Young newly married couples often have the time of their lives to spend money in any way they choose to. The first few years of marriage gives them not much to worry about especially when they have their own carers and big paychecks in their hands. For some well off families, new couples are more fortunately because they get monetary support as they are starting out on their own. And then there are the cash gifts that the newlyweds received on their wedding day. It could sometimes get so exhilarating when you have in your hands so much money to spend that you forget to take control of your spending and you squander everything on mostly unnecessary purchases.
Well, the wedding ceremonies are over now. You're settling in together. It's time to face the facts and live in the real world. In the real world money matters have to be given much careful attention. In the real world there's our future and the future demands a lot of preparation on our part. What can we do with the money we have? We can stop with our unnecessary spending to begin with. Then have a look at other more beneficial options and alternatives.
1. Open a joint account. It encourages unity in financial matters. The couple gets to work together in setting and accomplishing their financial goals. Any conflict with regard to how much one gifts is preceded because money is valued as "our money". Every minor expense like monthly bills, grocery shopping, house and car repairs, and more comes out of this account. Even major purchases are decided on together because it's easier to measure the funds available for the couple to spend. There is regular and open communication between spouses when it comes to their finances and the bond of partnership is continuously enhanced and strengthened.
2. Open a separate account. Some couples can choose this option because each one gets a free hand on his / her own finances. The husband and the wife can set up certain limits and gets to control his / her own spending. Minor expenses and major purchases are split up between the two so that everyone contributes a fair amount to their financial concerns. Couples are not accustomed to talk regularly about money and each spouse, after giving his share of the payments, can keep for themselves the remaining amount to spend on personal purchases. Each one has privacy over what he / she spends and how much savings they both have and there is more independence on both sides. In our modern world, couples would rather choose such an alternative because they get to take care of their personal shopping and at the same time help each other out in the household financial responsibilities.
3. Open a joint account and a separate savings account at the same time. This alternative may have more advantages than the first two. Everything that has to do with household expenses, major and minor that is, comes out of the joint account. Everything that has to do with personal shopping and purchases come out of personal savings. If one spouse encounters financial difficulties the other spouse has available money to help out.
Basic Financial Principles for Married Couples
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