7 Money Saving Tips for Newlyweds
It’s official. We’re in full-blown wedding season. Which means, brides and grooms across the country are either preparing to walk down the aisle or are blissfully enjoying life as newlyweds.
Whether you fall into one of these buckets, or are still in the honeymoon phase five years into your marriage, it’s always a good idea to sit down with your spouse to chat through your finances—which can help ensure you’re on the same page when it comes to spending and also brainstorm potential ways to save more money for your future.
To help you get started, we have compiled a list of our top 7 money management tips for newlyweds. Check them out below:
While this may seem obvious, a lot of couples forgo this step and as a result, may miss out on opportunities to save money and grow your investments. That’s why, it’s smart to set aside time to discuss your money management approach (both your individual approach, and your approach as a couple).
2. Set Goals
Perhaps one of the top money management tips, is to set AND write down your goals. Why? Because “you are 42 percent more likely to achieve your goals if you write them down” (Inc.). So get out that pen and paper, record, and envision your future together.
3. Create a Budget
Whether you are managing separate bank accounts or combining all of your assets (a good thing to determine in Step 1: Talk), it’s recommended that newlyweds create a budget that works for both of you.
4. Stick to the Budget
Speaking of budgets, did you know that “According to a new survey from Bankrate.com, 82% of Americans say they keep a budget.” Which is good news, right? Almost. Bankrate dug a little deeper and asked people how they track their budgets. The answer? Well, they found that
“about a third just scrawl it out on paper—and almost 20% say they budget just by keeping track in their heads” (Time). This method can make it difficult for one person, let alone two people, to stick to a regular budget. To avoid this statistic, work with your spouse to regularly update your budget and have periodic check-ins to check your progress.
5. Plan a (Cheap) Date Night
While it’s fun to splurge on the occasional date night, one easy money management tip for newlyweds, is to host more of those romantic dinners at home. Try to incorporate things like a game or movie night, and you may discover that you actually enjoy and prefer date nights at home (while also saving money!).
6. Work Together as a Team
Many people assume that when you get married, your spouse’s debt automatically becomes yours. While this is a common belief—it’s not true. Instead, “credit reports are keyed off each person’s individual Social Security number. Since your Social Security numbers don’t merge together into one number when you get married, neither do your credit histories” (Credit.com).
While this may be good or bad news (depending on your credit history), it is still important, as a key money management tip, that you work together as a team to pay off any debt. This approach will pay off when it comes to larger investments, like buying your first home. If your spouse has a pile of debt, it could mean for example that you may have a more difficult time getting approved for a home loan.
7. Pick Your Roles
While all of these money management tips are important for newlyweds, one top key to success is to understand and embrace your roles. If you’re like most couples, there’s probably one of you that’s comfortable with taking the lead on building and tracking the budget (if you both like this job, even better). No matter where this responsibility falls, and others like it (i.e. paying the bills), the ultimate priority is that you “both have a strong sense of your overall financial situation” (Money).