Entering the stage of marriage is a big step. Of course, every family dreams of a harmonious and financially stable family, right? Therefore, expertise in managing family finances is the key. You need to learn and understand the tips and tricks on how to manage family finances. The following points can be a start for you in managing finances.
Discuss and plan a budget/spending plan
New couples need to discuss and be open with each other about income. Calculate the net pay or take-home pay then determine in whose account the family money will be managed. You have the option of sorting out your account for your daily needs and saving money. After knowing the family income, make a budget/spending plan by adjusting the family income. Adjust the lifestyle or standard of living of the family according to income.
Planning for savings and pension funds
Save a certain percentage of revenue per year. Most financial planners recommend saving at least 10% of your annual income for long-term goals in the future. Don’t forget to consider the funds for the old day.
Allocating emergency funds in savings
Create an emergency fund of at least 2 months of salary to cover 3-6 months of living expenses. This is a good first step to a savings plan if you don’t currently have funds available for unexpected expenses such as medical emergencies, replacements, and repairs (for cars, equipment, etc.)
This is very important for young couples to pay attention to so that they always get used to not adding debt or getting into debt at all. You should live a little more frugally and enjoy the conditions as they are than accumulate debt. Because usually if it has become a habit, it will be very difficult to be free from debt bondage.