Marriage is a beautiful thing and being a newlywed is even better. This time is so exciting and happy and I just cannot get enough of it, but there are challenges that come with it, as well. One of our biggest challenges that we have run into with the upcoming holidays is budgeting. Budgeting as a newlywed is very hard, especially with all of the things that we have done in the past few years (college, a masters program, a wedding, travels, etc.). Now that we are putting our finances together, we have learned so much and wanted to share our findings out with other newlyweds, hopefully, to save them the headache of having to learn this all of their own. Here are my best tips for budgeting as a newlywed.
Money Crashers says, ““For better or for worse… For richer or for poorer.” This is what most of us promise to our spouse when we pledge ourselves in marriage. But unfortunately, many couples today can’t seem to survive either richer or poorer due to poor money management skills.
Some couples stick with their own individual way of managing money, which may or may not mesh with their spouse’s. Others may take the responsibility all on their own shoulders or shove it onto their spouse instead. Some spouses even lie, cheat, and overspend, and cause all trust within the relationship to be a distant memory. As a newly married couple, how can you prevent these tragedies from happening in your own marriage?
There is definitely hope, but you need to act early. In fact, money management can actually be a rewarding way to bond with your loved one.”
Here are my best tips for budgeting as a newlywed:
Look At The Full Picture
Look at the full picture. List out all of your accounts and look at them one by one. Can you join any of them together? Do you need to pay off any debts? Look at the big picture and see what you need to do to make it work for you! Money Crashers says, “There are both pros and cons to opening a joint bank account or to maintaining your individual accounts after you’re married. You can even do both. Combining accounts can simplify your finances and may help breed trust in a marriage. Moreover, it may be especially valuable when one spouse chooses to take on more household or child-rearing duties than the other and as a result, there is inequality in income.
That said, some level of independence may be preferable to you both, though it can also make it easy for you or your spouse to hide certain purchases or spending habits. Plus, given the high divorce rate, keeping separate bank accounts can provide you some measure of protection should your spouse decide to “take the money and run.” Discuss this at length with your spouse to make sure you’re both comfortable with whatever you decide.”
Save For Retirement
While retirement may seem like a long time away, you will be glad that you started saving when you did once it is time to retire. So many Americans nowadays are unable to retire because of poor money management and poor communication (with their spouse). Do not be one of those people and start preparing for your future now.
Pay Off High-Interest Credit Cards
With that being said, before you start saving for retirement, it is probably better (depending on your goals) to pay off high-interest credit cards first. The longer you keep a large balance on your credit cards, the longer they will take to pay off and the more interest you will be paying. Instead of high-interest credit cards, consider getting a low-interest loan, in order to pay off your cards. Do your research before signing up for a loan, but if you are in the market, I recommend finding the best interest rate possible. Chapes-JPL is an Atlanta company that might be able to help you with this because they offer interest rates that are as low as 3%. The great thing about Chapes-JPL is that they do not need to run credit checks, income reports, or any of that. Instead, they offer loans on collateral such as jewelry, watches, cars, purses, gold, diamonds, and more. Chapes-JPL makes the process of pawning jewelry as easy and transparent as possible. Their convenient location in Buckhead and their professional certified jewelry appraisers eliminate any doubts about safety and integrity. They truly do make the loaning process straight-forward, comprehensible, and gimmick-free. Another great thing about Chapes-JPL (besides the low-interest rates and a safe and convenient location) is that you get your item back after you pay back your low-interest loan! Chapes-JPL says, “Since 1980, we’ve dominated our industry because of our commitment to our client’s financial success. Our clients choose us simply because of our determination to make every interaction prosperous for them. Unlike a typical pawnbroker, we’re in the business of assisting our clients when they need it the most. As evidence, we’ve refrained from selling pawned jewelry because we believe that would be in direct conflict with our mission. We’re not in the business of capitalizing on our client’s financial distress. Chapes-JPL is here to help.”
Work Together As A Team
Communication is key and teamwork is very necessary for all aspects of marriage, but especially in budgeting. When you make your budget, you need to make sure you have looked at the big picture and have discussed it fully with your partner. Both of you need to be on the same page (and the same team) to make it work! You’ve got this!!
Do you have any tips? Feel free to share them in the comments section below 🙂