How to Make a Budget for a Newly Married Couple
After the excitement of the wedding day dies down and the honeymoon is over, the reality of married life sets in. Whether or not you had a budget prior to getting married, a new combined budget is essential to avoiding money conflicts and debt problems as a newly married couple. Both parties bring expenses to the marriage in addition to any new expenses and debts, such as a mortgage on a new home. Work out a comfortable budget that matches your financial goals as a couple to guide spending as you go forward.
Other People Are Reading
Instructions
-
-
1
Calculate your individual incomes from all sources. Write down the individual numbers as well as the combined total to have an idea of how much money is available for the budget.
-
2
Gather statements for all expenses. Include the bills and debts you each had and any new financial obligations you have after getting married. Write down all of these expenses in a spreadsheet or similar column format so you are able to easily total the amounts.
-
-
3
Look for bills and expenses you are able to consolidate. For example, if you both hold separate car insurance policies, get quotes for combining to one policy together. Memberships to various clubs or organizations may also be cheaper as a married couple than it is for each of you to hold single memberships.
-
4
Estimate the amount needed in the budget for expenses that vary, like groceries, clothing, entertainment, toiletries and transportation. Consider factors like how often you go out to eat or on dates when figuring the budget for these areas.
-
5
Discuss your financial goals as a couple. Keep these things in mind as you allocate money on the budget. For example, if owning a home is a goal, set aside a place in the budget for saving a down payment. If you have debt, add a section to the budget for paying down the debt quickly.
-
6
Determine how you will handle paying each part of the budget, depending on whether you have joint or individual bank accounts. If you keep separate accounts, determine who will handle each bill or area of the budget.
-
1
Tips & Warnings
Create the budget and manage your money together. Avoid letting one person take complete control of the finances.
