Personal Finance and Tips to Newly Married Couples
A study reveals that couples who are newly married may tend to spend more than their capacity. But, they should avoid this tendency if they want to have a secure financial future. For those who have been spending extravagantly before their marriage, this may be difficult but, they cannot afford to have the same approach even after their marriage. They should learn their lessons and start saving money for leading a happy life.
The outlook of every individual towards personal finance may certainly be different. But, after marriage, the man and the wife may find that they get largely influenced by the opinions and habits of their spouse. We come across people who like to bear the complete financial responsibility themselves. We also meet people who believe in discussing and sharing every aspect of their personal finance with their partners. There are people who may never bother to shoulder responsibilities at all. They leave everything to their partners. There is another group that believes only in spending and squandering money. The last group of irresponsible people may be telling a series of lies to hide their activities. But, the truth about their activities will come to light very soon. The fact is that only if the man and the wife have complete faith in the other partner, things may work out. But, both should earn such a trust.
If you are newly married, the following tips may help you and your partner to manage your personal finances efficiently.
- Trying to become an expert instantly may prove to be disastrous. Many couples commit this mistake. They discuss superficially and decide to be frugal. They start off without having any plans. This may be brutal. Though there should be discussions, they should be threadbare. The process of implementation should be subtle. There may be many trial-and-error steps. So, expecting an instant change-over is wrong.
- Discussions with your spouse should happen as early as possible. Delaying this is wrong because if the financial situation of one of the partners is not good, things may worsen before the discussions happen. During your discussion with your spouse, you must openly tell all the details about your financial situation. The same applies to your spouse also. You may have some savings, you may have debts and you may have financial goals also. If both of you share all these details, you can integrate both the details and chalk out plans. Early discussions may dispel some of the wrong notions your partner may be having. Very importantly, you and your spouse should be open-minded and should be ready to accept the real situations.
- While making out plans, there should be separate plans for short-term goals and long-term goals. Long-term goals may be that both of you may like to own a home or may want to seek early retirement and so on. There may be plans to start your own business also. Both of you should discuss all the possible ways to achieve these goals and zero in on the most practicable plan.
- As far as short-term goals are concerned, there should be a monthly budget and both of you should make all-out efforts to stick to the budget. There should be periodical reviews so that necessary modifications can be made to the monthly budgets.
- In a family, the necessity for an emergency liquid fund need not be over-emphasized. You should have a separate plan for having such a fund also. In addition to that, there should be concrete plans for the retirement years.
If you and your partner hold purposeful discussions, anything can be accomplished. But, there should be a perfect understanding between both the partners. Otherwise, no amount of planning will help you in achieving your financial goals.