By: Brijesh B.
However married couples are still individuals and as such have individual goals as well as goals to be achieved as a couple. From dreams to financial achievements, there are lot of things to be done.
They need to preserve what they have and yet need to build new things for the future. This often creates turmoil and brings a tug of war like situation. From creating emergency funds to managing the routine finances, everything needs to go hand in hand. And keeping things in perspective becomes difficult.
To solve such small yet important things, couples needs to find a way out. Find here, some of the tips that help couples in managing their finances.
10 tips that married couples should follow for financial fitness:
Catch hold of your current status: First of all, both of you need to sit down and check your current financial status. If you have taken out any loans for marriage or other reasons then see how much of it is left to be paid up. How long will it take to finish the loan? If not a loan or a debt, then check your current savings so that you get an idea about the reality. When you have a brief idea about your current financial status then you can plan for the future.
Chart out the goals: The two of you need to sit down and chart out clear cut goals for the present and the future. While doing so, you need to be realistic and check what you are planning would work out keeping your current situation in mind. Make sure you consider your individual goals as well as the goals that you want to achieve together.
Become each other’s financial support: There can be times when any of you need to be a monetary support for the other. Be prepared for it and accept it. If your partner wants to educate further or plan to start a business then the other needs to earn which could be an unexpected thing. Be prepared for it as things can change.
Create an emergency fund: Put aside some cash to deal with any emergency situations. Be it job loss, car breakdown or critical illness, any kind of emergency needs some funding. If you save some amount for such unwelcome situations then you would not be financially troubled if anything like that happens.
Budget and save: Your home runs in a certain way. You need to plan your monthly consumption of resources like electricity, gas, rent, insurance and other necessities. Make a budget for it and follow it to keep a tab on the cost of living. Make use of coupons, discounts and other mediums to save on your energy bills and other outlays.
Budgeting apps can work best: For tracking your spending and expenses, you can use apps that give you details about your daily spending and comprehend it for monthly expense. This will help you get a clear idea about the necessities and where you can limit sprawling money. As a couple, it’s important that you keep a budget and maintain it.
Create a sweet home not a lavish building: You may not need a lavish building as a small yet comfortable house will do wonders for you. Invest in a house which is used properly and do not waste money on extra rooms that may get used occasionally. Your home should be functional, comfortable and affordable. Make savings by saying no to a lavish place when you can do with a cute and cosy home.
Plan for retirement: It may sound quite early but then starting to plan early will help you a great deal when you get old. That retirement pension policy which seems like an early investment would actually be a wise investment if you do so. Try to invest 10% of each of your income into retirement plans.
Try for a second job: If the current job is not enough to fulfil your financial goals then take an additional job. This could be a temporary and part time job that you can do by spending only a certain hours of the week. This additional money will help recover any debt or add to your savings that can be used for achieving things that you have planned.
Spend and save: You can choose credit cards that offer bigger rewards. Like some of them may give you more discount than others so, choose such cards that saves you money. This will help your saving’s pot’ get filled bit by bit. Essentially, the aim is to be mindful of your savings and outgoings.
By following these small yet effective tips, you can reach your monetary goals without much of a hassle. During this time, you need to have patience as uncertainties of any kind may crop up. However, with a little care and mindfulness, you can easily achieve your financial goals as a couple. All the Best!