“Tying the knot is so blissful and magical that our happy-ever-after entails no responsibilities whatsoever”, said no newlywed ever!
Though marriage is a union that lasts a lifetime, it doesn’t prevent you from nerve-racking responsibilities that every newlywed has to deal with daily. Most couples breeze through these realities but there is still a lot more to learn after living together for the first time and you need all the help that you could get. Luckily for you, we’re here to shed light on some of the things that you should know regarding your financial decision after tying the knot. Read on, Loves!
Before anything else, design a Financial Plan
Staying together for richer or for poorer has more to it than just your financial stability when entering your union. More of it has to deal with the financial friction that both of you have to deal with like the reality of bills, payments and future financial projects. That is why it is highly favorable to design a financial plan especially when you have a new house to fill.
Planning your budget is as easy as determining your priorities over your capability to acquire. Yes, everything is important but your ability to purchase has to meet your demands. You can write a long list of purchase priorities and design a financial plan by equating it with your income and recurring living costs. Having a financial plan this early could guarantee your monetary proficiency like a protective net from debt and unnecessary purchases. Pro tip: Never go over your budget if you still have a choice. Starting your marriage with debt is never a good thing!
Planning your living costs is something you need to talk over especially if it’s your first time living together. Both of you have financial responsibilities even before your marriage and you need to come clean with your partner to avoid financial backlash. You can start with recurring monthly amortizations and formulate a budget plan. Keep in mind that you need to work together for these budget plans to work. Better to do this sooner rather than later!
1) Commute on a Scooter
We all know that it takes two to tango, right? Well, the same goes for cutting costs and reorganizing your financial goals over cost-efficient purchases which. Major purchases like cars for your daily commute in a metro city applies! If you don’t travel far then save yourself the pain of a car payment and buy an electric scooter instead. GOTRAX will not only save you from stretching financially, it will also avert stress from traffic jams and of course the hassle of parking space. On top of the modern, cost-efficient perks and superior performance – this electric scooter is built with safety and comfort in mind. It fits perfectly in the sophisticated life of a newlywed couple living in a metro city.
2) Be Future Proof, Be Protected
You can never be too secure for the inevitable future that’s why the best way to have a future-proof wedded life is to be insured. There’s a ton of insurance companies that offers affordable term life insurance. They can also cover both your personal property as well as your medical care. The sense of security to be covered by these policies could shift your attention to important things and have that sense of safety that your marriage could easily flourish in all directions. Nobody wants to deal with liabilities that could set us back from our plans.
3) Go Eco-friendly
Okay, you live in an area where you don’t need to own a car, you live within 5 miles from work and that’s why a heavy duty inexpensive scooter makes lots of sense. I personally love GOTRAX’s scooters. I own the Xr Ultra and I ride it almost daily to my gym and I absolutely love it! It weighs less than 30lbs and you can own one for less than a single payment on a car.
But why stop there!? A lot of newlyweds rush on filling up their new home with appliances and possible purchase decisions are focused on being cost-efficient.
The common misconception is that it’s expensive to go eco-friendly. It’s not! Transportation and modern home appliances have evolved into something beyond practicality. Highly efficient appliances that are once expensive are now available for almost everyone. Take advantage of that!
4) Invest in things you Love!
As soon as you’ve established stability in your married life, start researching for possible investments. The sooner you do this, the faster you’ll be able to enjoy the profits and even consider a shift in your plans for later in life. But here’s a simple caveat, only invest in things you love! Coz’ nothing beats the passion of someone who loves the things he/she does, and it also applies in your investment plans. Consider researching organic business ideas or even passive investments as long as you are legit interested. Amidst these plans, take heed on what your partner says. Your marriage and your future family are stakeholders in your plans and involving them would jump-start your possible proposals.