My husband and I were married 10 years ago, and I vividly remember that first year of our togetherness. We had moved to a new city, had found new jobs, and we were excited! For the first time we felt the liberation of “well-settled” adults in a comfortable life.
Our way of discovering our new life and the new city involved incessant shopping and eating out! Our combined incomes, more than ample for two people, would soon run out at the end of the month. Strangely enough, we cared nothing about it, because we were in love and we were happy!
We look back today and wish that someone had told us that saving was more important than spending. If only we knew how expensive child care, medical expenses, baby food, education, insurance, and life in general could become!
So, here are a few pointers to start you thinking along the path of responsible money-management as a couple:
First Things First:
When you are in the first few months of your marriage, everything is new, exciting and (dare I say), rosy. Your natural instinct is to not rock the boat too much. Nevertheless, it is important to start talking about finances and money management from a very early time in your marriage. Talk about what accounts you have and how much debt each of you might be carrying. Full disclose is always best in matters of money. Share your preferred money-management and savings methods, and how you would like to include your spouse in them. Ensure that both of you have a good understanding of how money should be managed in your family, moving forward.