8 FINANCIAL TIPS FOR NEWLY MARRIED COUPLES

Congratulations on your wedding!!! 

Being married can be exciting especially if you married someone you are really in love with. Now that the wedding day has come and gone, the reality of marriage will set in. One area to focus on in your marriage is your finances. It is usually a major area of conflict in marriage if not properly managed. 

Here are a financial few tips to help you start off on a good footing:

1) Have A Budget: 

 As a young couple, you should set out to develop the habit of having a monthly family budget to cater for your monthly needs. Include all your essentials food, transportation, rent, etc in your monthly budget. Do not wait until your rent is due before saving towards it. This will put under undue financial pressure. Also include in your budget a percentage for charity (no matter how small). When you give to those in need, nature has a way of reciprocating when you are in need. Having a budget helps you prioritize on what is important.  Make sure you include an allowance for fun in your budget. What is the point of making money and not spending some on yourselves just for the fun of it.

2) Pay Off Debts:

 Sometimes it is possible that you have outstanding bills to settle with some vendors who offered services at your wedding. Make it your priority to pay off any outstanding debts. It is not a wise thing to start a family in debt. Paying off your debts helps you start off your new family on a clean financial slate. It also gives you peace of mind knowing that you owe nobody. Paying off your debts also earns you the respect of the vendors who offered their services to you.

3) Furnishing Your House:

 If you have not already furnished your house, it is wiser to start with the essentials (cooking gas, refrigerator, TV and sofa). If you earn a regular monthly income, you can approach vendors of these items for an installment payment agreement to purchase some of these items. Most stores will agree to this because they want patronage. Be sure to check prices from at least 5 vendors for the best possible deal. 

4) Develop A Savings Culture:

If you have not already imbibed a savings culture, now is the time to do so. As a couple, you should save towards long term projects. You can save towards investing in real estate. When you build/buy your first house, build to accommodate tenants too so you can earn rental income (where this is possible). Rental income earned can be used for other investments like buying and developing another property. You can also save towards investing in your education. 

5) Do Not Borrow To Buy Liabilities:  

If you have to borrow, then borrow only when you have to buy an asset that will further generate income. Do not borrow to buy a car (if this is not a necessity or to earn you more income), phone or clothes. Those are not assets. While a car is good for convenience in mobility and every family deserves to have one, it still requires maintenance and maintenance will cost money. Buy a car that is fuel efficient and easy to maintain.

6) Be True To Yourself: 

It may sound old school but these days a lot of people are living a lie. As a couple, you must understand that nobody really cares about how you lead your life. So do not go about trying to win the people's approval. Don’t be like the Joneses who are always leading a fake life. Stay focused on building a good family and stay true to good financial principles.

7)  Look for opportunities to earn extra income:

There will be opportunities to earn extra income that you may be able to take advantage of. Seek out those opportunities and engage them. You may be proficient at a certain skill, find ways to monetize your skills to earn extra income for your family.

 8) Have A Positive Outlook: 

Research has shown that those who keep a positive outlook in life are more likely to succeed. Always keep a positive outlook no matter the challenge you come across. Challenges will make you stronger and wiser if you weather the storm with optimism.

This list is by no means exhaustive; do let me know if there are other tips you have tried out that were not mentioned in this article. Do that in the comment section below

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