Your wedding is finally over with its stress, and its time to plan the future of your marriage. One of the first things to take proper care of is your finances. The biggest issue in every relationship is money: It’s either there’s no money at all, there’s a limited amount of it or one the spouses spend recklessly. However, as a new couples, understanding a few financial tips for new couples could be what you need to help you avoid money issues from destroying your relationship.
That is why I put this post together for you.
In this post, I want to show you a few of those financial tips for new couples with you, to enable you to plan your finance from this earlier stage of your relationship.
Why Do You Have To Plan Now?
You see, it is not a new story that disagreements about finances are the number one reason most couples end their marriage in court.
Although financial education/ advice had been available for a while now, yet so many are still getting worked up about it. But, if you and your partner will take your time and discuss your financial expectations and habits now, there wouldn’t be much trouble ever.
As a new couple, if you are not sure where to start planning, then this article is purely for you. Read it carefully and understand how you should handle your money from this point.
11 Special Financial Tips For New Couples
It may sound weird to talk about money at the beginning of a relationship, but one step to curb your future money issues is to start talking about it now that the journey is starting out.
Its ever the first thing to do before marriage, but, let’s assume you forgot to do it earlier, then this is time to do it.
And here is what to do
Start with sharing what accounts you have as well as how much debt you are owing. And also how you wish the money to be used.
Make sure you are both clear about your statues as regards to your finances.
This will help you in the future.
Write It Down:-
When you are done with the first step, then its time to set the goal.
According to a study called ” The Gender Gap and Goal setting”, It is important that both men and women write their goals down.
Writing your goals down will help you succeed easily and faster too.
Here’s is how Mark Murphy described it.
He said that ” people who vividly describe or picture their goals are anywhere from 1:2 to 1: 4 times more likely to successfully accomplish their goals.
Here’s What To Do.
As you are writing down your goals, consider doing it for both the short and long term.
Your list can include your practical ideas about setting out money for emergencies, your traveling goals, your children’s school fees, and other goals.
Just think of how to get it better for your relationship.
Talk About Your Individual Money Goals:-
It doesn’t end in setting your individual money goal and writing it down, take the next step which is to communicate your goals to one another.
Think of a more appropriate time to discuss it. Both of you should bring your individual lists of goals to the table and review and also make corrections where necessary. And then create strategies to take actions that will help you achieve it.
This brings equality into your relationship too.
It is never fun to sit and draw a budget, but it’s very important when you want to take care of your finances as new couples. The way you set your budget depends on how and what you want, but its always good to plan your finances for a short and long time.
According to ” La Spisa”, saving twenty % of your salary for emergency and twenty % towards your retirement is a good start when you are setting a budget.
Use your intuition.
In a nutshell, create a budget that will consist of all your essential costs, like your utilities, housing, transportation. Also include your other spendings like shopping, gym, etc.
If you are not sure what you will spend on all the set down expenses, then you should try looking back to your previous spendings.
Plan ahead with insurance policies.
Many people are ignorant of the beauty of taking insurance policies. Let me quickly show you what insurance will help you achieve as a couple.
It >s good you plan on purchasing some policies, which includes life assurance (that protects you and your loved ones) as well as health or disability insurance.
Some times, your employers can provide some important coverages for you, however, if you and your partner are working, it is I to impertinent to review your current coverages to know if there’s of reducing the costs, to avoid ” redundant policy”.
Taking life assurance coverage can help you when you have lost some income@ as well as help you eliminate some debts for your surviving family members.
It’s important to decide with your partner which policy to buy to help you in the near future.
Create Your Will Now.
Don’t be ignorant like people who believe it only the old and sick who can write their will. However, at this stage of life when we are not sure when death will come, everyone should be ready to write a will, to avoid future problems for the surviving family members.
Frankly, your will is the only “legal document for your estate”. It specifies your desires as regards the distribution of your estates and also helps to direct how and when it will be shared when you are no more.
Update it With Your Partner.
If you have already drawn your will, it is important you update it with your partner, so as to be on the same page.
Both of you should get in touch with your attorney for vital information regarding how to create or update a will.
The financial tips for new couples is for partners who are just starting their lives together as couples. You will learn so many tips that will help you take care of your finances. Remember, prevention is better than cure.
I am still your friend murphyaik.
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