How to Save Money in Marriage (as Newlyweds)

How To Save Money In Marriage As Newlyweds

Weddings can cost a lot of money. It only happens once (ideally); it unites you and your loved one in the sanctity of marriage and brings both families together to witness the special event. It’s only natural to spend a significant amount of money to ensure that the occasion adheres to your dream scenario.

After the wedding comes the honeymoon, which isn’t an inexpensive trip either. You want to make your honeymoon as romantic as possible, and oftentimes that includes a trip abroad for two.

It’s alright to spend on these things because they are important events in your life. However, if you want your married life to be comfortable, you’ll both need to manage your finances wisely as a couple. Here are a few easy tips to save money more effectively so you can plan better for your future together:

Review your expenses.

Now that you’re a couple, there should be minimal, if not zero, secrets from each other. This includes your individual finances. Take a look at each other’s expenses and see if there are ways to combine, refinance, or remove some payables altogether.

A good example of expenses that you can modify and combine are insurance policies. Insurance companies offer a different package for single men and women than they do for married couples, so feel free to explore what your current companies have to offer. Compare their packages and decide on where both of you should sign up. Being insured by the same company also opens up chances for discounts and other promos.

Update tax withholdings.

A lot of things will change after marriage, and your taxes are no exception. Single people pay taxes at a different bracket from married folks, so you need to be sure that both of you update your new tax bracket after getting married.

Go on reasonable dates.

Prior to marriage, a lot of couples spend a considerable amount on dates. Men want to impress women and prove that they can provide for them, so they usually go somewhere fancy and pick up the bill. Once you’re married, there’s no need to do that anymore.

Scheduling a regular date night is certainly a good move to keep your marriage healthy, but it’s better for your finances if you can go on cheaper dates. Try a new activity for free, or visit a new low-cost restaurant to widen your food options. Of course, it’s still okay to go to a fancy restaurant occasionally if you feel the need.

Consolidate your property.

Since you will be moving in together, it’s highly likely your new house won’t be able to fit all the things you owned before when you lived in separate houses. There will surely be excess appliances, furniture, and other items because both of you might have it.

You can try selling off the things you won’t be bringing into your married home to make extra cash. Besides, getting rid of unnecessary stuff now is better than worrying about how to declutter in the future when you feel your house is too full of things you don’t need.

Put your savings toward goals.

The best way to save money is to have a clear goal as to why you’re doing it. Set realistic goals with your partner on how much you want to save for a particular period of time, and what exactly you’ll be using the money for. By having clear objectives to set your minds to, you’ll have an easier time managing your finances because you know exactly what you want to achieve.

A Final Word on Saving Money in Marriage

Marriage is the perfect example of a true partnership. To succeed as a couple, you need to both be on the same page most, if not all, of the time. The same applies to reaching your financial goals, you need to understand each other’s spending behaviors so you can help him (or her) make the necessary adjustments if necessary.

Goal-setting is important because it serves as extra motivation, especially when you’re tempted to spend on unnecessary wants. You can put anything as your objective as long as both of you agree on its importance. It can be a savings account for your future kids, an emergency fund for medical expenses, or a way to buy your dream house that you just can’t afford right now.

If it’s the latter, you can always reach out to Storz Realty so they can help you look at your options in the near future. If the stars align, they might be able to help you secure that dream house sooner than you think.

(Source: Nerdwallet)