Most of the couples promise to each other that they will never back off whatever the situation may be. But unluckily, many of them don’t seem to be together because of rising financial problems in their life. In fact, not just financial circumstances, there are many other factors that can disturb a relationship.
Many couples face situations like these. Some of them stick together and discuss how to deal with a financial crisis. Some take the responsibilities all alone while some put the responsibilities on their spouse’s shoulder, which is not a good practice.Instead, they can plan to overcome such situations and stick to that plan, as following it can help them in long run.
If you two are a newly married couple, then you need to act early and smartly to avoid such situations. The following are the tips for newlyweds so that they can be on the right track and manage financial grievances smartly:
Money Management Steps for Newlyweds
- Give 200% of Yourself
Don’t leave even 1% of scope your efforts when it comes to financial matters, especially after marriage. If you are spending on something that is not needed, then you are not putting you’rewasting your hard-earned money. Spending out of your budget is something that can leave you short of cash at the end of a month.
- Don’t forget your bank accounts
After your marriage, opening a joint bank account or keeping the individual accounts can be beneficial and can carry drawbacks at the same time. A joint bank account can simplify your financial problems, as you can keep a track of your everyday transactions. These accounts can make the trust factor stronger between you and your spouse, whereas individual accounts also have multiple benefits for you if you want to have surprise money for your spouse.
- Never stop learning from each other
Don’t think that you know everything; your spouse can be more intelligent than you are. Your spouse can be more disciplined and experienced when it comes to money management. Moreover, there can be situations wherein you know more than your spouse or vice versa. You should never feel uncomfortable in learning from your spouse, especially in money matters because this will repay you in future.
- Creating budget is very important
Creating a budget is something that every couple should do, but neither of them sticks to that. You need to spend within your budget and in accordance with your plans, irrespective of what the situation may be. Designing a budget and keeping a track of your expense as in how much you are spending and how much you are saving is a perfect way to manage your personal finance.
- Health insurance is a must
After marriage, you have to face many expenses you cannot ignore that. Coping up with such expenses is not easy; a medical emergency can make the situation worse. Expenses incurred due to medical emergencies can affect your savings and your budget. A health insurance policy is a way to plan and correspondingly manage your savings. Another key point to remember in this regard is to consider online insurance comparison. Many insurance companies offer you health policies that cover your family for several medical emergencies.
Note: Different policies require different premiums, depending on the insurance company and your needs.
- Lessen the number of debits
Debts can be threatening for a single person and it can worsen the situations for a married couple. A single person can face debts but a married couple should avoid debts as two people are involved in it. If you are planning to get married, the best option for you is to sweep off all the debts before your marriage and take a pledge not to pile them again, as this piling can affect your married life adversely.
- Initiate to take responsibilities
Marriage is not something you just have to take a quick decision about and leave everything on your partner. Marriage requires the equal contribution from the husband and wife, sharing responsibilities, and working together to make everything good enough if not perfect. For instance, both husband and wife should take responsibilities equally, such as responsibilities for budgeting, decision making, and bill paying.
- Teamwork is mandatory
Teamwork is mandatory to find ways in order to achieve goals. But, before setting certain goals, you should have a clear image of those goals in your mind. After marriage, you can encourage your spouse to achieve those goals and keep motivation level up. As a team, you and your spouse can increase the strength of each other and bring in a positive energy.
- Honesty is the key
As everybody knows that honesty is the best policy, it truly works in a married life too. If you have done shopping going beyond the budget, then you should never hide it from your spouse; instead, you should confess it honestly so that the future planning can be done accordingly. Your spouse may get angry or upset with you, but after some time he or she will build a stronger trust on you and start respecting you more. Being dishonest about money can make you face a worst situation like divorce. So, think thrice before lying to your spouse again.
- Trust should be on priority
Trust is something that should always be there ina relationship; and, when money is involved, trust is at risk. Trust your spouse that any move he or she makes is to support you and not discourage you. If you want to build your trust stronger, then never ask your spouse about the money he or she had spent or about their earnings. To keep a track of the expenditure and earnings without any questions, a joint bank account is the best option.
Marriage and money are related to each other, but sometimes they have a contradicting relationship.To avoid worse situations, you have to keep a balance between them. You can start by discussing financial problems you and your wife may face and make a solid plan to deal with them. The sooner you realize the problem, the sooner you will find the solution. A newlywed couple should form the habit of maintaining budgets. To keep a track of their expenses and earnings, they can work together, irrespective of what life shows to them and how they face a situation.