6 Ways to Manage Finances for a New Couple

 

 After marriage, of course, there are many things that must be adjusted to your new partner, one of which is related to financial management.

Many new couples will feel confused when talking and managing their post-wedding finances. Because each other no longer lives, each partner will be responsible to his partner. Your wedding and honeymoon celebrations will quickly change to a normal life full of struggles, which are very similar to the challenges you faced before marriage. Taking the time to set financial priorities is one way that can help ensure a lasting and happy marriage.

Here are the steps to arrange family finances for a new couple as presented by ZAP Finance Financial Planner Jayadin R Binaardi as quoted from the official website

6 Ways to Manage Finances for a New Couple

1. Create a Joint Budget

The first step is to create a new budget together, if before marriage has their own income and expenses, then after marriage will have income and expenses together. Discuss who is the source of income and how much joint expenses in one month will help you avoid disputes about income and income that are often experienced by newly married couples.

2. Emergency Fund

The emergency fund serves as a 'spare tire' for financial conditions. Unexpected events can happen with our families that cause the release of money that we never budgeted for. For example are the cost of illness, accident, death, assistance for the family etc. In this case, it is the emergency fund that plays a role in oversizing unexpected costs beyond the budget we make.

3. Openness

Financial openness is a must do in a family, because what will be inherited by our spouse is not only wealth but can also inherit debt. It is better for the issue of debt to be discussed before the marriage, but if it has not been discussed then immediately to be open by telling the debt problem. Because in addition to assets, debt can also be inherited. Immediate repayment of debt that is consumptive no matter how small (especially credit cards), because in addition to having large interest, consumptive debt will also reach for our wealth assets. Make a commitment not to owe consumptive and pay off credit card bills every month. And one more thing, openness on financial issues is one of the most important things. Because in that way our partner will understand and accept everything that might happen in the future without feeling lied to.

4. Create Protection or Insurance

The next step is to protect your assets, because each asset has risk. Have health, life, vehicle, etc. insurance. But study carefully before buying premiums from these protection products and the most important thing is to be in accordance with the condition of the bag. Be grateful for you for the company in which you work. If not, you should protect your own assets.

5. Make Goals and Investments

Create your family's financial goals for the future, such as children's education funds, pension funds, hajj funds, vacation funds, home purchase funds, and others. And start investing in products that you understand well such as property, gold, mutual funds, stocks, and others. Keep in mind that currently with Rp 100,000 only you can invest.

6. Periodically Evaluate

Evaluation periodically together, this is intended so that the direction of the family finances continues to run on its path and priorities. If you have to change lanes, then you and your partner should discuss it again.

Do and Focus on What's a Priority

These methods certainly will not be useful, if you just read it without trying to realize it with your new partner. Not only do you, you and your partner also have to stay focused on what your priorities are. That way you won't go off track and stick to a common goal. Another benefit that you and your partner can get is, in addition to harmony in the family.  You and your partner are strengthened by a combination of discipline and benefits that will make your marriage as happy as you hoped.