If you have been single for the longest time and got married, things will have to change. And I have to tell you, it will change drastically. Your choices in life will be different and your routine will have to be ‘overhauled’.

That includes your monthly budget. If before you can easily stick to your monthly budget, doing it for two can be more challenging. There will be a lot of considerations and sometimes, petty misunderstandings. But if you want to have a smooth – sailing plan for your budget as a newly married couple, I have some tips for you.

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1. Openly Discuss Financial Matters

Before you get married, or probably right after your honeymoon, be open talking about finances. You have to be honest if you have debts and you have to be clear about the monthly inflow of cash to your household. This way, you can already start a plan on how you can clear up a debt, and this will allow you to manage your expectations about the appropriate lifestyle based on your salaries.

2. Create your Financial Vision Board

Now, if you have been reading my posts or have been following me on social media, you know that I am a huge fan of ‘Law of Attraction’. I am even a living testimony that it is real. What I would like you to do is to create your own Financial Vision Board. Put there the amount you want to save per month as a couple. Maybe, you can remind yourself of your ideal retirement fund. That should motivate and also discipline your financial behaviors.

3. Choose the Type of Bank Account

This is actually a personal choice that you need to decide on as a couple. For example, do you think a joint account will work for you? Or maybe you want to have individual accounts just to be on the safe side. Have you considered getting both? Of course, there are more pros and cons but choose the option that you are most comfortable with. Reach a mutual decision and you are all set.

4. Prioritize an Emergency Fund!

Knock on wood, but sometimes, unfortunate events will surprise your relationship. It can be an accident and lost jobs among many others. It is a must that both of you are aware of this priority. Always allot a percentage from your salary to this.

5. Review your Monthly Expenses

The first few months might be hit or miss when it comes to budgeting. What you can do is to track your expenses during those times and see which ones you can adjust.

Are you always eating out?

Do you watch a lot of movies?

Can you still save more?

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Personal Finance Tips - Newly Married Couples’ Guide in Creating a Monthly Budget