Marriage is a new beginning in life and you should make finances an important part of it. Money is not everything but relates to most things in life in a really important way. Every newly married couple should have the finances on their mind from the first day itself. Never downplay its value and plan savings well.
Discuss and decide
Both partners being equal should be able to sit down and decide about the monthly/weekly expenses. Depending on your earning and spending pattern you can decide how much you should be saving each month. It’s important as you both will soon plan expanding the family and there can always be contingencies. Let money never be a concern in the household. Always prepare fund for various purposes like kid’s education, your retirement, emergencies, parents, holidays planning etc.
Save first then spend
Some expenses are unavoidable but rest can certainly wait. This means any couple should make sure as much possible they are saving first when salary comes and then plan the expense. This way you will always have something extra. Just is unusual circumstances when you run out of money during the month you can fall back to the contingency savings. This should not be a habit though as you should be running the house adeptly. Know which expenses can be cut back in case it ever is needed and both should be on the same page for this plan.
Know your limits
Every couple should be well aware about the limit of income and expenses as well. This will help curtail unwanted expenses and crunch during month ends. Be smart as a couple and always park your extra income like bonuses or gifts in good sources. Speculative source of investment is lucrative but definitely family people can refrain from using such risky means. Credit card usage should be monitored every month. Some indulgences are necessary but make sure it’s under control.
Save for future of children
Newly married still children are a concern as they will grow up sooner than you imagine. This is why you need to have funds created just for their education and other needs. Any untoward incident is undesirable but should be accounted for in today’s uncertain world. Especially when it is a sole earning household you are better off planning for the financial safety of the family. Along with the kids, your wife and you too are going to need good amount of money in the later years due to growing inflation and requirements. Planning ahead helps to build investment portfolio in such a manner to cover all aspects.
Plan a good retirement fund
Most important thing to do as soon as you get married is to plan a strong retirement fund. This can be done even before you are married but after marriage it’s a must. Early planning will give you chance to earn better returns. The longer the time period you invest for retirement today will provide better rate of return when you do retire. This is why the emphasis is on getting the fund ready soon.
These are our money saving tips for a newly married couple. Feel free to comment on these tips. If you think we have missed a tip or you feel like adding one, let us know through the comments section.