8 Tips on Financial Planning for Newly Married Couples

by - 3/08/2017 02:48:00 pm

8 Tips on Financial Planning for Newly Married Couples

Don't tell me what you value, show me your budget, and I'll tell you what you value. _Joe Biden.

Financial management is always at the forefront of marital issues faced by newly married couples. It is my wish that this few tips will help you and your spouse to acquire a healthy financial habit and establish a cornerstone for a lifetime of financial stability.
1.     Discuss issues dealing with finance: Don’t assume that love will put everything in place when the time comes. Start at these early days to inquire about some financial information from each other. For instance, the type of account he/she uses, disclose the debt you owe, how you love handling and spending money.

2.     Create a budget: It is necessary that both of you agree on a monthly budget. Discuss how you’re going to spend your income, what you expect to spend in a month, have a joint expenditure, allocate for unforeseen expenses.

3.     Have an emergency fund: This means that both of you will have a joint account strictly to make provision for some unanticipated projects that may demand a huge budget. In order to prevent you from tapping into it at the slightest temptation, I suggest you make it not easily accessible. Allow it to lie ‘fallow’.

4.      Keep a record of your expenditure: Sometimes women are better at this but it should be a joint effort. You can create a spreadsheet to record all your expenditure. This will work very well if both of you can be sincere.

5.     Distribute responsibility: There should be a division of responsibility which will be based on the income of each spouse. The one with the higher income gets the higher responsibility, there is nothing like gender inequality/equality here. For instance, you can decide who pays the electric bill, children’s school fees, house maintenance bill etc.

Read also: How to save a marriage on the brink of divorce

6.     Teamwork: Both of you must have a similar goal in mind. Try and be a source of motivation to your spouse and encourage each other’s effort. You should know that both of you are into this together and so the success of a lifelong financial stability goes to both of you and not for one.

7.     Accountability: Always give your partner a reason to trust you by being accountable. Be able to give an account of any expenses you make and be sincere in disclosing your financial status to your spouse. For marriage sake, your spouse should know how much you earn in a month.

8.      Give your trust: don’t underestimate the competence of your spouse to handle money, unless series of experience have shown you otherwise.

Do not mistake some of my points here, I’m not in any way saying that a married person cannot have his/her personal pocket money, but for the better running of a home (financially) the principle of ‘one flesh and one bone’ should be applied.   

Lastly, finance is always a delicate area in marriage but with love and trust, newly married couples can form a healthy financial management in earning, spending and saving. What strategy have you been using that works for you? What’s your experience in managing money with your spouse? 

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