![]() ![]() Moving into a bigger home for example creates more costs (more electricity for example). Don’t forget to factor life changes into your budget. You pay back a lot more when you take interest into account. We all know that the dollar figure of the loan isn’t what you end up paying back. If this is you, pay it off as quickly as you can. Lots of couples these days go into debt to have a nice wedding. same job, same pay, same spending habits etc). Of course no one can predict the future, so be conservative and assume everything stays the same (e.g. The budget spreadsheet (above) can help you with this. Knowing how much you are going to have in the bank in one, two or five years is an important step. If you are saving for a future investment (holiday, car, house) then you should map out your long term finances. The first place to start when creating a budget is assessing what you already spend. There are lots of free apps available that you can pop onto your phone and then just enter an amount and a category when you’re out and about and spending. If you don’t know how much you spend, now is the time to track it. Cutting back slightly on spending can have big long term positive effects. Not every newly married couple is in this situation, but a lot are saving for a new car or a new home. ![]() Examine your spending habits if you are saving for a large investment. It doesn’t mean you have to cut down in any particular area, just be honest about how much is spent or the debt you might have so you have an accurate picture of the money you have and where it goes. When assessing your finances and budget, be honest.Īs a girl who likes to shop, I sometimes find it hard to own up to how much I spend. You both need to be on the same page before you go making decisions about money.Do you only have joint accounts, or should you have a joint account and your own personal accounts? everyone has an opinion on this, but the only right answer is going to be one that you and your husband agree upon. Who is responsible for managing the budget? Who is responsible for paying the bills? How often do you go over your finances together? Make sure you are both in agreement. After your wedding, set aside a specific time to go over your finances together. I personally find money and finance related things boring, but that kind of attitude isn’t going to help me in the long run. Tips For Managing Your Finances When You’re Married We’ve provided a free budget spreadsheet that will help you to track your finances and set up a plan for reaching your financial goals.ĭownload the budget spreadsheet here (once it has opened you can save it to your computer). You’ve no doubt just spent a large amount of money on your wedding and spending more money is definitely not on the agenda! Setting up and sticking to a budget, just like you did with your wedding (hopefully!) is the way to go for the future.Ī budget is an essential tool for newlyweds for knowing how much money you have coming in and how much money you have going out, and is a really powerful tool that will allow you to take control of your money and set you up for your future. ![]()
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