Most people say that it is impossible to manage your finances after marriage the same way you did when you were single. We all know that when you take your marriage vows, you promise to become one and as you do not include your finances within your vow, you must try to stay within your means and stay on top of your finances together. Post marriage, you may have to take some difficult financial decisions about effective personal finance management and this can be done simply by coming together as a couple and
determining each other’s financial goals that can work best for your financial situation. Each person may have his own personal financial need and unless you coordinate, it is almost impossible to take any positive step towards getting back your finances in order. Allocate extra money each month so that you can get out of debt faster than you ought to. Have a look at the ways in which you can manage your personal finances post-marriage.
1. Share a single bank account: Just like marriage demands two people to become together, so does your bank accounts. When you’re married, it is necessary that you get rid of your extra bank accounts and bundle them into a single bank account with both you and your spouse’s name in it. All this will include a single bank card or debit card and this will become simpler as you will then have a single bank account to keep track of. You no longer require dealing with multiple payments and this result in systematic management of your money.
2. Craft a budget together: Even though it is a fact that only one person out of you two is responsible for bookkeeping, but you can certainly craft a budget together that can help you rein in your household expenses. You must establish monetary goals for each budget keeping in mind the overall family future in mind. You can make your task easier by employing budgeting software that can help you review each budgeting category and make the entire task easier.
3. Allocate bookkeeping to a single person: Though you can consolidate your bank accounts and craft a budget together, allocate bookkeeping to a single spouse. Bookkeeping holds utmost importance when it comes to effective personal finance management. You can assess your talents and skills and determine who is better in this aforementioned task. Keep accurate records of your income and expenses so that following a budget becomes easier.
4. Repay debt and stay out of debt: Debts can mar your nuptial life and if you want to avoid the hassles of debts, you must take solid steps to repay debts by enrolling yourself in a debt consolidation program. Take wise monetary decisions and restrict the usage of credit so that you do not add on to your financial worries.
Frugal living is the secret behind living a debt free life. Save money rigorously so that you have an emergency fund that can be taken help of when you face an urgent financial situation. Take into account the above personal finance steps so that you stay on top of your finances and avoid financial stresses.
Jason Holmes is a regular writer with Debt Consolidation Care at http://www.