So, you’re married. The process leading up to the wedding day was probably very expensive. Now is the time to buckle down and keep more money in your bank account while saving for the future. It isn’t easy. You want the good times to continue, but you also want to have a decent foundation for your marriage and new family. Whatever you plan on for the future, finance is a huge part of married life. Below are some financial tips for the first year after you get married.
First, if you haven’t already gone on your honeymoon or planned it, you should think about this in the context of your finances. If you want to keep some money in your pocket, you should think about downgrading your honeymoon from a full-on trip to a staycation or an adventure closer to your house. Have you already taken your honeymoon? Was it expensive? If so, there are plenty of other ways you can get back on top financially and save money in the first year of your marriage.
Don’t Upgrade the Home Just Yet
You probably already lived together when you got married, but now you’re thinking about upgrading your home. You want a bigger place with more room. If you have kids or are thinking about having more, then you probably want a house or at least a home big enough for everyone. Still, pulling the trigger on a new home is a big financial decision that should be carefully considered. It might not be the right move to buy a home right away. Even if you have the money, you should save up for the first year or so of marriage and combine your resources properly before buying a home. It may be tempting but show restraint!
Utilize Your Combined Forces
A lot of early marriages include partners who are afraid to fully integrate their finances. This is usually a mistake. Not only should you include each other on what each of your finance’s is like, you should share bank accounts, credit accounts, and other financial resources.
If one of you has debt, essentially both of you have debt. It’s important to help your partner become free of any debts. You can also have access to better loans and financing when you have a high credit score together. Localized lending, whether it is loans in Gallup, NM or in Chicago, will become more accessible to you. There is more security and lenders are more likely to provide the funds you need if you apply as a unit. Furthermore, when you are both more aware of each other’s individual financial standing, you can take steps to strengthen your foundation in marriage.
Don’t Change Jobs Unless It’s a Pay Upgrade
During this first year of marriage, you are creating a foundation both monetarily and in your relationship. It’s imperative to keep this foundation strong for the first year. Of course, you will want to shake things up and keep your lives interesting, but you should refrain from making any big leaps like quitting your job without a replacement or downgrading your pay. You can think about these long-term shifts and talk about them during this time, but it is wise to refrain from impulsively changing your life too drastically.
Enjoy Your Life
A huge part of the first financial year as a married couple is enjoying what you have now. If you aren’t happy in your life, you may spend a lot, change jobs, or make a huge change that isn’t sustainable. One of the best financial tips for your first year as a married couple is to enjoy your life together. Cook at home. Watch movies. Enjoy each other’s company. Make a home. Live in it.
A lot of couple’s struggle with that first financial year, but it doesn’t help to stress out about it. Think about it this way, you are stronger now together than you were individually. You have more resources, income, and lower overhead. If you didn’t live together before, you should try to stretch your dollar in that first year. Whatever you need to do, it’s important to create the foundation in which you will base the rest of your lives. Now is the time to start building something special.
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