Marrying the love of your life is a wonderful thing and something that most people will strive for throughout their lives. However, once you’ve exchanged rings, you need to start your life together, and this can sometimes lead to a few challenges that may easily send even the happiest of relationships spiraling into despair.
One of the biggest issues that newly married couples face has to do with their budget and how they’re going to spend money in the years ahead. Once you agree to marry someone, you also agree that what’s yours is theirs. This means that you need to think carefully about how you’re going to budget and save cash going forward.
If you want to prevent money worries from damaging your future and your partnership, the following tips will help you to create a harmonious environment for saving.
1. Be Transparent
There are few things more meaningful in a relationship than honesty. Some married couples even decide to combine their bank accounts, so that they can always keep track of how much money they have together. You don’t have to take this approach if it’s not right for you. Just remember that your spending habits need to be transparent. Married couples aren’t just partners sharing a house; they’re people who need to make every essential decision together.
With your goal of transparency in mind, set up a plan for regularly meeting with your partner to discuss your spending goals. During this meeting, you can talk about your budget strategy, and figure out whether there are any areas that you might need to cut back on going forward.
2. Come to Terms with your Spending Habits
There’s a good chance that you and your partner have learned a few things about each other’s spending habits during your relationship together. However, now that you’re married, you need to be even more aware of each other’s spending and saving activities. This will help you to protect each other from the triggers that could end up harming your budgeting strategy.
For instance, if you know that your husband has a hard time when it comes to overspending on clothes, you can make sure that you always go with him when the time comes for clothes shopping. On the other hand, if you know that your wife spends too much on food, you can come up with a list together before you go to the supermarket each week.
3. Be Flexible With Each Other
Budgets are complicated. Sometimes, emergencies can happen in life that force you to spend in a way that’s different to whatever you planned. The best thing you can do in this situation is to make sure that you don’t get angry at your partner. Instead, be flexible and look for a way to rectify the problem. For instance, if you ended up with a flat tire on your last road trip, it probably wasn’t anyone’s fault, but now you’ll need to find some extra money to pay for a repair.
The best way to prevent arguments and make sure that you’re always prepared for what might happen in life is to set aside some cash from each month towards an emergency budget. You can tap into these funds when things in your life don’t go according to plan.
4. Never Make Major Decisions Alone
Different couples will have different guidelines in place for how much money they feel comfortable with their spouse using without their permission or insight. However, it’s worth noting that you should always make your big financial decisions together. Although it might be okay to come home one day with a £50 pair of shoes for work, it probably isn’t a good idea to take out a £2,000 loan for a new television without your spouse knowing.
Set a threshold amount for how much you can spend individually, and how much money requires a joint discussion. Additionally, it’s usually best to discuss loans together, as they’ll make an impact on your monthly budget going forward.
5. Share the Same Goals
Finally, if you want to be financially fit, then you need to commit to regular saving. However, saving is much easier when you have a positive goal in mind to strive towards. To ensure that you and your partner are on the same page, make sure that you have a specific goal that you both want to achieve. While both of you can have smaller individual goals that you might strive towards by yourself, the bigger goals are reserved for both of you to accomplish as a team.
If you’re both equally passionate about your goal, there’s less of a chance that one of you will end up falling off the wagon.
Disclosure: This is a collaborative post.