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Money Management for Newly Weds

Updated on August 14, 2014

While we decide to get married and start a new family it seems like we are about to enter in a perfect world where everything will be as beautiful as in our dreams. We forget about many important things that we have to face-the realities of life. 

Successful marital life requires wisdom, cooperation, self-satisfaction and understanding. A combination of all of these things can help in the proper handling and earning of money by the couple.

I have encountered couples who looked satisfied with their lives in the first few years. They had every stuff they wanted to feel happy and contented. This satisfaction proved short-living because they had expenses greater than their income. After 4-5 years of marriage, they were bank corrupted, had no savings, no house, no vehicle with the addition of 1-2 kids in their family. What is the result of this type of marriage-chaos! When there is no financial planning lives shatter and in many families problems, conflicts, fights and quarrels are due to money issues. Many couples get separated or divorced because of money issues. What happens in the first few years husband earns less but spends more but later on when they are under debt they have to spend less and earn more; husband kept on blaming wife for every financial problems and wife could not live without the stuff she used to live in initial years. 

The solution is simple spend less than what you earn and you will see the results in future-better results.

Little can make difference sometimes
Little can make difference sometimes
Save today; spend tomorrow
Save today; spend tomorrow

Best Strategies to Handle Money

We tend to focus on enjoying life after marriage forgetting about any other issue; we forget about the future. Enjoyment should have to be a necessary element but there are other issues too. Three things are to be considered as far as finance is concerned: first, earn enough to fulfill current needs; second, save enough to cope with any future needs; and third, enjoy your life in such a manner that the first two are not disturbed.

  1. Earn: during initial years of marriage one can work for long times because energy level is greater. This does not mean that you should not have time to enjoy. Enjoy your life to its best but look for possible ways by which you can earn extra money. There are ways to earn money while staying at home. Freelance work is the best example. Your spouse can also help you in this regard. Think about creative ways in which earnings can be increased.  
  2. Save: save as much money as you can. Saving is important because you will need to fulfill bigger needs in future. Buying a house, a vehicle or going on a world tour require greater planning and saving of money. If there is any debt that you have to pay than first consideration should have to be saving for repaying debt. 
  3. Enjoy: earning and saving should not hinder in enjoying life but their are ways in which you can enjoy life with less money. Inexpensive holiday trips can be planned and if you want to save more money you can have some plan at home which can save money. A bonfire at home will be both fun and economical, on the other hand going outside for dinner can be expensive. Find out ways in which entertainment, recreation and enjoyment can all be obtained at least costs. 

Keys to Bring Financial Peace in Your Life

These tips can work in amazing way, you may not have everything in your relationship but presence of some of these can bring financial peace.  

Understanding: you know your spouse and about the earnings he can make to fulfill your needs. You know about his/her capacities. When you know each other you can manage your financial resources in the right manner. The better you understand each other, the better you can bring peace and harmony in your life. You know your spouse cannot go beyond beyond this limit and you try your best to remain below the limit will enable you to save for the future and have financial security. 

Cooperation: only understanding cannot work until you are ready to cooperate too. If you are willing to cooperate with your spouse during initial years later on you will have enough saving that can guarantee prosperity in your life. We all love stuff and want to have everything in our homes but if you decide with cooperation that you will not waste money on unnecessary stuff; you will be able to save few hundred dollars each month. If you have too many unneeded products in your home you can sell them to a bargain or can hold garage sale so that you can get rid of extra stuff at the same time earn money. 

Wisdom: all of this planning, understanding and cooperation require wisdom. Planning in advance for present and future needs will help you in many ways. A wise plan once made can save you from future worries. You made a budget with consensus of your family members and try your best to stick to it, in future you will feel lighter as you will refrain yourself from impulse buying and wastage of money.  

Self-satisfaction: to have financial peace you should learn to live a satisfied life. "Stuff" is not everything for love and peace in life. Healthy relationships are foremost important in successful life.


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