Next to chores, snoring and sex, the biggest cause of fights in most relationships or marriages: money. Add the money talk to your list of difficult topics to talk about with your spouse if you plan on surviving your first year of marriage.
No doubt, you want to be with your darling partner for years to come. You married him or her because you felt they are the ones you want to spend the rest of your life with. Love exists between both of you and there is a sizzling attraction. But will that prevent the ‘thanos’ of marriage from testing and trying to wipe you out of your marital bond? The answer is no.
Money influences almost every part of your daily life, from eating to paying amenity bills. Not sitting down together as a couple to discuss and organize your financial life can lead to unnecessary and avoidable fights.
These 5 tips for managing your money as newly married couples will guide you:
Discuss Your Financial Goals
Have a conversation about your long-term and short-term financial goals or better still, write them down so you can always go back to review them. Do you wish to have a joint account? Who takes care of what? What are your career plans? When do you plan to retire?
Be honest and leave no room for unpleasant surprises later.
Establish A Budget And Stick To It
Once both of you have a clear understanding of your financial wants and needs and are now on the same page, the next step is to design a budget. Let your usual monthly expenses guide you in drafting this budget. Be sure to include irregular or unexpected expenses like doctor’s appointments or car maintenance.
Try as much as you can to stick to your budget. The first few months may be a challenge, don’t fret about it. With time and reasonable adjustments to your budget, you will get used to it.
Prioritize Basic Needs
Yea, those necessities you can’t go a day without should be at the top of your budget list. Daily or monthly expenses like food, school fees, medicine, house rent, monthly bills and so on should come before luxury items. Keep track of your budget and be mindful of unnecessary expenses.
Save And Create An Emergency Fund
No matter how little or big your individual earnings are, not saving part of your income leaves you vulnerable to penury and debt. Every couple needs to have an emergency fund they can fall back on when the unexpected comes knocking.
Set aside money in your emergency fund account for expensive unforeseen occurrences like a leaky roof, critical family illness, loss of job, natural disaster and so on. Creating an emergency fund should be a priority.
Have Weekly Money Meetings
This is the best way to stay updated with your combined efforts towards managing your finances. During these weekly meetings, talk about everything money-related from the upcoming bills you have to pay to how your financial goals are coming up.
You will worry less and have fewer misunderstandings about money if you practice this.