Budget Ideas to Keep You From Breaking the Bank

Newlyweds have months and even years of adjustments to make once the honeymoon is over and real life begins. Setting up a budget together is one of the most important tasks to complete; it can also be one of the most difficult. Here are a few tips from women who have just gone through the transition. Hopefully you’ll find some advice that will help you as you begin this new journey with your sweetheart.

1-Track all of your expenses, using whatever computer program you are most comfortable with. It’s vital you watch where your money is spent, and then sit down together to talk through your finances and decide where you want your money to go. This clears up any confusion or misconceptions and gives you the opportunity to find out where you’re overspending and make a plan to spend less.

2-Pay down wedding debt as quickly as possible. One way to accomplish this is to review your expenses and eliminate anything non-essential. Take brown bag lunches to work instead of eating out—save dining out for special occasions, take stock of your TV, Internet and phone services and cut back if possible, and make your grocery-store dollars go farther with printable online coupons (try coupons.com). Put any extra cash toward your credit cards until they are paid off, and then put the same amount into savings until you have a three month’s salary saved for emergencies. At that time, you can reevaluate your situation and reward yourselves for a job well done.

3- Determine how you want to handle your banking and whether you want to open a joint account. Every couple has to find and agree on a system that works for them. Be sure you are both on board and feel comfortable with your system. Reevaluate after a few months to make sure things are going well, making any adjustments that may be necessary.

4-Organize all important legal and financial documents and keep them in a protected place in case of emergency.

5-Inform employers of your new status and make changes to benefit plans if necessary.

6-Reconsider you insurance needs—you may qualify for discounted rates by merging all policies with a single provider.

7- Change your name and address as necessary on important documents including your social security card, driver’s license, and credit cards.