Cents For Sense Blog | 5 Brilliant Financial Tips for Newly Married Couples | Talkmarkets

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5 Brilliant Financial Tips for Newly Married Couples

Date: Monday, March 30, 2020 2:03 PM EDT

Marriage introduces you to a new phase of life that calls for a lot of lifestyle changes and financial discipline. Newlyweds don't always get the memo. Most are unable to resist the bait of impulse buying, conspicuous consumption, and other forms of reckless spending, and end plunging themselves in impoverishment months into their marriage.

While it's advisable to have a financial blueprint of your marriage life long before walking down the aisle, it's never too late to organize yourself even as husband and wife. Read on for a few basic financial tips for newly married couples:

1. Know what you want.

Knowing how much you have, how much you'll be making, what you need, and what you can afford is a good place to start when making any financial plans. Sit down with your other half and set common goals. Start by covering the basic stuff and see what you remain with. If it's an annual vacation you'd like to take or a dream home you'd want to buy, ensure it's affordable, or at least, your plan execution is systematic and spread out across an ample timespan. If you're going to be contributing to a charitable cause or making any kind of regular donations, decide how much you're willing to part with and in what intervals. Also, check their preferred payment systems and sign up if you haven't already. Some non-profits such as Pomegranate Foundation have made donating easy as you can go about the whole process without having to click out of their website.

Next, create a strict savings plan and abide by it. For retirement savings, you shouldn't dedicate more than 15% of your income to such a long-term goal. Always leave room for the unforeseen expenses, unless, of course, you've dedicated a fixed portion of your income to it.

2. Minimize taxes.

We give up insane amounts of money to revenue authorities every month, and it's wise that you review your investment habits and tax withholding to keep taxes to a minimum.

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