The Wedding Season is almost here and if you are one of the brides and grooms-to-be, I’m pretty sure you’re already feeling the pressure from all the preparations, roller coaster of emotions and of course… financial stress. But you know what? Those financial and emotional stresses don’t end once the wedding is over. It’s only the beginning, my dears.
In today’s blog post, let’s talk about the financial side of marriage. You see, money is one of the most common reasons for divorce that’s why it’s very important to take this matter seriously to prevent potential financial problems that can ruin your marriage.
So read up, couples. Here are 4 helpful Financial Tips for the newlyweds.
1. Communicate openly.
The problem with some couples is they never talk about money. Not sure what the reason is but talking about your finances before and during marriag is critical. As we all know, communication is a pillar in a successful relationship, and that includes communicating openly about your finances. Discuss any financial issue, both of your financial goals and even open up about each other’s money histories (if you still haven’t talked about that before you got engaged). Through regular communication, you’ll learn about each other’s’ spending habits and personalities towards money. This way, you’ll be able to manage your finances (budgeting, saving, investing, etc.) better.
2. Manage your finances as a couple.
There’s always one of you who’s better with money than the other but that doesn’t mean that only one should be responsible for all the finances. Chances are, one may eventually feel all the burden while the other may feel out of the loop. Both of you should be aware of the ins and outs of your income so you can spend and save accordingly.
3. Live within your means.
If you think that double income means an opportunity to spend more, then you are wrong. Remember that you are building a family so you need to live within your means, be wise on your purchases and save for the future – pregnancy, a home, retirement, etc. It may seem pretty far, especially for young couples but it’s never too early to start saving.
4. Have an emergency fund.
Lastly, you need to save up for unforeseen circumstances, even if you’re still young, healthy and carefree. It’s always these stressful situations that test your relationship and having an emergency fund is very helpful to prevent future arguments about money.
