It’s a new life altogether now that you’re married. Everything seems to have taken on a rosy hue and it seems as if nothing can ever go wrong. However, things can take a turn for the worse especially when it comes to money matters unless you’re very careful. This is largely because most couples continue with their own individual way of spending money even after they’re married. This could lead to a “help me get out of debt” situation sooner or later. It’s possible to avoid such a turn of events if you start saving money together.
How should newlyweds save money?
As newlyweds, one of the biggest problems you’ll face is the feeling that there isn’t enough money. However, if you learn have a plant to save money you can avoid a lot of marital headaches. Check out the following 5 money saving tips and avoid the “help me get out of debt” situation.
1. Discuss your expenditure with your spouse: It can get really overwhelming to incorporate your spouse’s finances along with your own all of a sudden. The first thing to do in such a scenario would be to talk it out with him or her. Unless and until both of you have similar goals and aspirations in mind as far as your finances are concerned, it can get really difficult. Moreover, both of you should always keep each other updated about every little thing that you buy or spend on. This leads to a good understanding between both of you.
2. Start planning right away: You’ve got to understand the importance of making plans in advance now that you’re married. It was a different ball game altogether when you were alone. Sit down together and work out where you really need to spend and how much. In this manner, you can easily figure out the areas where you can save some dollars. You’d also be able to avoid unnecessary conflicts this way.
3. Save for an emergency fund: In case you haven’t yet got an emergency fund, then make this your primary focus now that you’re married. This emergency fund would have money, set aside for unexpected happenings like major illnesses, lost job, natural disaster, etc. This fund would provide a strong backup for your married life and protect your relationship from any financial crisis.
4. Be responsible: It’s no longer about living a reckless life. You’ve got to start being responsible towards each other now that you’re married. This means both of you should responsibly pay your bills on time. Take turns to pay the bills. Don’t wait for your spouse to do it each time. Otherwise the payments will may get delayed and can hurt your credit.
5. Bond at home: As newlyweds you’d obviously like to spend as much time as possible with each other. Now that doesn’t necessarily mean that you’ll have to dine out or go out for a movie at every given occasion. You could easily cut down on such outings and spend that time at home instead. You can cook together or catch a movie on your home theater or do some gardening on weekends. In this manner, you’d easily spend quality time with each other plus save quite a bit of money.
These are few ideas to enable you to get started saving. After all it’s better to begin on the right foot, than be caught in a “help me get out of debt” situation. Working together on a stringent budget will definitely enable you to enjoy a stronger relationship.