Budgeting Tips for Newlyweds

0
20

Budgeting can help you set up your marriage for financial success and keep conflict at bay.

Congratulations! You’ve officially tied the knot and you are now opening a new chapter as you are moving forward through the journey of life together.

1. Common Newlywed Struggles and How To Overcome Them

Many couples experience similar issues that arise during the first year of marriage. Those who are able to work through it will ultimately be able to strengthen their relationships for the long term.

Money

“What’s mine is yours” begins with your finances. Learning how to balance your spending habits and your financial situation is not easy even when you are single. If you have disagreements with your partners, you need to sit down and discuss your personal and financial goals. You need to work together as a team because you are both responsible for establishing, setting, and following through with your financial goals.

Monster in-laws

Although this is a common stereotype, clashing characters bring a lot of problems. You need to communicate with your partner but you also have to be respectful because these are his or her parents. It is your right to set boundaries on how much input is allowed. With clear and open communication, you will be able to maintain your existing families and start your family.

Time-management

Spending more time together may cause your spouse to become too clingy. It’s important to maintain your existing lives outside of each other even after you’re married. Set realistic expectations that work for both of you to nurture your marriage but also have the time to nurture yourself.

Division of houseworkSome couples are greeted with an unpleasant surprise when they move in together. One common problem married couples face is the division of labor in household chores. Remember that you are a team so you should both contribute. The best approach is to play each other’s strengths although all tasks should be viewed as a group effort as equality doesn’t mean a fifty-fifty split, it’s about partners feeling supported.

Weight gain and appearance

As years go by, you will become very comfortable with one another. If you neglect your appearance, this will be detrimental both for your relationship and your personal health.  Find routines you both enjoy and never stop trying.

Lack of intimacy

One common issue that arises is the lack of intimacy. It’s tough to manage busy schedules as a married couple but you need to actively work at your relationship and rekindle the spark.  Schedule date nights so you don’t forget how fun it can be to dress up and enchant your partner. Not forgetting about romance is key for a lifelong romance.

2. Financial Tips and Advice for the Newlyweds

When you get married, you are tying both an emotional and financial knot that you need to keep strong throughout your lives.

Set goals together

After you had the discussion with your spouse about your money expectations and dreams for the future, it’s time to convert them into financial goals such as taking a yearly vacation or buying a house. Set SMART goals which means they are specific, measurable, achievable, realistic, and timely.

Make a game plan

The first step after defining your financial goals as a couple is to create a budget that will help you follow them through. You need to get organized by figuring out what you owe, what is your income, and how much do you need to save.

Minimize expenses

Once you’re married, you can potentially minimize your taxes. Try to keep household bills low by finding a cheap electricity provider, as well as comparing internet and insurance providers to find the most affordable rate. Make your lifestyle and home more energy-efficient to reduce your utility bill which takes a significant chunk of your monthly budget.

Protect what matters most

The whole idea of budgeting is to review and update as you go along to ensure you focus on your priorities. Money discussions are never easy and especially for newlyweds who are in seventh heaven. Trimming costs and changing money habits isn’t easy but, as with any marriage issue, you need to approach money matters with an open mind and as a team to achieve financial harmony.

Take away the first year of marriage is often filled with different obstacles that you have to overcome together. As you get through each obstacle, your relationship will strengthen, and together, you will set a solid foundation for your new life together- this is why the first year is called the “wet cement year”. It’s a time to establish good patterns that will serve you for the rest of your marriage. Remember, happily ever after doesn’t just happen – you make it happen.