Financial management, newlyweds need to know what? How can we both have fun and accumulate a lot for tomorrow? This article will help you both plan your money better.
Marriage leads to many changes in the new married couple's financial situation. The two of you will have to learn how to manage your personal finances when you start living together.
Planning early can help you build a strong financial foundation for your relationship. Here are the five most frequently asked questions, along with solutions to help you and him manage your finances better.
One of the most common questions asked by married couples is about their bank account. Is it the best option to contribute or keep money?
What if I create a joint fund and keep a separate fund? No matter what you decide, this is a question to answer before starting a married life .
There are a number of good reasons to consider using public and private funds at the same time. Shared account is used to pay for living expenses such as rent, expenses, electricity, water, food ... Both husband and wife can 'contribute capital' to this investment to divide the responsibilities equally. experience life.
In addition, each of you should have a "black fund" for personal spending. This choice will simplify things when it comes to payments, but also help control personal consumption without requiring you to compromise financial freedom.
Many couples find it difficult to talk about when talking about money, making mistakes often lead to unnecessary conflicts.
Remember when you were single, money caused you problems. From that deduce how stressful it is when you get married.
Don't let the baby tear up. From the very beginning, open up about money. If either of you is in debt before entering the marriage, don't hide it. Please sincerely share to together plan a reasonable repayment plan.
You two sit back, consider the cash flow of both when deducting from the joint account. Answering the questions below will help you develop your newlyweds financially.
What debts will both have to pay off?
How much money will each person contribute to the common fund monthly?
After the living expenses each month, how much will the couple save?
Cost-saving ways for families?
What costs will be eliminated when you live together?
This is probably the most frequently asked question. It doesn't matter who keeps money, as long as he or she can handle the spending in a reasonable, scientific way.
If the two of you agree on the money everyone keeps, you need to be careful in spending so as not to "swing your hand over your forehead" for personal preferences.
In addition to maternity and medical insurance , couples should consider buying life insurance. When you are single and have no children, you have little or no need for life insurance because nobody depends on your income but you.
When you get married, plan ahead about the tragedy that will happen if either of you have problems. From there, the other person can manage it alone thanks to the life insurance money.
Even without children, life insurance can help pay off burial costs or any leftover debt, such as mortgage loans.
Young couples are often unaware of the importance of a retirement budget. Most of them, young people only care about immediate plans such as buying a house and buying a car but forgetting about plans for later life.
You need to know that if you do not save money early, when old age approaches, you will have to spend a large amount of money each month.
Statistics show that you only need to spend 10% of your monthly income from the age of 20 on retirement. Meanwhile, if you are 30 years old to save money, you will have to spend up to 15% per month on your retirement fund.
So, make a plan to save your newlyweds financially for retirement with your spouse early.
See more:
Husband and wife story: When the property is divided in two, it is true to its name
What "golden" habits do the happiest couples have?
Suggest romantic travel spots for newlyweds
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