While many people in Milwaukee think that newly married couples should start planning for their financial future immediately following the honeymoon, the truth is that they should begin a budget even before the wedding. Monetary stressors are the number one cause of early divorce rates, as tension about money leads to spats and squabbles regarding other factors. To help prevent the all too prevalent occurrence of early marital estrangement, let’s discuss a few budgeting strategies for newlyweds.
First, do not spend the equivalent of a small mortgage on a large wedding and honeymoon. A surprisingly large number of newlyweds actually increase their overall debt in the effort to have the perfect wedding. As any level headed grandparent or parent will tell you, a perfect wedding is having the right person by your side and the right people to witness it. Your family will enjoy a small intimate wedding just as much, if not more than, a large extravagant affair where no one really knows anyone. And you and your new spouse will have one less thing to do deal with after the vows have been said. Another way to help with overall wedding expenses is to downscale or eliminate a lengthy honeymoon. Yes, you want to spend time with your new partner, but realistically you will be together for decades to come. If you don’t have the finances to pay for a two week beach vacation in cash, don’t do it; opt for a weekend getaway at a nice bed and breakfast instead. There will be plenty of time for travel after you have secured your financial future.
You have had the wedding and you are now beginning to join your assets and your debts. This is something many couples do not consider when they are married; uou will receive all of your fiances’ best and their worst. Ideally, before the wedding you should have discussed each other’s debts and monthly payments. Gather all of the information and plan realistically. You may not be able to buy that brand new house during the first year of marriage, instead you may have to pay down your wife’s student loans and your husband’s car loan before home purchase comes into the picture. Do not overextend yourselves in any way that may incur more debt; you may have to pinch pennies for awhile, but it will be worth it in a couple of years.
However you decided to allocate your monthly finances, always make sure there is a little wiggle room for emergencies, or for fun. You do not want to budget yourself to every last cent, or you will encounter problems and stress. A universally successful plan is to take ten percent right off the top to put into savings. If you can do this comfortably, then you should ask your employer to make two separate deposits for pay, one of ninety percent into your checking account and one of ten percent into your savings. By doing it in this manner, you won’t even notice the money is “missing” and you will end up with a tidy nest egg to use as you see fit down the road.
The first few years of marriage should be about getting to know your partner on a more intimate level and about reveling in the joys of sharing a life together. By taking a few precautions and keeping to a budget, you can keep from being financially stressed and possibly heading towards divorce court before your first anniversary. Be as diligent as you were about finding your other half as you are with your finances.