Are you just married or engaged and in the process of planning your wedding? One of the things I am sure you have run into as a couple is the many people including friends, family and financial advisers dishing out their two cents to you on how to save money, how to earn money, and what to do with your finances once you are married. There are a few simple rules you should follow when deciding on who to listen to and what to do, when making decisions for your financial future. Its also important to remember to discuss everything with your significant other and to consider things you may not have thought about before.
In addition to just planning and talking about the finances for your wedding, you have to consider what happens after the wedding has ended and the reality of your financial situation sets in. It is of the greatest importance that you discuss with your significant other your finances and what your plans are after you get married. Make sure you and your partner have the same ideas about finances and that if you don’t, you work out a way to compromise with your finances.
Create a budget together. Talk about what kind of finances you have going into the marriage and who is bringing what to the table. Discuss how much you will each be making, and how much you will each be spending and decide what will work for both of you.
- List all monthly expenses: Housing, Automobile bills, utilities, groceries, credit card bills,student loans and how much will be set aside for savings. It may also be a good idea to find out what day of the month everything is due so that you can budget your money better.
- Figure out when you both receive your paychecks so you know if you will be getting money every week,bi-monthly or monthly and set weekly allowances.
- Compare when bills are due to when you get paid.
- Determine how much you have left over for non-essentials.
Be even more cautious with your credit cards than you were before. You’re bills will probably increase when you get married. If your credit card bills are already piled up, only use them for things you absolutely can’t pay for any other way. You may also want to discuss how much you are willing to put on your card each month. It should be your goal to put less on your card than what you pay off each month.
Discuss the possibility of children, how many and when you want to have them. If they are a strong possibility, you may want to take the wife’s income out of the budget, and save it instead. This will not only help you in the long run, if the wife decides to stay at home, but it will help you save money for children. The saved money could also help in other ways, such as an additional car, house payments, or other needed items.
Balance your check book and checking account each month. This will help you to keep track of your finances as well as keep your credit in good shape.
Even though you have many people offering advice including financial experts and advisers, it is ultimately up to you, as a couple, to decide what is best for you. Check City can help you out by offering even more ways to help you save money. With our large variety of Insurance Options you are sure to find something that matches your needs. We also have netspend Prepaid Debit Cards to help you manage your debt and finances better.
