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10 Money Saving Secrets: Newly Married Couples

Do you want to know money saving secrets for newlywed couples? 

Is it your first Valentine’s Day as Husband and Wife?

After all the glamour of your wedding, it is time to get serious about stuff you may not want to face – money matters. Married life is not always romantic. Put in the ‘money issues,’ and you’ll see the storm brewing.

Money issues can smash your marriage if you don’t plan as early as now.

10 Money Saving Secrets to Balance Love and Money as a Power Couple

10 Money Saving Secrets for Newly Married Couples

Credit: https://www.budgetdirect.com.au/blog/11-tips-to-save-money-in-tough-times.html

Learn each other’s financial habits

Now that you are married, you have pooled together your finances. Unfortunately, it means that your financial habits and your spouse can affect you too. For example, your spouse is into online shopping, and you are into collecting matchboxes. So then, you need to set your priorities straight. But make sure you don’t force your spouse to shift his or her financial priorities immediately.

Learn your partner’s financial habits. You will be able to adjust to each other’s financial strengths and weaknesses. Also, be open about each other’s financial responsibilities. For example, is your spouse expected to support his/her retired parents? If so, how will you plan your finances together with these responsibilities?

Settle your existing debts as soon as possible

You started to open up about financial habits. Now is also the time to tell your spouse about any existing debts. Your debt can also affect your partner. So pay your debts as soon as possible. In addition, do it before you end up young, married and broken together.

Avoid mixing emotions with financial discussions

One of the most known reasons for couples’ arguments is money. So if you talk about money and the conversation soon heated up, take a second to breathe. Push away the temptation to walk out. 

Walking out does not solve the problem. And this is a sure way to prolong the argument. Instead, learn to control your emotion. Also, deal with the issue at hand. Finally, be open-minded about what your spouse has to say.

You are now a husband and wife. You have to take care of each other physically, emotionally and financially. Hurting your spouse’s feelings with harsh words will not help balance your finances. That’s why this is one of the money saving secrets to keeping a healthy married life. 

Discuss bank accounts

Since you are married, do you have to combine your bank accounts? What if you have different banks? On which bank will you open your joint bank account?

Being married does not mean you need to combine all of your money and pay together every expense. Discuss if you will keep your separate bank accounts. In addition, assess if you even need a joint bank account. You can list your expenses. Then, decide which ones you will handle together and which ones will you pay individually.

Do the same with your savings. You can decide how much you will save together in a joint account. Also, designate which expenses will you allot to it. For example, your joint account is for your future children’s needs and household expenses. On the other hand, your separate accounts are for individual needs.

Create a SMART budget plan together

Make sure your plans are both short-term and long-term and must be SMART. Save up for something specific. However, make sure you have the same goals.

You are saving up for a car loan, but your spouse is saving up for a trip to Paris. You have the same pool of funds. And since you are going in different directions, you are both bound to fail. So work together to reach your goals together.

Also, make your plan realistic based on your current income, investments and responsibilities.

Save up for the rainy days

Have a separate account for emergency needs. You will never know when you will need emergency cash. But when that time comes, you will be thankful that you have it. For example, you are suddenly laid off, or one of you suddenly got sick and cannot work. Then, your emergency funds can help you survive at least for a few months.

Learn financial literacy together

It is fun to learn together. Read financial guides in blogs and books. Share what you have learned together and have open discussions. You can discuss it while hanging out together at home. Be open and respect your partner’s opinions. Read blogs while sitting beside each other.

It is one of the best money saving secrets for newly married couples. The method makes you bond and communicates how you will handle your finances. 

Keep an active role in money decisions.

Do not let your spouse make a financial decision alone. Remember that you are now partners. So no matter how boring investing is for you, support your spouse. Be involved yourself by asking essential questions.

What if your spouse suddenly passes away? How will you deal with his/her finances and investments? It is the same if your spouse has a business. Understand how it runs or if it is left in your hands. If you have no idea about it, everything will go in vain.

Understand your employee and government benefits

Learn your benefits and how you can avail them. For example, you plan to buy an HBD flat together and live with your parents. How will the CPF help you? How much can you apply for? In addition, what if your first baby is born? How can you get the childcare subsidy? If you want to expand your business which government program will you apply for?

Have a “Fun Funds”

Marriage is all hardship at work, and everyday balancing acts like juggling your finances. However, do not lose the romance. Have some fun funds. Go out for a simple dinner every once in a while. Watch a movie or travel. It is one of the ideal money saving secrets every couple needs. 

Aside from talking about money, have some time to talk about other stuff. For example, express your emotions about your day at work or tell some silly jokes. Also, watch TV programs, movies and even artists together.

The best financial tip, perhaps, is to keep the love burning. When you love each other, you will be more inspired to work harder. Thus, it makes you save up to support your individual and mutual goals.

And if ever you face urgent cash needs, look for Cash Mart. It is one of the leading licensed money lenders in Singapore. It offers various loan products like a personal loan and a payday loan. Although it is not mentioned above, it is one of the money saving secrets married couples do.