First Comes Love, Then Comes Marriage--Then Come the Bills : Personal finance: Experts say newlyweds should devise a strategy for spending, saving and investment. It’s not romantic, but it can better ensure marital bliss.

Few topics will cool the romance of starry-eyed newlyweds more than money.

Financial advisers say just after--or in some cases right before--a couple vows their undying love is probably the best time to talk finances, like paying bills, balancing checkbooks or investing for the future.

Otherwise, they could end up saying, “‘Til debt do us part.”

“At this stage in one’s life, there are so many good habits you can develop. You can really start on a good financial footing,” said Jonathan Pond, a Boston-based financial counselor and author of “The New Century Family Money Book.”

Perhaps the best point to begin financial planning is with the wedding gifts--today’s bride and groom will often receive what amounts to a healthy four- or five-figure dowry from family and friends.

If they’re paying for their own reception or honeymoon, then part, if not all, of their loot should be allocated for those expenses.

“The best investment they can make is paying off their credit cards. If you look at the rate of interest versus alternative investments, avoiding a high rate of interest is a better pay-back than almost any investment,” said Kaycee Krysty, a managing partner of the personal finance network at Moss Adams in Seattle. “Only no debt is acceptable.”

With bills under control, the newlyweds should begin building a nest egg to take care of long-range goals like buying a home, children’s college expenses and retirement.

While there’s usually little argument on what goals should be met, deciding how to get there can sometimes cause marital warfare.

“Inevitably in every relationship there is some conflict over money,” said Pond. “One reason for that is spenders marry savers. The relationship would be boring . . . any other way.”

To avoid conflict, both spouses should try to make certain financial decisions ahead of time, such as where to invest.

Terry Hamacher, chief investment officer of Prudential Mutual Funds, says most couples in their 20s and 30s should choose stocks and stock mutual funds since the stock market has consistently headed higher. A balanced or conservative fund will yield far more than any savings account, she noted.

She and other experts also recommend that couples make maximum contributions in any employer-sponsored 401(k) savings plans as a means of investment for retirement.

Planning a household budget is also crucial.

“You would think that merging two households into one would result in some savings, but it often doesn’t happen,” said Pond. “Of course there’s a tendency to want to create a nice household. What used to suffice for furniture may no longer. They may use their combined incomes to go out and buy a new car or something foolish.”

The couple will need to decide who handles the daily financial chores, like paying the rent or making the insurance payments.

“One person needs to be the financial VP of the household,” Krysty said. “However, they should never pay bills in a vacuum. They should try to talk once a month to review what bills are being paid.”

One question that always seems to come up among newlyweds is whether they should maintain joint or separate checking and savings accounts.

Most financial advisers answer yes to all of the above.

“I always recommend one joint account for paying joint bills,” Krysty said. “But each person needs some amount of privacy with their money. It could be in the form of an allowance system or small checking account. It saves a lot of fighting about small stuff.”

Insurance is another important issue to be addressed. Couples may consider having both spouses covered under one health-care policy to save money. At the same time, they will probably need to take out additional life insurance coverage to handle their new, and in many cases, growing household.

Estate planning, which includes writing a will or creating a trust, is also important. Many financial advisers recommend that older couples, especially those who had been married before, have a pre- or post-nuptial agreement, which would spell out the distribution of a couple’s assets and allow both spouses to keep separate whatever they accumulated before their current marriage.

“Before my husband and I got married, we sat down with an accountant and went over a lot of these issues,” said Prudential’s Hamacher. “For many people, if they don’t come up with a financial plan ahead of time, they may never get started.

“Who wants to do that on their honeymoon?”