First of all, congratulations on this new and wonderful chapter of your life! You and your spouse surely have years of joy and love ahead of you, and as you sail into this fresh adventure, you should also start preparing for some practicalities. Much like the pandemic has changed weddings due to social distancing regulations and limited gathering opportunities, it has also contributed to creating a financially unstable period for many. Being frugal and smart with your budget is one of the most sensible things you need to think of as you start your marriage.
There’s no need for panic, of course, as this can also be one of those shared, even romantic experiences you can create with your significant other. The foundation of financial success in any marriage is transparency, so brace yourself for plenty of communication and use the listed tips to help start off your marriage in the spirit of sharing!
After the actual wedding and the ceremony, the honeymoon is the very first “expense” on your shared list as a married couple. As exciting and beautiful as this is, organising a honeymoon from that financial standpoint can be tricky.
First of all, make sure that you have a set budget in mind so that you can distribute it properly and decide on the best location and experiences you want to share. This kind of openness from day one will set the tone for all other financial decisions you make as a couple.
Many couples choose to move in together after the wedding, and especially if their new home hasn’t been ready before that special day. They also tend to take over the planning and move into their own hands in order to save up, which can be a challenge, especially as you’re moving in together potentially for the very first time.
When you’re about to change states, it’s best to look for a guide for moving interstate when you want to self-hire a vehicle for all your belongings. This should help you craft your own moving plan, so as not to forget the essentials, including how best to manage the packing process, where to make rest stops, and how to protect your fragile items. As you plan, make sure to budget for everything, from the boxes, all the way to the gas for your moving vehicle, and you’ll simplify the entire process.
Now that you have moved officially to your new nest, it’s time to decorate it to make it truly your own! This process can often be a source of conflict for many couples, due to common disagreements as to how it would be best to spend the money. If you communicate openly, you can both enjoy the decorating experience without a hassle!
In addition to that aesthetic point of view, discuss your financial options and see how you can best allocate your available funds to decorate your home in a way that you both will like. Perhaps the new curtains can wait, but maybe you need a new mattress – which is a matter of health as well as aesthetics.
Perhaps your current financial situation isn’t a realistic one considering the pandemic. Maybe you’d live with less strain were it not for this health crisis that has reshaped the global economy. With that in mind, you need to restructure your plans and goals both as individuals and as a couple, so that you can have a more realistic idea of what you can do with your money.
Whether or not you want a prenup, that is entirely up to you – but it’s wise to consider talking about your future financial goals. Would you like to stay at your house, depending on its size and the neighbourhood? Would you like to start your own business at some point? How about your apartment renovations or adding a new level to your house? Cover your mutual goals and see how you can achieve them with smarter money management together.
Budgeting isn’t all about how you spend, but also how you save. One of the most important steps you should take is having a genuine conversation about your current income and potential financial hurdles you might have in the near future, especially if you plan to expand your family and have kids. Do you need to start saving for their college? Do you have life insurance policies? Is there any debt you need to take care of?
Now, based on your income and life expenses, make sure to include a reasonable amount of money into your mutual savings plan. If you choose to have separate savings accounts, that’s another possibility, as long as you discuss how you invest those savings together when the time comes.
Marriage is about sharing your love as well as your responsibilities, so tracking your expenses and your income, making sure that you’re paying off any debt in time, and growing your savings together is all an important part of this union. To do that more seamlessly and to adjust to this shared life more quickly, make sure that you approach your shared budget with these tips in mind and start spending in smart and calculated ways.