In the first year of marriage, it is essential to plan and perceive the depth of your expenses before they have a chance to overwhelm you. Too often, young couples become surrounded by debt and confusion because of a lack of planning and preparedness for the difficulties of establishing themselves in the first year. In order to alleviate the stress and exasperation you may face, the following are four recommendations to newlyweds on how to spend money wisely within the first year of marriage.
Prepare a Budget
This is an item that will be very difficult to prepare for until you truly know what you have available to spend and what your priorities are. Some may find that it is more important to spend money on life experiences at a young age, while others may think it is best to prepare and save as much as possible. Communicate with your spouse to organize a budget that meets your needs and plans according to your desired lifestyle.
Consult a Financial Advisor
Seek out a trustworthy financial advisor who specializes in life and financial planning. Many provide their services for free, and others juxtapose their services with additional plans such as insurances or counseling. They often have the resources to offer you a good plan that will help you achieve your desired goals. Discuss where you want to be down the road, how you plan to get there, and what your short-term goals are as well.
Be Aware of Insurance Options and Costs
In addition to seeking out a financial advisor, it is also recommended to seek out an agent that can present you with the most affordable, yet applicable plan for insurances. In the event of an accident, especially at a young age, it is dire that you prepare a safety net for your spouse as soon as possible. This could be life insurance, home insurance, or even auto. Discuss what assets are most important to you as a couple and what you’re willing to spend on insurance.
Don’t Spend Money Too Frivolously
By establishing your budget, realizing your spending potential, and seeking the assistance of professionals, you begin to understand exactly how much money you have. Knowing how to save money by eating at home, conserving water and electricity, and saving on gas expenses are simple ways to protect your marriage and money by not spending it wastefully. Prepare for emergencies as well. According to Power Finance Texas, having emergency cash on hand is something all families will need at some point.
Those who prepare will be better equipped to deal with the anxieties of marriage. The new responsibilities can be stressful, but by using these tips you may find that finances at least, are easier to manage. Preparation and communication will always be the key to striving together in marriage for your individual and combined goals.