Marriage introduces you to a new phase of life that calls for a lot of lifestyle changes and financial discipline. Newlyweds don't always get the memo. Most are unable to resist the bait of impulse buying, conspicuous consumption, and other forms of reckless spending, and end plunging themselves in impoverishment months into their marriage.

While it's advisable to have a financial blueprint of your marriage life long before walking down the aisle, it's never too late to organize yourself even as husband and wife. Read on for a few basic financial tips for newly married couples:

1. Know what you want.

Knowing how much you have, how much you'll be making, what you need, and what you can afford is a good place to start when making any financial plans. Sit down with your other half and set common goals. Start by covering the basic stuff and see what you remain with. If it's an annual vacation you'd like to take or a dream home you'd want to buy, ensure it's affordable, or at least, your plan execution is systematic and spread out across an ample timespan. If you're going to be contributing to a charitable cause or making any kind of regular donations, decide how much you're willing to part with and in what intervals. Also, check their preferred payment systems and sign up if you haven't already. Some non-profits such as Pomegranate Foundation have made donating easy as you can go about the whole process without having to click out of their website.

Next, create a strict savings plan and abide by it. For retirement savings, you shouldn't dedicate more than 15% of your income to such a long-term goal. Always leave room for the unforeseen expenses, unless, of course, you've dedicated a fixed portion of your income to it.

2. Minimize taxes.

We give up insane amounts of money to revenue authorities every month, and it's wise that you review your investment habits and tax withholding to keep taxes to a minimum.

A change in marital status comes with the requirement to fill out a new W-4, Employee's Withholding Allowance Certificate, showing your current status and all your W-2 withholding allowances. This information will be used in determining the amount of money to be deducted from your income as taxes.

Accounts such as health savings accounts, workplace savings plans, and IRAs are considered tax-advantaged and can help with the planning of your life goals. Since contributions to tax-deferred accounts are made using pre-tax dollars, using them offers you the opportunity to lower your income tax significantly. If either of you is subscribed to a 403 (b) plan, 401 (k) plan, or any other workplace savings plan, the tax deferral that you receive from the IRA will be determined by the amount of money you contribute to the plans.

3, Pay off any existing debts.

Before saying yes to his or her marriage proposal, it's important to let them in on your current financial obligations, including ongoing projects and outstanding debts. Make them understand that you'd like to clear the debts first before laying out and executing any joint financial plans, especially ones that are about or include taking out loans.

Clearing existing loans makes it extremely easy for you to buy a car or a home, or make any other big purchase without straining yourself. Additionally, clearing your debts will likely make you eligible for higher car or home loan amounts.

4. Agree on how you're going to contribute.

Conversations about money may feel awkward for newlyweds, but they are vital if you want to curb fights and even more awkward conversations in the future. It would be damaging for either of you to grow into a financial role you're not comfortable about or feel abused in. If each one knows their responsibility and the amount they are expected to contribute for specific purposes, there's a minimal chance you'll get in fights over cash-related misunderstandings.

Your contributions to household expenditure don't necessarily have to be equal. Ideally, they should be directly proportional to your earnings and any outstanding debt you may have.

The best way to achieve equitability is to use percentages instead of actual figures when determining contribution. For example, you can assign 10% of each of your monthly earnings toward the purchase of groceries and payment of rent, so if you make $5000 per month and your spouse earns $4500, your contributions will be $500 and $450 respectively.

5. Build an emergency fund.

Investing in profit-making projects and paying off your debts should be at the top of your priority list, but don't forget to set some money aside for an unforeseeable crisis. Emergencies hit at the worst times, and lack of an emergency fund may prompt you to compromise your other funds and projects to pull yourself out of a crisis.

Getting married means agreeing to take care of two people. This translates to an increased risk of emergencies that you need to buckle up for. Either one of you could become sick, get involved in an accident, or even lose their job, and these events could awfully disrupt your financial lives. Unless you had them in your plans, there's a chance the impact will span across all your other projects.

Emergency funds are similar to regular insurance covers, only less demanding and less limiting.

Conclusion

As a couple, you should have clear financial goals and a plan on how you're going to achieve them. While coming up with the ideas and putting them down on paper may feel like child's play, implementing them is for the most financially-disciplined ones.

Getting on with your plans as early as possible in your marriage is one of the best ways to shun recklessness and impulse buying. The more you grow comfortable making bad decisions, the harder it becomes giving up the habits. Be sure to make all your plans as soon as you settle down and ensure you're in agreement about everything before moving on to the implementation phase. It's also advisable to seek advice from a financial advisor.