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Budgeting Tips for Newlyweds
For many newlyweds, budgeting is a helpful activity to manage your finances. By following these easy guidelines, you and your significant other can work together to spend less, save more, and secure your financial future.
Budgeting Tips for Newlyweds
Before you can set a budget, it’s important to sit down and talk about your current financial situation and your future goals together. First Bank understands the good, the bad and ugly that this financial transition brings. Here are some other key topics all newlyweds should discuss:
Debt and Loans
Talk about what debt and loans you carry, and how you use money for your lifestyle. If one of you wants to take a vacation every year while the other wants to focus on repaying student loans, it’s important that you disclose this and consider how to achieve one or both of these goals.
Expenses, Savings and Retirement
Once you’ve discussed your goals, it’s time to make a budget. Calculate how much of your necessary expenses (e.g. bills) need to be paid off each month, and then allocate the rest of your income towards savings, retirement, and the goals you discussed before. Make sure every dollar in your account is being used for something. Get creative in ways to save money, like sticking to a meal plan, trying a car or home warranty, or working out at home instead of a gym.
Joint vs. Separate Accounts
Whether you combine your accounts or keep individual accounts is entirely up to you and your spouse. Either way, make sure you have a plan for who will pay which bills and when.
Even with combined accounts, many couples choose to keep individual accounts as well. Having both joint and separate accounts can be helpful for paying for large investments and mortgages together, while keeping smaller, personal expenses separate can allow for more individual freedom.
Create a Budget for Your Future Together
As a newlywed, you can create clear communication about financial needs and goals by developing a budget with your spouse. For guidance, advice and help in setting up a secure financial future, contact your local First Bank* branch.
Interested in further reading? You can access an extensive collection of financial education articles, courtesy of First Bank.
Sources:
Dave Ramsey: https://www.daveramsey.com/blog/newlyweds-what-do-we-need-to-know-about-money/