Budgeting Tips For Young Couples
My husband and I moved in together at the young age of nineteen. We were broke and both working multiple jobs to make things work. We were determined to live the life that we dreamed of and worked together to get there. It wasn’t easy, but we have now been together for almost 15 years and are still working together to reach our financial goals.
I wanted to share some of the tips that helped us along the way:
- Talk about money! This is the first tip and the most important. You and your partner should have open communication when it comes to earning, saving, and spending. It may be a taboo subject, or something that you aren’t comfortable starting a conversation about. But if you plan to be with this person for the long run, then you should both be open about your finances.
- Don’t keep secrets. I guess this one can be a general tip for all aspects of your relationship, but with money it’s especially important. Whether it’s credit card debt or school loans, it’s best to share all of the dark and dirty debts hiding in your financial closet. Working toward a common goal only works if you create a plan together that includes both of your debts.
- Plan for the future! Now that you are both talking about money, it’s time to find out your significant other’s future goals. If you are going to grow old together and live the way that you dream of, make sure that you will have the money to make it happen. Open a retirement account, or at least some kind of savings account that you will be contributing to on a regular basis. You will thank yourself when you’re retired and sitting on a beach!
- Budget and set rules. Being on the same page is the best way to be successful in your finances and in your marriage. Money is one of the biggest factors in a failed marriage. So compromise on a budgeting plan and stick to it! This isn’t fun, but getting this out of the way will save you from bigger problems in the future.
All in all I think that communication is the biggest take away from these tips. If you have a partner that you are serious about and you are sharing finances, make sure to follow these tips! If you have any other tips that have worked for you and your partner please let me know!!