By Anastasia Taber, CFP®
Just got married? Congratulations! Enjoy your honeymoon bliss, but don’t forget about the importance of saving money.
I can’t stress enough the importance of being on the same financial page with your spouse. It can make the difference between a short-lived union and enjoying years of a thriving, sustainable partnership.
In this article, we explore seven financial strategies to set you and your spouse up for a long-lasting, solid relationship.
1. Create a Budget Together
The first step to establishing a solid financial base is working together to create a budget. Start by being open with each other about your spending patterns and financial goals. Next, monitor your income and expenses to understand where your money goes. Lastly, create a strategy that divides your total income between fixed costs, debt payback, savings targets, and entertainment expenses.
The key here is remembering that budgeting is a team effort—be prepared to openly communicate, compromise, and not be judgmental.
2. Cook Meals at Home
Your newlywed savings can quickly disappear by constantly eating out. But don’t worry! Cooking together at home is a delicious and budget-friendly way to strengthen relationships and cut costs.
Discover the world of cooking as a couple: organize meals, shop for fresh products at the farmers market, and prepare delectable (and reasonably priced) dinners. When you cook at home instead of going out to eat, you not only save money but you also spend quality time together.
So put on some music and grab your aprons as you prepare to experience the joy (and savings!) of cooking meals at home as a team.
3. Renegotiate Bills
Heads-up, newlyweds! Don’t let rising bills be the first fight you have. Leverage your combined income to score better deals.
Make some calls to your cable, phone, and internet service providers together. Ask if there are any bundled packages or new-customer discounts available. The savings you can uncover just by striking up a conversation with the customer representative might surprise you.
By working together as a couple, you can stay current with paying your expenses, keep more cash in your pocket, and create time to enjoy each other.
4. Plan Cheap Date Nights
Date nights are crucial for maintaining the spark between you and your significant other. But they don’t have to break the bank.
Instead of spending big money on dinners, plan budget-friendly dates. Get creative! Look for inexpensive or free activities like hosting a game night at home, going to free local events, or having a picnic in the park. Embrace the joy of shared experiences over fancy outings. You’ll find new ways to bond as a couple, save money, and spend valuable time together. It’s a win-win for both your bank account and your love life.
5. Tackle Debt
Debt can put a major dent in your happily-ever-after. Work together as a couple to design a plan that pays off debt as soon as possible.
Consider strategies like the debt snowball, which pays off the lowest debts first. Or the debt avalanche, which targets the highest interest rates first. Remember that every dollar you put toward debt saves money and allows you to build wealth and pursue your shared goals.
Celebrate your progress, be honest with one another, and hold each other accountable. Together, you can strengthen your financial foundation and deepen your bond as a team.
6. Shop Wisely
Although going on shopping sprees might sound romantic, couples on a tight budget need smarter strategies.
The key here is to communicate! Talk to your spouse about keeping your highest-priority financial goals in mind. Then together plan shopping trips that prioritize needs over wants. Take advantage of sales and discounts and consider shopping at thrift or secondhand shops.
Remember that spending quality time together is precious; prioritize experiences over material possessions. By shopping as a team and making wise decisions, you can save money and build a long-term financial strategy that works.
7. Share Subscriptions
Say goodbye to duplicate subscriptions and hello to joint savings!
Most music platforms, streaming services, and gym memberships offer discounts for multiple users. Talk about it as a couple and see which accounts can be combined. You’ll save half on your entertainment and wellness expenses while still enjoying them. By working together, you can stretch your money further and free up more cash for shared goals.
Bonus Tip: Check out our podcast on when to merge finances with your partner!
Get Started Today
Whether you’re a new or established couple or an individual investor, our services at TABER Asset Management are designed to build and execute a customized plan that aligns with your financial goals.
You can get started by scheduling a 15-minute intro phone call online or reaching out to us at 515-557-1860 or invest@taberasset.com.
About Anastasia
Anastasia Taber is an Associate Advisor and leads the financial planning services division at TABER Asset Management, an independent, fiduciary wealth management firm, in Alexandria, Virginia, that strives to do one thing well: manage their clients’ money by creating wealth, building wealth, growing income, and preserving capital so they can experience financial freedom. Anastasia is a CERTIFIED FINANCIAL PLANNER™ and has a Bachelor of Arts in English from Georgetown University. She has years of experience working for one of the largest REITS in the U.S., as well as in property management and accounting at a global law firm in Washington, D.C. Anastasia is passionate about exceeding her clients’ expectations and building caring, long-term relationships based on trust. She is known for being detail-oriented and committed to excellence in her work. Anastasia is a co-host on the Creating Wealth podcast. To learn more about Anastasia, connect with her on LinkedIn.
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