Money Management Tips for Newlywed Couples

Money Management Tips for Newlywed Couples

money-management-tips-for-newlywed-couples

Marriage bounds two people for a lifetime. It comes with so many happy and joyous moments. But at the same time, it comes with responsibilities and duties. And if you can perform the duties, then you can live your life to the fullest every day. One area that needs your special attention after marriage is money management. One thumb rule for money management after marriage says, you should never hide any financial matter from your partner. You can discuss the matter and come up with a solution, like borrowing money from a licensed moneylender. Here are some useful money management tips for newlywed couples.

Have a plan

These days, most couples have both partners working. This is a great way to ensure adequate income for the family. This also makes money management easier. For instance, you can save your salary and spend your partner’s salary, or the other way around. In any case, you need to have a plan. Make a budget and stick to it. This not helps you save more, but allows you to keep track of your expenditure. You can easily find out where the money is going. Are you overspending on grocery or phone bills or any other thing? Having a plan and a system in place to monitor how you are following the plan helps you cut overheads and lower you expenses.

Avoid common mistakes

Newlywed couples often make some common financial mistakes. For instance, they often relocate to a bigger house as they expect their family size to increase. But a bigger house comes at a higher cost. If you take a home loan for a big house, your EMIs will increase. Ideally, you should first set aside money for savings and then for your dreams. Not saving money for emergencies is another common mistake. Financial emergencies can hit you anytime. It can be a job loss, family emergency, car breakdown. Most of the time, you are not ready for it. While you can always borrow from moneylenders, it would be a good idea to build an emergency fund for unforeseen situations.

Pay off your debts

Generally, newlywed couples want everything fast. They want a big house, an expensive car, and the latest phones in a short span of time. And in order to satiate their needs, they strangle themselves in the quagmire of debts. It is not until they fail to repay the debts that they understand they have borrowed more money than what they can comfortably repay. So instead of taking debts, try to deduce your purchases. If you still want to take a loan, make sure you repay it on time.

Borrow from moneylenders

If you need some quick cash, you can borrow from licensed moneylenders. This is better than borrowing from friends or family. However, don’t be in hurry; always compare interest rates, repayment tenure, etc. before choosing a lender.

Final thoughts

To make your financial planning successful, you should maintain a healthy relationship with your partner. Have total transparency in your relation. And try to give your 100%. Bear the annoying habits of your partner and try to understand each other.

 

To read our previous article, please click here.

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