12.7 C
London
Thursday, October 22, 2020

Tips On Budgeting After Marriage

- Advertisement - data-full-width-responsive="true">

Creating your first monthly budget as a just wedded couple can easily end up in unnecessary fights and arguments. But if you can see through those arguments, you’ll discover the importance of planning together and helping each other achieve your financial goals.

Why do You Really Need a Budget as Newlyweds

- Advertisement -

Below are some reasons why you need a budget as just wedded couples. Budgeting will help you to achieve the following;

  1. To help direct where your money goes, how it is spent.
  2. To know where, when and what you spend money on monthly.
  3. To help you know how much you saved within the month.
  4. To plan ahead.

Benefits of Budgeting to Newlyweds

After knowing the reasons why you need a monthly budget in your home, it is also important for you to know its benefits. Some benefits of budgeting together include;

  1. It helps you connect with each other in a way you’d never imagine because both of you have agreed on how to spend your finances.
  2. Your communication becomes more open to each other on financial issues, and other life issues and also intimacy is strengthened.
  3. It will help to keep your marriage on the same page.
  4. It helps you to work together as a team by setting financial goals and achieving them together.
  5. It helps to build a strong foundation for marriage by identifying areas where you’re not using money wisely.
  6. It helps to reduce the chances of having money fights by becoming financially disciplined.

Budgeting Tips for Just wedded Couples

  1. Make sure you practice empathetic listening when creating a monthly budget together to help understand each other’s needs.
  2. You should learn to compromise sometimes especially when you know that what you need is less important at that point in time.
  3. Remember you both have an equal say in the things that you are budgeting for. So you should be open to each other.
  4. Before taking a decision, you should first put yourself in the other person’s shoes to know why they believe that an item is really needed by them or why you both should put so much money on something.

A Sample Budget List of Monthly Expenses for a Newlywed

Below is a sample list of a newlywed budget.

  1. House rent
  2. Food: This will include food stuff, provision, and snacks that will last for a month.
  3. Utilities: This will include electricity bills, telephone recharge.
  4. Health: It will include health insurance, gym, food supplements, prescriptions, etc.
  5. Investments, savings and retirement accounts.
  6. Entertainment: Recharging of cable.
  7. Debt: Payments of any debt incurred before or during the time of marriage.
  8. Transportation: Car maintenance, generator maintenance, filling of gas.
  9. Education: School fees, books, and other school supplies.
  10. Miscellaneous: Gifts for an event within the month, and other unexpected events that can happen within the month.

How to Create a Monthly Budget as Newlyweds in 7 Simple Steps

Marriage
Beautiful bride and groom

Step 1: Sit down with open minds and discuss with your spouse the reasons why you need a monthly budget as a family and the benefits of budgeting.

Step 2: Identify all your sources of income for the month. Whether it is your full-time job, part-time job, donations, side hustle, etc. and write down the total income you’re expecting for the month. This is very essential.

Step 3: Make a list of the things you will both need to pay for or bought within the month in order of importance that is listing from the most important things to the least important ones.

Make sure you include savings. Then you can write down what to do with any extra cash, for example, additional savings for a vacation, school expenses, pay off loans, etc.

And if you realize that your expenses are more than your income for the month, then you need to cut off the less important stuffs and re-budget. You can also start a side business to help you earn more money.

Advertisements

Step 4: You have to agree or compromise on all the items in your budget. At this point, you’ll need patience and effective communication skills as your first monthly budget will probably be the longest and hardest.

Step 5: If you decide to have personal spending money, take it out in cash so that you don’t overspend. During your first budget, it is helpful to use cash as it will help you stay within your budget and you’ll also see and feel the money leaving as you’re spending. You know you’re done spending for the month when the cash envelope is empty.

Step 6: You should understand that your budget won’t always be perfect and it will always change from month to month. You can also have a visual aid or a budgeting app to help you monitor your progress throughout the month.

I’ll suggest you go over all your spending at the end of every week to know if you’re following the budget properly.

Step 7: Budgeting for the next month, you can use the same budget plan and adjust the necessary areas. You might need one or column less or one or more new columns for the next month’s budget.

How to Stick to Your Monthly Budget?

Sometimes creating a monthly budget is more easy than sticking to it. Here is how you can learn to stick to your monthly budget.

  1. Discuss and write down your budget five days to the start date for your next month budget. Ensure your budget starts from the first day of each month.
  2. Pick a day to review your budget together weekly. It will help you track how you are spending your money and if necessary make adjustments.
  3. Commit yourselves to do a budget for at least 3 months to help you get used to the system.

Should you combine your accounts?

You may not necessarily combine your accounts, but you can open a joint account where you put all the money you have planned to spend for the month.

Even if you don’t combine accounts or operate a joint account where you keep money against budgeting, your marriage will still benefit from budgeting.

Some Budgeting Tools

Below are some free and paid budgeting softwares and apps that can help you create a monthly budget.

  1. Budget plus
  2. You need a budget
  3. Mint
  4. Microsoft money plus sunset deluxe
  5. Toshi Finance
  6. Ace money lite.
  7. MoneyLover
Loveth Oghara
Interesting, Smart, and Simple

Featured Posts

Pansexuality Meaning and Definition – What is Pansexual?

Growing up, I only knew about straight people, but now there are pansexual people, and a wide population of humans do not know who...
- Advertisement -

Things to Do Before Renting an Apartment

Before you start looking for an apartment, you should do the following things. If you do these things it will make things...

Why Every Female Should Wear Waist Beads?

Most people wonder some ladies most especially the African women and ladies wear waist beads. Some even think that it may be a form...

Attraction is Nature, Love is a Choice

To love is to be human, and they say you can’t choose who you love - but how much truth is there in this...

8 Easy Habits to Make Your Life Healthier

Everyone wants to be healthy - why wouldn’t you? But sometimes, making time for going to the gym and spending hours on meditation can...

Top 10 Home Security Systems In 2020

It's time to take home security seriously. With smart home security systems 2020, you get more security and control features than ever...

Pros and Cons of a Glass Shower Doors

Glass shower doors have been used to renovate modern bathrooms for a while now. These doors possess beautiful glass materials such as clear glass,...

Greenhouse: Definition, Types, Uses and Functions

A greenhouse, also known as a glasshouse, is a structure that is specially designed with specific features that allow it to protect...
- Advertisement -

Related Posts

11 Children of Famous Celebrities Who Are Like Their Parents

Children generally see their parents as role models and often like to do what their parents do. According to a study, a nurse’s daughter...

6 Red Flags to Look Out for in New Relationships

Meeting someone, you can be pretty exciting, and one of the things people look forward to is the endless possibilities. This new person might just...

8 First Date Mistakes All Men Must Avoid

So it is almost Valentine's day, and you have been thinking about taking your crush out on a first date, and you already feel...

Simple Tips for Destroying Your Relationship

While some of us are looking for the right words to say to save our relationships, some people are looking for the perfect words...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.