Managing family financial is not as easy as you think, even long time couples face some difficulties. Before decided get married, more thoughtful in everything is a must, because managing financial after married is totally different while you single. There are priorities after married you should know and here are simple tips for newlyweds to manage their money.
1. Set the Priorities
Marriage is not only unite you to but also recognize the brain bond that already exists between wife and husband. That is why, before both of you talking about some financial rules, better to set the main priorities. Set the target you want to reach together. Do you want to pay housing loans first, buy vehicle or saving money for children intuition fees later.
2. Pick the Treasurer
When you know the priorities, pick the treasurer. Is that your wife or husband need to take care of financial? If you choose your wife or husband, set money required to spend. After that, pick one of you to pay all the bills. Better to make bank account together and transfer certain money in according to pay bills, like housing loans, vehicle, daily groceries, monthly groceries and many more.
3. Notes
It might be sound wasting your time to write down every money you spend, but this is the important thing to do for every treasurer in your family. Write down every money you spend, so both of you exactly know where your money goes. When, your wife or husband asking spending money, you have right answer. You do not need to make perfect scales, you only need to write weekly and monthly costs.
4. Emergency Fund
Emergency fund you set aside every month after payday can be used to pamper yourself as well as another fund while something happens to your family, like accident, you should spend some money for that. So, emergency fund also can be used as backup money.
5. Investment
There is not a wrong choice to allocate your salary for insurance as a long term investment. Investment you do in the beginning of marriage is a smart choice to save money and get benefit later. Insurance as your investment choice becomes a guarantee for family financial later. In other words, insurance helps you to set the future which is guaranteed by insurance company if there is unwanted things happen later.