Financial Planning For Young Couples

So you guys are about to get married or have you just got married? First of all congratulations, but now is the time to roll up your sleeves and dive head first into planning your finances. Trust me when I say it's work, and my wife has been the main reason our finances has stayed afloat. Now there is no reason that with a little work and some self control, that any new couple can't start out with a low debt and be happy. This is how our financial planning has worked out and I hope it helps you.

When you start on this journey, many people want it all and they want it now. Believe me I am the same way, but the first step to financial freedom is knowing your limitations. My wife makes sure I stay grounded in this area and in the long run I know we are better off. Sit down with each other and decide how much you both make together and then figure up what you both owe. If what your wanting or what your wanting to do puts you in the red, don't do it. Trust me you will thank me for that advise later.

Some love 'em I think they are the devil. They tempt you into buying things that you don't have the money for half the time. We use only the bank debit card to do our transactions, this way if we don't have the money we don't spend the money. I know that's crazy...I can hear you screaming at the monitor now, but I promise you it's true and it works. If you remove the temptation, it is far easier to resist giving in.

When I first started dating my wife it was nothing for us to eat out at least 2 meals a day 6 days a week and while it didn't seem that bad at first it quickly added up to where we were paying between $140 and $180 on food a week, which in a month put us at $560 to $720 a month. When I saw these figures it about floored me. After we got married, my wife took over in the food department and we started eating at home and used left overs for lunch the next day. Suddenly our food bill was slashed in half. These days we only spend between $250 and $300 a month on food. So remember love birds it will pay off in the long run if one or both of you know how to cook.

If at all possible enter this bond with as few bills as possible. In the grand scheme of financial planningyou really should try to take care of any prior debt before you get married, because once you are married your debt becomes that other persons debt, whether they like it or not. I know this is not always possible but you both should discuss how you will handle getting rid of that excess as quickly as possible. I came into my marriage with a large car payment. We were able to get a better rate at the bank and are now well on our way to getting this thing knocked out. This was done by my wife once again coming to the rescue and number crunching and placing our bills on a priority list. Once we pay all we have due, she will put a little extra toward the debt we have, in return knocking off part of our interest.

Set a budgetand stick to it. Sit down and discuss where you stand financially and what you can afford to do each paycheck. If you have a recurring bill that is a little on the high side, put a little back each check so the blow doesn't come quite as hard when the bill comes due. If you plan your budget right you will occasionally have some extra left over. Take any extra income you have and invest it in a savings account or some other account that will draw some interest. Always remember don't spend more than you can afford and you will be golden. If you need help getting started with a budget, there is a sample budget worksheet that I have added to the right of this section and the link at the top of this section has some excellent information about free budget worksheets. Give them all a look and see which one might work best for you.

Its difficult for any couple starting out, but keep your head up and work at it. It is a game of checks and balances and if your figures don't come out at first, figure again. Financial planning is an important part of any young couples life, but if you play it smart your future can be as bright and fruitful as you want it to be. Good luck!!!