Starting a life together is one of the most exciting chapters in any couple’s journey. However, it can also come with unexpected financial stress if you’re not prepared.
So, how can you achieve financial harmony on this new journey?
Check out these seven financial tips to help you build a better life with your partner.
Before anything else, you can sit down with your partner and have an honest conversation about your financial situation.
These are the things you can discuss:
Being transparent from the beginning can help build better trust and avoid misunderstandings later on.
Planning monthly or yearly budgets can help you to achieve better financial stability.
This way, both of you can avoid overspending, especially on small expenses that can have a big impact on your monthly budget.
You can use online applications such as Spending Tracker, Wallet and more to track your monthly expenses.
Consider including these things when planning your monthly budget:
Having an emergency fund or ‘rainy day savings’ is not optional; they are a must.
This is how you can prevent financial panic and unnecessary debt when unexpected things happen, such as sudden job losses, unforeseen emergencies or unexpected bills you need to pay.
You can aim to save at least three to six months’ worth of living expenses in a separate emergency fund.
Planning to buy a car? Saving for a house? Whatever it is, both you and your partner must set clear goals.
If you’re planning to save money for a house, you can break it down into smaller milestones so every step feels achievable.
For example, set how much you want to save up year by year and let it continue until you get the amount of savings you want.
By having these shared visions together, it can help both you and your partner stay motivated and aligned.
To really live within your means, you need to live below them.
New car? New phone? You don’t need all that just because you’re newly married. Avoid falling into the trap of upgrading your lifestyle too quickly during this period.
Be realistic about what you can afford to pay and focus on needs over wants.
One more tip is to avoid all those unnecessary instalment plans. It may seem like you’re paying in small amounts, but it can lead to overspending.
What if you missed the payment deadline? Some instalment plans might have charged you for late payment fees.
This indirectly added the overall costs of your purchase.
If your current income stream isn’t sustainable enough to cover your goals, consider taking on a side hustle.
For instance, if you already own a vehicle, consider becoming a part-time Lalamove driver. It’s one of the flexible ways to earn extra cash!
As a Lalamove driver partner, you have the choice to work around your schedule, be it between your lunch hour break or during the weekends.
Tackling your finances in the early marriage can relieve stress and help both of you achieve your goals faster.
Remember that every good financial decision you make today is an investment for your future together.
Need a side hustle to support your financial goals as newlyweds?
Register as a Lalamove driver partner today!