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Top 5 Marriage Finance Tips - Life after marriage is not always sweet. If when you are single your goal of working is to meet your own needs, then it's different after marriage. In addition to couples, newlyweds must have sufficient financial grip in navigating home life.

It is not uncommon for couples to quarrel due to economic factors. Therefore, here are tips that you can apply to manage the finances of the newlyweds for the sake of a bright wedding future.

Top 5 Marriage Finance Tips

1. Divide Financial Responsibilities

As the first and most important first step when talking about newlywed finances is to share financial responsibilities with the couple. You can do this method to avoid misunderstandings in the future about who is responsible for all household expenses.

This division should be carried out with careful calculations. For example, the wife has responsibility for daily necessities such as food, water, internet, and electricity. Meanwhile, the husband has financial responsibilities for the cost of children's education, investments, as well as mortgages and vehicles.

Even if you and your partner have their own responsibilities, don't forget to set aside some of your income for savings. The amount of this savings must also be calculated according to the needs so that the couple both have a commitment.

2. Create a Shared Financial Goal

After dividing financial responsibilities, also think about what your small family's financial goals are for the future. Be it for the short term, medium term, and also long term.

These financial goals do vary, but it would be nice if you prioritize them for what is really necessary first. In other words, things that concern primary needs, such as houses and living expenses.

In addition, you can make budget posts for other things, some of which are such as the preparation of pension funds, children's education funds, and so on. By having clear family financial goals, even though you are still a newlywed, you and your partner become more focused and able to hone yourself to be more disciplined in managing finances well.

3. Newlyweds Need to Provide An Emergency Fund

Even if you are newly married, it does not mean that you do not need to think about an emergency fund. You never know when the worst conditions will happen. The most common examples are medical expenses when sick, the cost of damage to homes and vehicles, and dependents for the elderly. Especially during a pandemic like now which is uncertain.

Even though you didn't expect it, it never hurts you to think of the best way to overcome it by providing enough emergency funds. It's like, this emergency fund is a "lifeboat" in your household ark. The earlier you and your partner prepare an emergency fund, the better your readiness to face uncertain conditions.

4. Open Up with Your Partner

Almost most of the quarrels in the household stem from financial problems and poor communication between each other. It is time for you and your partner to be open to each other regarding financial issues, be it about the income received or personal expenses.

For example, have you told your partner about the debt you have? Likewise with the installments that must be paid every month along with the amount. Then, if you use the existing money, it is also best to tell the partner what the money is used for.

If you have debts and installments, determine the best solution to pay it off immediately. Lest you borrow money again to cover the previous debt. Of course, this is not a healthy way and instead makes the newlyweds' financial expenses bigger and swell unexpectedly.

5. Do Household Bookkeeping

In addition to the above methods, it is important for newlyweds to always make periodic records of expenses. These expense records can be daily, weekly, and monthly expenses. The purpose of recording these expenses is to find out whether you and your partner are in accordance with the original agreement or not. Another goal is to make it easier for you to map your budget so that it doesn't swell.

Household bookkeeping is indeed quite difficult for those who are not used to doing it. In bookkeeping in the old fashioned way, you have to calculate manually and record it in a special book. However, along with the development of digital technology, home bookkeeping can be done easily and without any hassle.

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