Are you going to marry? If yes, you should have backed a good amount of savings tom address needs of your new life in the new home. Not everybody will have such strategic planning about their finances before getting married. If you fall under the same group these tips may help you to manage your finances effectively during the early days of your marriage.
Discuss with the partner
This is one of the most important thing that you should discuss with your partner to avoid any conflicts in the future. In fact this is one of the major reason for the divorce among many. In many families both the partners are working to make their life comfortable. Initiate the discussion with the total amount of money that you both can generate at the end of the month. If you have any pending debts before marriage, try allocating some amount from your total income rather than fighting on who brought what on the table. Set you long term expenses like buying a car, buying a house, retirement investments. Be as specific c as possible about the dates and the amount and plan your short term goals accordingly.
The newly married couple wish to spend major portion of their money in outing. If you ignore your short term goals in the wake of enjoyment, you will be at big trouble. You can rather cut down few of your expenses by monitoring them. Preserve the consumption of energy. Spend the time together at one place in the home rather than sitting in the different places. As you wanted to concentrate on the enjoyment during the early days of your marriage, go off brand on the clothes you purchase. Check if you are making effective use of magazines and gym subscriptions; cancel them if you don’t need. Spend some precious time together by planting a garden to grow veggies and fruits. Restrict your shopping to necessities.
Share your financial talents
One of the partners may be good at controlling house hold budget while the other may be good at planning future investments. Share your financial talents with each other to gain more. You both may have unique approach in controlling the expenses and boosting the income without compromising the enjoyment in the life. Learning from each other will be an effective way to reach your financial goal faster.
Divide the future plans
You may have many plans for your future. When you both are working to make the life comfortable, divide the goals between you. One will be saving the amount to buy a car while controlling the household budget. The other will be planning for good investment plans both short term and long ter to buy a home in future.
Credit card bills
This is one of the key factors for financial disaster in the life of newly married couple. As they tend to buy many things to impress each other, the credit card bill at the end of the day will mount up. Prefer to use one credit card for the family rather than using multiple cards.