Congratulations, and welcome to married life! As you start your journey together as a couple, it’s important to make sure you are both on the same page when it comes to money. With clear and transparent communication, consistent planning, and budgeting tools at hand, you can successfully manage your finances and set your marriage up for success.
Below, Mark Anthony Entertainment has compiled some of our favorite advice to help you get started on your path to great money management.
Create a Joint Checking Account
The first step is to set up a joint bank account. This will make it easier for both of you to access funds when needed and keep track of expenses more efficiently. Make sure to shop around for the best interest rates and fees before opening an account.
Have a Budget
Creating a budget is essential when managing your finances as newlyweds. Sit down together and decide what expenses are necessary, such as rent or mortgage payments, utilities, food, etc., and which ones are not so necessary, like dining out. Once you determine what needs to be paid each month, create a budget you can both stick to.
Mind Your Spending
After you get married, it can be easy to get carried away with spending money on activities you enjoy. To avoid overspending and regretting it later, make sure to track all purchases made using cash or credit cards, so you have a better understanding of where your money goes each month. By doing this, you do not waste money unnecessarily.
Eliminate Debt
Paying off debt is an important part of managing finances in married life. Doing it sooner rather than later can free up more money each month and help build credit scores if done properly. This can be helpful in setting both partners up for success as newlyweds and in the long term.
Save for Retirement
Retirement planning is an important part of life. It’s never too early to start investing in retirement accounts, such as 401Ks or IRAs, to ensure future financial stability. Even small investments today can make a big difference in the long run, so take the time to determine which type of retirement account fits your needs.
Boost Your Earning Power
For many working professionals, the idea of going back to school for another degree can seem like an expensive and intimidating prospect. However, the potential benefits of returning to higher education shouldn’t be underestimated. Not only can you deepen your knowledge and technical skills, but there is a significant chance that it will increase your earning power. Check this out to easily advance your education on your own timeline, which makes it easier to manage along with your personal and work obligations.
Save to Buy a House
Maintaining a good credit score is essential when considering taking out any form of loan or credit. Checking it regularly and making sure that your credit score is up to date ensures that you have a higher chance of being approved. Establishing a joint savings account specifically for purchasing property will guarantee you have the necessary funds on hand when you’re ready to buy your dream home.
Managing finances as newlyweds can be overwhelming at first, but with the right tools and tips, it’s possible to gain control of your finances. Going back to school can open many new doors career-wise, and if you start to save money now, it can help you have enough funds available when you’re ready to purchase a home in the future and more.
About The Author
Erin Reynolds is the creator of DIYMama.net, which provides resources to help others with home improvement projects and repairs. Keep an eye out for the DIY or Not Calculator, which will help you determine whether or not to take on a project yourself!
