The decision has already been made and soon the couple will share the same house. But beyond the joy of being together, they will also share expenses and the timing demands financial organization. From this, the concern about how to raise money becomes more evident. Therefore, we have selected some tips that can contribute to the couple's union happening without the ghost of debt.
Planning and goals
The first step in securing a financially peaceful union is to plan yourself. It is crucial that the couple establish how much they want to spend both at the beginning of the marriage, choosing where to live, for example, as well as during the relationship, calculating monthly expenses.
Once you know, even if approximately, how much you will spend, you can start to plan how to raise money to pay the expenses. The great advantage of planning is organization, but the decision-making process can lead to some misunderstandings as priorities can be quite different.
Balance of spending
A simple way to get started is to balance the couple spending. Again, setting priorities is essential. But how can you resist the temptation to buy that coveted item from the mall window? Every time we feel like spending, we can ask ourselves two little questions: Do I really need this? And if need be, it has to be now?
Another tip to help balance expenses is to record everything you spend. This can be done in a spreadsheet or diary and will help the couple understand what and how much they actually spent. From this, it is easier to define what to save on.
It is worth remembering that the tip is to balance spending and not refrain. Failure to spend on leisure, for example, can do harm and save too much can result in boredom: surely no one would like to be called a "coworker".
Marriage Account and Joint Account
Another option to balance spending is to open a joint account, because by sharing the same bank account the couple better control expenses and end up paying less interest and fees.
There is even a more modern option to save. Some banks have made available to marriage account. It is a joint account that helps in spending planning. First, the bank conducts a financial planning for the couple: You define how much you want to save, how much time you want to raise money and which investment plan is best for the couple. From this the bank calculates the amount to be deposited every month and shows the total at the end with the monetary correction.
In this case, the marriage account works as an application and proves to be useful in the long run. It is a great idea for couples who can negotiate and are disciplined in paying installments. In fact, discipline is a key factor when it comes to save to marry.
If You’re Broke Or Struggling Financially, Follow These Steps To Change Your Financial Situation (May 2024)
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