at a theater trade publication, and he's managing editor at an educational software company and a published poet who teaches in the undergraduate creative writing program at Columbia University.

MARRIAGE AND MONEY Financial tips for newlyweds Live within your means Save, save, save Set goals Draft a monthly budget Adequate insurance Write a will Diversify your holdings Source: Forbes.com

"We've spent more time talking about our wedding than our finances," Bengel says. "And we haven't done anything about our finances."

They've discussed a joint checking account, but are now considering the use of a joint credit card to help track household expenses and provide the data needed to draft a budget. So far, the couple hasn't filed a credit-card application.

"I think we've fallen into a common trap," she says. "It's more fun to call the caterer and discuss the food than go to a bank and talk about a joint credit card. The wedding is an event, and you want it to be wonderful because it's romantic. Calling the bank just gets pushed into next week."

There's a ton of information about starting a household available to newlyweds from LendingTree, a division of IAC/InterActive, and major banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo.

When in doubt, talk to your future spouse and ask questions.

"I think people are reluctant to talk about money because there's always a scorecard--a bank statement, a credit report, a pay stub--and if you screw up, it's right there," Garrett says. "But with sex, it's easy to be Don Juan or Donna Juanita. I think the record of past transgressions in black and white is why money is our last taboo."

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