Financial Management Tips for Married Couples
Whether we like it or not, money plays an significant role in marriage. The way to have a successful marriage is to plan everything properly, especially finances. For those newlyweds out there, here are a few financial management tips to help you get started with your future.
1. Being Honest with Each Other
One of the most taken for granted financial management tips for couples in the book is simply being open. The whole point of being married is forming a team. Your communication with your spouse, especially when it comes to finances, has to be transparent. Both have to tell how each of you manages your money. You must also set some ground rules for budgeting and spending to ensure you have more than enough for the future.
2. Putting Up a Joint Account
A joint bank account is a good way to mutually contribute to the household, especially if both of you are working. All banks offer joint accounts so that you can open one up with your spouse for the household expenses. The key here is to put a fixed amount of money into the joint account every month. The money here is solely for your family expenses.
3. Taking Care of the Necessities
After you’ve set that up, you have to think about your necessities. This would include food, shelter, and transportation. Let’s talk about your home first. Depending on your budget, you may want to buy a 3 bedroom HDB flat or an apartment unit. This will depend on how many kids you plan to have. For this, you may want to consider taking up a home loan. Fortunately, a lot of banks offer home loans at affordable interest rates. To avoid drowning in debts, all you have to do is manage the credit properly. This includes paying on time
The same thing goes for a car loan. If you don’t want to use public transportation anymore, you can take up a car loan to buy a car. Of course, you have to know how to manage the repayment of the loan. You have to service both the interest and the principal until the amount is fully paid. However, if both of you can live and work comfortably without getting one, then just set this one aside until you’ve saved enough.
4. Discussing the Budget for Home Expenses
Once you have a joint account that has some money in it, the next thing to do is consider how you will budget for each expense. All your expenses have to be planned by schedule so that you’ll never miss out a single bill. Also, it’s a good practice to plan ahead, so you won’t have to stress out about the bills last minute.
These financial management tips for married couples are just some of the basics. Feel free to tweak and add if you think they suit your lifestyle. It is going to be a little bit hard when you and your spouse start up, but once the two of you get the hang of it, things will get easier. The key here is to form a strong partnership with your spouse. That way, both of you can tackle the finances properly.
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