Soon To Be Married? Financial Aspects to Consider
Getting married is the highlight of any person’s life, and make no mistake, there are challenges ahead, as pooling your resources with your partner means a change of lifestyle. Of the many aspects to married life, finances do play a major part, and for most newly married couples, surviving the major expenses that occur in the first few years of marriage can be a big challenge.
Of course, the wedding is a major expense, and even with help from family, most couples struggle to meet their financial obligations, what with the honeymoon and all the expenses that come with a wedding. It is important not to get carried away, and you both need to get into a routine of saving something every month.
Finding a Supplementary Income
A vast majority of relationships that encounter difficulties in the first few years of their marriage blame finances according to finance site Finance Fox, so it is important not to be constantly in debt to the point where you can’t manage to save a little. Ideally, you can both find a source of supplementary income, which might come from doing a little overtime at work, or perhaps taking on a weekend job.
No doubt you have a car, and many men have an off-road 4WD truck, which can be costly to run, and for any add-ons, buy from an online supplier like Coastals, where you can obtain top-quality accessories at affordable prices. If either you or your partner are better at handling money, then that person should be the one to manage the joint incomes, and let’s face it, a good team is one where the players all have their own unique skill sets.
It is vital that you communicate well with your partner, and if things are tough financially, then you should both be aware of this. Hiding things from your partner is not the answer, as sooner or later, they will discover the truth, and by discussing things in an open and non-hostile manner, you can both address financial issues. Honesty and openness will ensure that there are no underlying issues, so if things are not looking good financially, resist the temptation to paint a rosy picture to your partner.
Of course, once the wedding is over and you settle into married life, the question of real estate is bound to crop up. While it is always a good move to own rather than rent, if your finances are not up to the task, you are better off waiting until things improve before house hunting. There are many hidden expenses with property acquisition; stamp duty, legal fees and, of course, furnishing the home, so you should both be very confident that you can afford the purchase before making a commitment.
A successful marriage is one where both parties share everything, including problems, and by being honest with each other and sticking to a financial plan, you will both manage the first few years without the added pressure of financial worries.