“For richer and for poorer.” That’s the promise every newlyweds say to each other. Part of being tied together by the holy matrimony is sticking with each other through thick and thin. Through financial ups and downs. And what better way to start your matrimonial bliss than getting ready for your future financial stability.
Many couples fail not only because of personal issues but also because of financial ones. Money is an integral part of every new family. It is the foundation in which you are going to build the pillars of your future together. That’s why it’s better to be smart on how you handle your money early on in your married life. The following are the steps that you should follow to manage your money properly as a couple:
List down goals
The two of you will be more motivated if you set down the goals that you want to achieve. No matter what those goals are, may it be a house, a car, or your own business, do not forget to write it down. Have a sit and plan out how you guys will be able to achieve these goals.
Be honest about your finances
You and your partner should be honest on your finances and expenses. Be open minded if your monthly expenses should change for the better. Maybe you should cut down your monthly shopping so that you guys will be able to save up for a down payment for a car. Remember that marriage is all about sacrifices and teamwork and so thus handling your money.
The issue of bank accounts
Another question that you have to consider is do you have to open a joint bank account. Joint bank accounts for married couples can be advantageous especially if you want to simplify your finances. However, you and your partner might also want to retain an account for your own personal use.
Fortunately, you can have both. You can create a joint account and maybe put at least 20% of your savings to a joint account and put some to your personal account. The joint account should stood as the shared money that you and your partner can use in case of emergencies and so on.
Create a budget
In order to reach your goals you and your partner should be able to stick with your budget. Create a budget that consist of food, utilities, or your date night expenses. Also, do not forget to track down your expenses.
Do not forget retirement
This is not only for married couples but also for single people out there. Do not forget to think about the longest of all long term goals: the retirement. Do not forget to put an amount on your GSIS or SSS accounts.
For better or for worse, you and your partner will live happily ever after if you avoid financial mishaps on the road. Remember to always look after each other and learn to give and take. Because after love, that is the next thing that matters most.
