How to Manage Finances After Marriage? Let’s Check This Out!

financialtreat – will explain about How to Manage Finances After Marriage? Let’s Check This Out! which you will get in the following article. let’s look at this article carefully!

Starting a new life as a married couple is indeed full of challenges, one of which is how to manage finances after marriage. It turns out that after marriage financial management is not as easy as when single used to be because it requires different rules and mindsets.

Not surprisingly, many newly married couples are confused and even shaken because they don’t know yet and are able to manage finances after marriage. The wedding expenses cost quite a lot of funds. It doesn’t stop there because there are still many costs to think about and plan from the beginning of the wedding. Come on, follow and apply how to manage finances after marriage below:

Want to Know How to Manage Finances After Marriage? Here’s How!

Don’t Spend Invited Guests’ Money

It has become a tradition in Indonesia that if there is a couple who organizes a wedding, the guest will give money or gifts. After the wedding event is over, the bride and groom and the family will usually collect and count the number of gifts obtained from the wedding event.

The result can be disappointing and it can be happy. If the result of the reward obtained is happy, then you and your partner should focus on future goals. For example, you can save envelope money from a wedding to repay a home mortgage, pay a loan debt, or for a family investment in the future. Therefore, you have to make a plan and make priorities.

There Must Be No Lies Among Us

The first thing to do when deciding to get married and live life with a partner is like a legendary song there are no lies in our atara, but be open to each other. Be open in everything, be it in terms of work, income, plans to have children, home mortgage plans, investments, savings and others.

Do not cause suspicion that can cause disputes in the household. For example, you prioritize owning a house with the mortgage installment method before having children. Meanwhile, couples prioritize saving money because they want to have children immediately.

Create a Joint Account

You and your partner may not have thought about making it together because of an individual selfishness that has not been eliminated. However, creating this joint account must be thought out and prepared from now on.

Otherwise, the financial condition of the household in the future may be in chaos. So, having received a salary or business income, you and your spouse must first set the amount of money that will be deposite in joint savings.

Electing a Family Treasurer

Ideally, in a family, there should be one person who can be truste to hold funds, manage expenses, and manage household finances like a company. There are no exact rules as to who is entitle and more deserving to be treasurer because these decisions are tailore to the capabilities of each one.

Determine the Amount of Family Expenses Every Month

Having determine the treasurer in your small family, then next make a budget plan for daily and monthly expenses. Make a record of household needs, such as groceries, bathing needs, electricity bills, water bills, pay taxes, pay insurance, and others.

Allocate Each Other’s Salary For Various Needs

If there is only one person working in your family, then that one person’s income should be divide into planne expenditure items. However, if you and your partner are both working, then you can determine whose salary is allocate to pay for this and that need.

Set Aside Income For Future Savings

At the beginning of the marriage, your and your partner’s income may not be large enough so it feels heavy enough to set aside money for savings. However, if you get use to yourself and your partner to set aside income for savings from the beginning, then this saving habit will not be difficult to do in the future.

So, try to set aside income for savings even if it’s just a little bit. The savings that have been collecte can be use for various interests in the future, such as children’s education costs, investments, medical expenses, and others.

If it is difficult to save, you can divert your income to buy insurance products that will be useful in the future. Currently, there are various kinds of insurance to choose from, including: life insurance, vehicle insurance, travel insurance, to pension funds.

Don’t Forget To Invest For Family

Basically, every marrie couple is oblige to have a clear common goal. Well, this goal can certainly be achieve if the family’s financial condition is safe and healthy. To realize the goal, the treasurer must allocate money for investments.

There are a variety of assets to try, ranging from stocks, deposits, gold, forex, crypto, or P2P. So, before investing, you should first find out what assets are suitable for household needs.

For hundreds of years, investment has been believe to help finances stay healthy. Therefore, owning assets is actually not detrimental but rather profitable even though initially the family has to spend some money first.

Also make sure to know the household needs in advance so that the selecte product is in accordance with these needs. Intereste in investing but confuse about where to start? The good news is, we create a special page that discusses all things safe and best investment in Indonesia.

Provide an Emergency Fund Before It’s Too Late

As the name implies, this emergency fund is useful as a “spare tire” to cover unexpecte costs outside of the budget plan that has been made before. For example, illness, accident, death or assistance to a large family.

In addition, adverse events can occur anywhere and anytime, and can happen to anyone. Therefore, you and your partner are oblige to prepare an emergency fund from the beginning of your marriage. So, the earlier your family sets aside money for an emergency fund, the more emergency funds can be collecte.

Try setting aside 1/3 of your and your spouse’s income each month for a family emergency fund. This amount is certainly not an absolute amount because it can be adjust according to financial conditions and family needs.

Record Every Household Expenditure

Whoever is electe treasurer must record every expense, whether routine or emergency. By noting, the treasurer can find out whether the expenditure is in accordance with the agreement or not.

Having a record can also be evidence if the spouse asks about the flow of funds such as less salary to cover needs and must take out of savings. The form of expenditure records can be adjust to household needs.

For example, you can take notes in general only, either weekly or monthly. Basically, this record is useful as a balance sheet to help you and your spouse monitor the family’s finances staying in good health and safety.

Limit Excess Expenses

Sometimes there are some conditions that require you to spend more money than the budget plan that has been made before. Well, to overcome this, you must limit the maximum expenditure for each need.

For example, the allocation of electricity costs is IDR 300,000, then determine the excess bill that can be tolerate to IDR 350,000 – IDR 400,000. If it has exceed the limit, then evaluate the family’s finances because there should be no waste.

By limiting excess expenses, you can also find out the rules and financial flows of the family. So if there is a shortage of money, mutual blame can be avoid. In addition, it can also control you not to spend money outside of the agree amount.

Don’t Hesitate to Make Changes

Although there has been an agreement on the allocation of funds for each expenditure post. This should not be use as a dead contract which forever must be like that. So, it is open to the possibility of changing the agreement according to the conditions that occur.

For example, there is an increase in the cost of electricity tariffs. Which certainly has an impact on comfort and productivity in the household. Well, you and your partner can adjust the budget plan according to the changes that occur.

In addition, organize your household finances as comfortably and plan as possible. However, do not be rigid with all the rules that have been made. The most important thing about family financial management is to plan everything well and always put family comfort first.

Read more financial independence:

Have a Happy and Harmonious Home Life

That’s how to manage finances after marriage. Easy, right? However, the above ways of saving will certainly not be useful if you just read it without practicing it with your partner.

So, do not delay to apply it so that the home life is happy. And harmonious from now on and in the future. If you want to learn more about how to manage your finances. We have a dedicate page that discusses financial management.


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