One of the main causes of divorce can be that of financial stress whether it is one party spending too much on entertainment or losing a house due to overall money mismanagement. For this reason, it is important to set yourselves up for success as a couple when approaching the big day. The best thing that a couple can do if they are not educated on what they should be doing with their money is to research online. Knowledge is extremely important as a couple might not understand their spending habits are quite unhealthy financially. The following are tips for a soon to be a married couple to set up their lives together for financial success.
Don’t Go Into Debt Over The Wedding
The one factor that puts many couples immediately into debt is the need for an expensive huge wedding. While this is a big day, you do not want to be paying it off for years to come via credit card bills. Set a budget for the wedding and create a plan to pay it off in a timely fashion. Putting too many of the costs on credit cards can result in thousands of dollars in accrued interest so apply for a card that has a 12 to 18 month no interest clause. While your big day should be special, you do not need to invite everyone you have ever had a personal or professional relationship with.
Start Putting Together A Monthly Budget
Putting together a monthly budget is important when combining bills for the first time. For those that already cohabitated together this will be far easier as the current arrangements probably will continue. Take the time to see where you can save money when splitting the bill and where this will increase certain costs. The quality of life with two incomes versus one can increase immensely so enjoy this but make sure you are still saving monthly.
Find Sources Of Supplemental Income
Finding sources of supplemental income might not seem necessary when you both are fully employed. Supplemental income can help build a nest egg that can be used in times where money is tight due to a lost job. This supplemental income can be a huge help while searching for a new job as well as you will not have to jump right on the first offer. Freelance writing is a great way to start earning as is becoming a virtual assistant for a person. Freelance writing allows a person to work from anywhere with no limit on the topics they can write about. Finding clients is going to be the hardest part for some people so there are platforms that connect both freelancer and client. This helps ensure payment as well as has mediation for a percentage of the overall earnings.
As you can see you will not have to make a complete financial overhaul when married but rather some adjustments. Communication is key in these situations as money problems can bring out the worst in people.
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