Nathaniel Fried
After the high of your wedding has passed, you’ll come crashing back to reality and begin to realize that you need to start working out your finances. Here are 12 financial planning tips for newlyweds.
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#1 Make a budget
Making a budget is stressful, but not as stressful as not saving for retirement, living paycheck to paycheck and drowning in debt. Don’t fool yourself into thinking that you can live the high life if you party now you won’t get to party later. If you need to go to a restaurant here or there or go crazy on a vacation, put it in your budget don’t sell your soul.
Contributor: Nate Masterson from mapleholistics.com
#2 Treat it like life
Life is not a movie. Of course, you want the dream house and the family, but make sure you can afford it first. If you attain everything at once you’ll end up climbing out of debt much longer than you have to. If you always live within your means you’ll have the money to take advantage of opportunities as they come up, and get where you want to be much faster.
Contributor: Nate Masterson from mapleholistics.com
#3 Account for everything
The great thing about weddings (other than everything) is the registry. What an innovative idea! Now that you have everything you need or almost everything, establishing a stable life doesn’t have to be hard. All you need to do is account for everything each person is bringing into the marriage; things like debt and credit scores salaries as well as savings and assets. If you miss estimate where you are on the financial latter you’re in danger of overcommitting your financial liquidity and you may find yourself becoming a serial borrower.
Contributor: Nate Masterson from mapleholistics.com
#4 Get everything out in the open
Got a mountain of student loan debt? Talk about it. Air all of your dirty laundry from the start so you don't have to worry about checking the mail first to hide that credit card bill.
Contributor: Alysha Olson from alyshaolsoncoaching.com
#5 Hold budget meetings early and often
Sit down and hold a budget meeting to review your budget and check in throughout the month. Overspending in a category? Figure out where to cut back together.
Contributor: Alysha Olson from alyshaolsoncoaching.com
#6 Pay down your debts
Having no/little debt will allow you to fully utilize your paychecks in the future.
Contributor: Alysha Olson from alyshaolsoncoaching.com
#7 Combine accounts
Now that you're married, there is no more yours and mine - it's all ours. Combining accounts holds you accountable to each other.
Contributor: Alysha Olson from alyshaolsoncoaching.com
#8 Live below your means
It doesn't matter if you earn $1,000 a week or $10,000 a week: if you spend more than you earn, you will end up broke. The cornerstone of personal finances is to spend less money, so the trick is to be accountable for your spending - this means you need to track where what and how much you are spending.
Contributor: Samantha Breccia from blissintegrated.com
#9 Don't choose bigger, choose better
The bigger house, the brand-new car or the latest designer clothes may make you feel good about yourself in the short term, but they may not be the best choice for you financially in the long term. The key is to forget about keeping up with the Jones' and to not be so concerned how others think about your material things. Love people, not things!
Contributor: Samantha Breccia from blissintegrated.com
#10 If you don't see it, you won't spend it
One of the best things you can do financially, newlywed or not, is to put money away for short-term emergencies and for retirement (you need to do both). By having money deducted before it hits your checking account, you won't ever miss it.
Remember that the earlier you start saving and the more money you can put away now, the better off you'll be in retirement. Make a pact with your spouse to start building an emergency fund and contributing more to your IRA and/or 401(k).
Contributor: Samantha Breccia from blissintegrated.com
#11 Those who give the most, have the most
I am not saying those who give the most have the most money, but I have found those who are most satisfied in their lives, are those who give to charities and volunteer. When you give your time and your money, it will help you develop discipline by teaching you to live on less. Not only will you learn more about you and your spouse's financial situation, you will also be aware of others' hardships which can help you stay focused on what's truly important in your life.
Contributor: Samantha Breccia from blissintegrated.com
#12 It’s not what you KNOW, it’s what you DO that matters most
Indecision and procrastination can wreck you financially. As newlyweds, develop a financial plan and strict budget. If you know that you need to spend less, start tracking your spending. If you know you need to spend wisely, don't be concerned with how big your neighbor's house is or what type of car they drive.
If you know that debt is bad, make a rule to never carry a balance on your credit cards. If you don't put money away NOW for retirement, don't expect to have any money for your retirement. You and your spouse are partners, so be each other's support system by working together and holding each other accountable to stay on track with your financial goals.
Contributor: Samantha Breccia from blissintegrated.com
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