Financial planning for newly weds starting a family

Hey there, newlyweds! Congratulations on starting a new journey together  and now is the time when you are ready to expand your family. 

While the little one is bringing joy into your lives, you are thinking about different names and making a shopping list for new-commer. It's time to consider a less glamorous but more important aspect of married life: financial planning.

Yes, you got it right! We are talking about saving money as newlyweds. Don't worry! We have got some advice on how to manage finances in a marriage. Let's dive into them;

• Discussing finances with your spouse:

Now sit down and have real and honest communication with each other. Be transparent about your financial planning. Openly discuss your fears, dreams,savings and investment plans. It will ultimately resolve money related issues in marriage. This may seem boring but this is the first step towards building a secure future together.

• Banking advice for newlyweds:

As a wedding unites two hearts into one soul, why not make one joint account? It would be much more convenient for both to pay bills online and to have check and balance on saving. Not only this, but pooling your resources together reduces conflicts and money issues in marriage.

According to Research in 2022, a study was conducted on 100 married couples. The level of satisfaction and the way they pooled, partially pooled, non-pooled their resources was compared. Happiest among them were those who pooled their accounts completely, whereas un-pooled or partially pooled showed unsatisfactory responses.

• Set your goals:

Make goals, do some saving and be consistent! From buying a new set of crockery to a brand new house, set some financial planning. Be adamant regarding your savings by developing a habit to save some cents from your income.

Here are some golden tips to reach your goals;

Save before spending!

Invest your savings!

Get what you need, not what you want!

Invest wisely and surely!

Stick to your budget plan!

Be content and consider less is more!

• Family budgeting:

Accomplish your goals by different saving strategies. One of them is the 80/20 rule. If you want to budget as a couple or new parent then this rule is for you. In joint accounts, automatically 20% would be saved for retirement plans, health and college savings and other financial plans. You can spend another 80% to fulfil your needs.

• Download applications to track spending

If you make up your mind and then become unsure about your calculated expenses, no worries!

 So many online applications out there that track expenses, savings and top of that save your precious time. You can make a financial planning worksheet with the help of a toolkit and calculator to ease your tracking.

• Shop smartly:

Shopping wisely is key to maintaining your financial plan.

It can be done by these tips:

Make a worksheet of all the necessary items according to your budget!

Be price conscious and shop from local bazaars and sales!

Never buy from the first shop you came across!

Always compare prices and get which possesses good quality at a lower price!

Buy according to your needs, not because it is on sale!

• Celebrate your win:

Cherish your milestones when you achieve them! Remember even your short term goals require your hard work and dedication. Enjoying your success empowers you more and keeps you motivated towards your targets.

• Update your budgeting plan:

Review and update your expenses, savings and goals, at least twice a year. This would help you to evaluate your budget performance and adjust your budget according to your current situation and needs.

• Consult financial advisors if needed:

If after all the tips and tricks, you are unable to keep a smooth financial track, do seek some professional help! They will provide you with your personalised banking advice and  budgeting plan as a new parent considering your input and output.

Conclusion

Money management is not a game you can win overnight, it takes time, persistence, and mutual understanding to handle finances as newlyweds.

Last but not least, always remember counting each other's values are far more significant than calculating numbers, after all the purpose behind your financial planning is to improve your lifestyle as a family.