Starting a new stage as a couple also involves successfully responding to finances. New expenses ahead and these merit organization and responsibility, but also commitment and honesty.
Here we share 5 financial tips for newlyweds or for those whose goal is marriage soon and need to add numbers before, during and after the wedding.
1. Perform a financial analysis of both (before)
What is the status of the marriage accounts? What are your main economic responsibilities? This is the time when they can do some x-rays of their finances and make it clear in what their state accounts, debts and financial plans are. Consulting an accountant or a financial analyst to help them in this aspect is ideal.
It is at this stage that the debts that each one have are clearly established. In this way, an honest agreement is reached from the first day of the union.
2. Set a budget
Once the economic scenarios of both have been clarified, the expenses that will be incurred at home are considered and a budget is established. Just as you do with your individual expenses, you must take them into account for the administration of your home, including the commitments that come with the marriage. How to achieve it? They can discuss this topic monthly, count on the help of an accountant or even download mobile applications to monitor expenses and meet the initial goal. Here we offer three options: MoneyBird, DollarControl and Wise Money
3. Save before and after the wedding
The party will be beautiful! There’s no doubt; Where there is love, there is joy. However, do not think about the party and expenses without thinking about paying off debts. For example, set a savings goal together for the big day and consider subsequent expenses. They can be from the honeymoon, to expenses for the house, but that post-wedding budget is necessary and can be coordinated in advance.
4. Decide who will handle what expenses
Before marriage, decide who will be the administrator of household expenses. Understand yourself, the person who will carry the numbers. That does not mean that you will control what each will buy, but that the financial goals of the marriage, the budget and the debts they have together are met.
5. Think about the future
What are they thinking when they talk about the future? House purchase? Holidays? Studies? Sounds? All questions are answered with responsible financial planning. From the beginning they should make it clear what type of accounts they will want to have and how they will divide them. How much will they contribute to that fund as a whole and what will be the purpose of that account? Consider how much everyone earns and how often they will contribute to the fund. With this in mind, those future plans will be attainable. Saving for couples, personal goals, regular expenses and an emergency fund are essential in life (individual and in marriage). Do not forget!
Did you talk about the financial impact this represents for you as a couple? Do you consider establishing new alternatives to meet economic responsibilities? This is the time to speak and clarify the decisions that will be taken from the financial point of view. So you can enjoy this new stage full of love and tranquility. Happy marriage!