{"id":5161,"date":"2022-05-04T12:04:55","date_gmt":"2022-05-04T17:04:55","guid":{"rendered":"https:\/\/baycoast.bank\/?p=5161"},"modified":"2023-06-13T15:08:49","modified_gmt":"2023-06-13T19:08:49","slug":"newlyweds-budgeting","status":"publish","type":"post","link":"https:\/\/baycoast.bank\/en\/insights\/newlyweds-budgeting\/","title":{"rendered":"Budgeting Tips for Newlyweds"},"content":{"rendered":"
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Insights<\/a><\/div>\n\t\t\t\t\t\t\n\t\t\t
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\t\t\t\tMay 4, 2022 \n\t\t\t<\/div>\n\t\t<\/div>\n\t \n\t

Budgeting Tips for Newlyweds<\/h1>\n\t \n\t
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Congratulations on your wedding! Now that you\u2019ve celebrated your big day, it\u2019s time to think about building a new life together. <\/div>\n\t\t\t \n\t\t\t \t
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A big part of that new life is sharing your finances.<\/strong> You may be merging bank accounts, making major financial decisions together, and filing joint tax returns. How do you keep track of everything now that you\u2019re planning with another person? The answer is budgeting \u2014 looking at how much money you bring in versus how much money you are spending each month. Below are a few tips for newlyweds just getting started on their financial future.<\/p>\n\n\n\n

Make a Budget<\/strong><\/h4>\n\n\n\n

Seriously, just making a budget at all puts you light years ahead of most other couples. According to the National Federation for Credit Counseling<\/a>, only 44 percent of people even bother tracking their monthly income and spending. Fortunately, budgeting is easier than ever. You don\u2019t need to make your own spreadsheet when you have dozens of budgeting programs and apps at your fingertips. In fact, your current online banking service may already have an integrated budgeting app<\/a> . Once you start following the money, you\u2019ll be amazed at how it can change your life.<\/p>\n\n\n\n

Be Honest<\/strong><\/h4>\n\n\n\n

Honesty is always the best policy in relationships, and financial honesty is no exception. A Ramsey Solutions<\/a> survey revealed that disagreements about money is the second leading cause of divorce, behind only infidelity. So, if you\u2019re hoping for a long and happy marriage, be an open book with your partner on money matters. Talk about your financial history, both good and bad, and never hide any unexpected spending or income. It\u2019s helpful to have an honest conversation about where you both want to be financially in 10, 20, and 30 years. When you set goals together, you can build those goals into your budget.<\/p>\n\n\n\n

The 50\/30\/20 Rule<\/strong><\/h4>\n\n\n\n

A classic way to break down your monthly after-tax budget is by using the 50\/30\/20 rule.  It works like this:<\/p>\n\n\n\n