Saving Money Together After Marriage
Money is a major factor in marriage. The good news is; it is one of the few things in marriage you can have total control of. As a married couple, it’s important to have conversations about finance. If you and your spouse are secretive about how much money you make, it may be a disaster (unless of course your partner has proven to be grossly irresponsible with money). Your spouse is your partner in money and finances, so here’s how to make it work saving as a couple.
Create an Investment Account
This is probably one of the best and safest ways to save. You and your spouse could try money market or any other asset management and investment accounts. It’s reliable because unlike a normal savings account, there are laid down rules. Thus, you’re not tempted to take out money anyhow and at any time.
Cut Out Unnecessary Costs
How much goes to entertainment and socializing? Maybe you and your spouse go out to the club or to the movies every Friday night, eat out every week or get cocktails every other day. Try cutting out some expenses you may be used to. This will mean being honest about what you’re doing that doesn’t make financial sense. It could also be bills that may not be needed. For instance, you and your spouse are never really in the house until late at night but pay for WIFI that lasts all day. You could step down to a night-only plan. Even what seem like small cutbacks add up to surprising amounts in a year.
Give yourself a monthly salary
Save first, then spend what’s left as dictated by the budget. You and your spouse should allocate a fixed amount to put away each month, and then pay yourselves an allowance each month from your pooled earnings.
Have a pension account
Start a pension account even if you have one set up by your job. A little money put in every month means you are saving for later years. You won’t be able to touch it until at a date set by you, perhaps in 30 years’ time? So many people are now realizing the importance of being financially independent in old age. No one wants to burden their kids anymore!
Won’t it be lovely when you have gone grey together, to relax knowing you have enough to care for yourself and to leave a legacy for your children?