Money Management Tips For Just Married Couples
After stumbling upon the Cashlady blog recently, which covers a variety of money saving and financial management topics, I was inspired to write about money management tips specifically for newlyweds.
With the average US wedding now costing over $30,000, making sure that you manage your money after the big day has become even more important.
Whether you’re struggling to make ends meet or just want some hints on how to manage your money as a married couple, I’ll give you some tips to help you take control of your post-wedding finances.
It’s time for an open discussion about money
Talking about money and bills is not very sexy. In fact, it’s the complete opposite. Unfortunately, talking with your new spouse about everything from your wages to your savings (or how much you would ideally like to save), to your spending habits and any debts, is an essential part of ensuring that you can work together, as a team, towards agreed, common goals. After all, arguments about money are not sexy, either.
Draw up a budget
Setting up a budget and agreeing to follow it, can not only help to ensure that you don’t go into debt, but also enable you to work towards your savings goals.
Budgeting is all about making sure that there isn’t more money going out, than there is coming in. After working out how much money you have coming in each month, take away your essential costs, such your mortgage/rent, bills and anything else that has to be paid. Anything that is left, is known as disposable income. You could choose to spend this on treats like date nights or you could put some/all of it into savings.
Talk about the practicalities
Being married offers many financial advantages because rent/mortgage and household bills can be split between two people.
How you go about this is entirely up to you as a couple. You could open up a joint account and each put a set amount into this every month to cover the cost of your rent/mortgage and bills. You could use credit cards to pay for food shops/nights out etc. and then split this down the middle at the end of the month (make sure you pay it off in full to avoid fees and interest).
However you choose to go about it, just make sure that you know how it’s all going to work, in order to avoid unnecessary arguments further down the line.
What are your priorities for the future?
Do you want to buy a house? Have a child? Go travelling around the world? Whatever your goals, managing your money well can help you to get to where you both want to be in life.
As with all areas of marriage, communication is key. Discuss what you each want and agree how you are going to get there. This has to be one of the secrets of a long, happy marriage.