Family Home Life

Financial planning for newlyweds

August 23, 2016

Marriage can be a wonderful experience, especially for newlyweds. Their ideals and expectations may slightly differ but this is the part which makes the steps in marriage worthwhile. The best chance of success in a marriage is when the two can agree on the fundamental things. This would entail their religious beliefs, their stance on children, dealing with in-laws and money matters. If the two can’t agree on the most basic aspects, especially concerning money matters, they might find themselves in a pickle. It’s essential for newlyweds to work together toward a common goal, whether it’s for saving up for a secure family car or investing in affordable medical insurance.

 

Save money on food

If you and your partner are both professionals and hardly have time to cook meals together, set up a chart that will allow you to schedule cooking times. Buying take-away food can be costly. If you make a little effort to buy the ingredients before hand and research methods to cook meals quickly you can save yourself a couple of rands in the process. Only buy what you know you’ll consume. Don’t waste money on items which will find a home in your pantry for more than three months.

 

Have regular talks about your finances

Sit together on a regular basis to talk about your finances. Even if your partner may take the lead in managing the finances, it’s essential for both parties to be involved in the planning. List your income, assets, debts, credit cards and loans which you’ll each bring into the marriage. If you decide to cut on cost together then make it your mission to pull through. Discuss how the previous month went and what you can do differently with your upcoming bills, how to reach your financial goals and sorting out your budget.

 

Wisely manage your income

Don’t let your combined income give you the illusion of financial security. A combined income may be a lot of money and it’s during this time that a habit of overspending takes place. Both of you should spend the same amount of money you did before you entered into marriage, or curb your spending habits. Your combined income can be to pay off debt while starting to save for your future together. If there are no children on the cards, you could save to go on a second honeymoon. But most importantly save up for your retirement and an emergency fund as you don’t know what might happen down the line.

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