Married life is not always sweet. When you are single, your goal of working is to provide for yourself, unlike the married couple. Newlyweds must have sufficient financial grip in navigating domestic life. Couple’s quarrels are often caused by economic factors. Here are tips that you can apply to manage newlyweds' finances for a bright marriage future.
Share Your Financial Responsibilities
The first and most important step when talking about newlywed finances is to share financial responsibilities with your partner. This way, you can avoid misunderstandings in the future about who is responsible for all household expenses.
The share must be done with careful calculation. You can divide it like this: the wife has responsibilities for daily needs such as food, water, internet, and electricity. Meanwhile, the husband has financial responsibility for the costs of children's education, investments, and mortgage as well as vehicle payments.
Even though each of you has responsibilities, don't forget to set aside some of your income for savings. The amount of this saving must also be calculated according to the needs so that both partners can commit.
Create Financial Goals Together
After sharing financial responsibilities, think about what your family's financial goals are for the future. Whether it's for the short term, medium term, and also long term.
These financial goals are varied. So, it would be nice for you to prioritize them for the things that are needed first. Primary needs, such as housing and living expenses, must be met first.
Furthermore, you can make budget items for other needs, such as retirement funds, children's education funds, and so on. By having clear family financial goals, newlyweds can become more focused and able to teach themselves to be more disciplined in managing finances.
Provide Emergency Fund
Even though you're newly married, that doesn't mean you don't need to think about an emergency fund. You never know when the worst conditions will occur, especially during the pandemic. The most common emergencies are medical expenses, costs for damage to houses and vehicles, as well as elderly treatment for your parents.
Although you don't expect it, it doesn't hurt to think about the best way to deal with emergencies by providing sufficient emergency funds. This emergency fund is like a "lifeboat" for your household. The earlier you and your partner start preparing an emergency fund, the better prepared you will be to face uncertain conditions.
Open to each other
Most of couple's quarrels come from financial problems and poor communication between each other. It's time for you and your partner to be open to each other about financial issues, whether it's about income or personal expenses.
Have you told your partner about the debt you have? How much money to pay every month? If you use your own money, you should also tell your partner what the money is spent.
If you have debt and instalments, decide on the best solution to pay it off immediately. Do not borrow money to pay off your previous debt. Of course, this is not a healthy way and unexpectedly makes the newlyweds' financial expenses bigger.
In addition, newlyweds need to record every expense regularly. These expense records can be made daily, weekly, and monthly. The purpose is to find out whether you and your partner are following the initial agreement or not. Furthermore, it is easier for you to map out your budget so it doesn't grow bigger.
Household accounting is quite a hassle for those who are not used to doing it. Traditionally, you have to calculate manually and record it in a notebook. However, as digital technology develops, you can have your household accounting without hassle.
Using the PermataMobile X apps is one of the choices. With this app, you can manage your finances hassle-free. You can also view and perform banking transactions in real-time. In just a few clicks, you can pay bills, do online shopping, digital wallets top-up, and buy investment products. You can also check your account transactions for up to 12 months!
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