Building and Supporting a Family, Managing Your Finances
Start Your Married Life with Extra Cash
Date:23 June, 2017
You’ve said your “I Dos,” and while you may be recovering from wedding-related expenses, there are several steps you can take as a couple to ensure you start your new life together with a strong financial base.
Communicate. The first step is to ensure you have actually discussed your finances and how you plan to handle them moving forward as a married couple. Money management can actually be a rewarding way to bond with your loved one if handled properly and openly. Incorporating your spouse’s finances can be overwhelming, but if you sit down and assess each account and each bill one at a time you and your spouse can easily get accustomed to healthy financial habits.
Take advantage of discounts. Insurance is a big area where you may be able to save money to set aside as extra cash. Be sure to compare your employer’s medical benefits and costs with those of your spouse’s employer, as you may be able to save some money by signing up for the cheaper of your two employer-based health insurance options. Additionally, you might get a discount on your auto insurance premiums once married, as insurers often categorize married couples as a lower risk.
Sell the items you no longer need. Now that you are combining your households, there may be duplicate household items that you can sell to make extra funds. There are a number of neighborhood-specific selling apps that can make the selling process easy. Or, hold a garage sale. You may be surprised at the amount of cash you can raise in one day.
Working as a couple, you would be amazed at the creative ideas that you can come up with to budget and set aside extra cash. The key is to have the same goals in mind and communicate positively about your finances on a regular basis. Be aware of your own weaknesses and strengths, and play off the strengths of your spouse to bring synergy to create a positive outcome and a little extra cash on the side.