A good couple always tries to keep the promise they made to each other. Rain or shine whatever the day comes, they may certainly overcome any unforeseen challenges by arranging good money management habit at the dawn of their new life.
Different couples decide on different solutions that suits best according to their life style. Before making any plan it is important to ask yourself whether you’ve blend or merge your financing with your spouse.
A newly wedded couple could plan to open bank accounts either singly or jointly, get a mortgage in both names, or share credit cards together. In fact it all depends on how much you trust each other, and how well your spending and saving habits blend.
Whatever your decision is, you must create an emergency fund for your own. Do not forget you will certainly face tough time ahead, so try not to let the money make your situation worse and same time not to put burden on others. A wise thoughts may help you to stand firm in times of need:
– Open a savings account with your single name.
– Open a Term Deposit (at least 5 years) with 50% of cash you had received or saved in your wedding. Try to increase this fund every year.
– Save at least 15% or more from your salary; depends on your retirement age. (i,e 55 or 65 years) and forecast how much you spend after you retire.
– Save regularly a small chunk even some cents that will help for long run.
– Be responsible to share some house utility bills but not all.
– Plan for some investments in real estate, land or gold.
Husband and wife should always be respectful to each other and might encourage to take part of managing their money either singly or jointly. All newly wed couple are advised to create a good money management habit, to check and balance life’s demand for many years to come.
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