Personal Finance Tips for Newlyweds
Whether you’ve been married for a few months and you’re ready to make a change in finances or you’re about to tie the knot, it’s important to think about your financial future. Marriage is an incredible milestone in life, but you’ll want to safeguard your happiness by ensuring that the finances aren’t a source of stress. If you’re a newlywed or about to become one, consider the following personal finance tips.
Set Aside a Weekly Planning Session
When you’re enjoying the novelty of being married as well as balancing full-time jobs or college courses, it can be easy to let finances slip through your fingers. However, this can be disastrous even shortly down the road. For best results and to establish this habit early on, make it a point to sit down at least once per week and discuss the state of the bank account. Identify problem areas like excessive eating out, and set up a game plan to improve in the future.
Start Saving For an Emergency Fund
Unfortunately, many Americans are woefully unprepared for those expenses that inevitably pop up from time to time. In fact, approximately 66 million Americans do not have any type of savings account in preparation for unexpected expenses. To help stabilize your future and be prepared for anything that comes your way, make it a priority to start saving as early as possible. If you have a significant amount of debt to pay off, simply save until you have one thousand dollars in an emergency fund.
Meet With a Consultant
If you’re not sure which direction you’d like to take for the long haul, it might be helpful to meet with a consultant. A financial advisor might be able to identify realistic goals for you and your spouse, like applying for a loan. Don Gayhardt is the CEO of a loan company based in Kansas, and his company specializes in providing short-term loans that might help you meet your goals as a newlywed couple. Before you decide which steps to take, it’s usually helpful to call in outside help for an unbiased, expert opinion.
Learn to Cook Together
Newlywed couples, especially Millennials, are saddled with staggering amounts of student loan debt. If you’re making it a priority to pay off the debt as quickly as possible, you’ll need to save money wherever possible. If you often find yourself at a restaurant instead of sitting down to a home-cooked meal, it could be both fun and beneficial for your budget to learn how to cook together. To save money while still having fun, hit the kitchen together armed with your favorite cookbook or cooking channel on YouTube.
Avoid Buying New Cars
After your wedding, you might find it tempting to purchase a brand new car as your first big purchase together. However, this can result in financial strain or even disaster. New cars depreciate in value rapidly, and if you need to ditch the steep monthly payment, it’s nearly impossible to avoid losing money. To set up a bright financial future, opt for a gently used vehicle that will still meet your needs and splurge on something grand once you’re more established.