I am 68 yrs old and have never paid one penny in interest on anything except a house and investment properties. I started ';Dead Broke';, and have accumulated millions by following those simple rules. I was an Econ major in school, and learned those principles there. There is no rule #2.Please give some advice on how to manage money to newly married couples ?
Always put 10 % in a savings account.
Don't touch it, ever!!!
Also, put all loose change in a jar. Once a year count it and spend it on frivoulous things, that way saving can still be fun.
And yes, separate accounts are okay!!!!!!!!!!!Please give some advice on how to manage money to newly married couples ?
The best advice I can think of -- establish your priorities and then uses your priorities when making decisions.
For instance, if your top priority is being able to buy a house in 2 years, and you know you need $5000 down payment, you can keep that in mind when making other spending decisions. ';No, we aren't going to go to the restaurant for dinner, because we want to save that money for the down payment.';
Put both paychecks together, pay all the bills %26amp; save the rest.
If she is better @ taking care of the finances, then let her do it... If you are better, you take over.
Email me for mor specific questions. I do a pretty good job @ mine %26amp; my hubby's finances. We have been married 8 months.
My dear, any decision after marriage should be taken jointly. As you both come from different environments you should tell each other how to make your life happy and comfortable by spending your income on necessary things. Budgeting is the most important thing required, because in the earlier stage after marriage each other thinks they should fulfill the other person wants, but once it exceeds the limit the problem starts. So there is no wrong time to do the right things. If you don't have enough savings, do part time job or otherwise you ask your partner to do the job and help each other in doing household work. I wish you happy Married Life.
You need to run your home like a business. You should have a general account, one to pay bills from, and a savings account. With on-line banking you have the ability to move money between these accounts.
Have you set up life insurance? Long term financial goals? There are plenty of places and people that can help you.
Pretty basic. Save 10% of every penny you get. Don't fall into the trap of buying more than you can afford and running up huge credit card debt. Many young couples go crazy with this -- buying furniture, cars, electronics -- live modestly, especially at the beginning. Take your lunches to work and don't eat out except on special occasions. Make cooking at home a fun thing to do together. Don't buy expensive coffees.
Yes, you'll have to live with less, but you'll never be sorry, because financial pressure is a real marriage killer.
Good luck, and God bless.
no joint a/c an bills 50/50!
I don't think there's the right or wrong way to do it - it really depends on the two of you, and what makes sense for your situation. My husband and I have combined finances, 100%. He'd good at money management and financial planning, so he kinda oversees the whole financial side of it. We seem to have very similar ideas on when to spend and when to save, so we have no problems in this area whatsoever.
Create a shared account to pay for shared expenses (rent, food, etc), but keep separate accounts to pay for personal expenses (clothing, gifts, etc).
Have each partner contribute an equal *percentage* of their income to the shared fund, so each is making an equal contribution relative to their salary.
Track all your spending in a computerized program like Quicken.
Place your first priority on eliminating any debt you may have, and then on building your savings.
Be honest and open with each other. Share your goals.
Read ';Smart Couple Finish Rich'; by David Bach - an excellent guide to working together.
Have the most responsible person pay the bills and have a central place for all the records of the bill payments. Make a budget that allows both of you to have an allowance. Above all, live below your means so that what you have left over can go directly into savings and you never miss it and you never think about it and you don't consider using it for anything. This may be the only savings you both have to live on someday!
Have a budget. Pay your bills first. Pay your savings account next. Don't charge anything. Don't buy it if you can't afford it.
You both sit down and work out a buget together...........Pay all bills and see what is left over for food and what not......
The more responsible one should be in charge of the budgeting and paying of the bills. Make a chart. Like lets say you get paid on the 5th and 20th. So u would write..
20th: Expense Amount Due Check Date %26amp; #
House $650.00 11/1 10/20 375
5th: Car $355.00 10/11 10/1 374
Now when you make your chart be sure that all the bills that are due the first half of the month are paid with the 20th check so nothing is late. If you have a ton of bills all due around the same time each month split the bills so you pay half and half. That way you aren't scraping by.
First of all, it would be best to make a savings account to place left over money into. Make a budget of all your bills and give yourself extra money for food and the necessities and then place the rest into that account. Credit cards can be a big no-no, but if you use them in emergencies only then its ok. Try not to buy things that are not such a big must have or buy things expensive.
Spend as little money as possible. If you don't have the money to pay cash for items, DON'T buy it on credit! You will drive your self in to pointless debt. If you have no choice, pay two to three times the minimum payment to minimize interest and finance charges.
Have three bank accounts, a joint account and one for each of you. That way the joint account can be used for house hold bills and the two personal accounts can be used for savings and the occasional vacation.
DO NOT HAVE CHILDREN UNTIL YOU HAVE ENOUGH MONEY SAVED TO SUPPORT YOURSELVES FOR THREE YEARS IN CASE OF LAYOFF!
If u manage money now , u will mismanage your youth
Sit down and make a list of all your bills, including your bills before marriage. Then list your combined incomes. Don't forget to include entertainment (money for dinner and a movie once a week). Decide who will do what. Then review it the following month to see if your on target. Congrats!
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