6 Money Management Tips for Newly Married Students

 

It is generally known that the great majority of students have encountered issues with their finances at least once in their student life. For this reason, many of them decided to take one, two or even three jobs at a time in order to be independent of their parents’ finances and support themselves. The ultimate truth that many of them did not know about or didn’t want to know about is that things can be a lot easier in two. Living with a partner under the same roof can come as a relief to some people, considering that there are two persons that are working, that have monthly incomes and that pay all the house expenses together.

However, this doesn’t mean you should rush into moving together with your partner and get married as soon as possible. But if you do, if your love is truly magical and you respect each other, if you don’t see yourself living without the person you love the most, even though you’re in your college years, you should get married. And, at the same time, you should take into account these six smart tips that will definitely help you get over difficult times and manage your money properly.

 

1. Discuss about each other’s finances

The first thing you should start with even before you officialise your marriage is to discuss finances with your partner. Being fair and sincere from the very beginning can avoid some awfully and awkward situations from occurring later on. If you feel that before you or your partner make a £100 purchase you should discuss about it together, then let them know that. It’s best to share your feelings and thoughts straight. This will help you have a beautiful marriage and live happily together, even when you’re going through difficult times.

 

2. ‘Honey, what are your long-term goals, financially speaking?’

You should not be afraid of asking this question even before you get married. Of course, you’re both still students and maybe it’s a bit earlier to say you have a clear vision with respect to what your lives would look like ten or twenty years from now. But even so, you should have an idea. First of all, you should know for sure whether or not you want to spend the rest of your life next to that person and if you love them enough to say “Yes”, then both of you should take on responsibility and do your best to make things work. Including your loved one in your future goals and plans is the first sign you want them in your life forever and ever. So, don’t be afraid to ask them this question to see if they feel the same, or on the other hand, to answer this question sincerely if you get asked first.

 

3. Establish future plans together

Discuss whether or not you want to buy your own house together, somewhere by the beach, with a great porch where you can watch the sunrise or the sunset every day. Discuss about your debts (if any) and about what you’re planning to do once you get rid of them – maybe become a millionaire, why not? Discuss whether both of you should have a job and go to work or one of you should be a stay-at-home parent. One of you can choose to work from home for instance and provide some top-notch custom writing service. There are many ways today in which you can earn money while staying at home in your comfy couch.

As simple and insignificant as these subjects may sound like, they aren’t! Especially when it comes to a newly wed students couple. If you were mature enough to get married while still being students, you should also be mature enough to discuss these aspects together and outline the things you want from each other. After all, you’ve made a vow – “for better or for worse, for richer or for poorer”, right?

 

4. Emergency funds can be helpful

In case you just can’t help spending all the money you’ve earned the previous month, you can opt for building an emergency fund. Some couples even make it a top priority, because it helps them get out of hard times they couldn’t prevent or expect. A job loss, a major house repair or family illness are only a few unfortunate events that can occur. During such moments, emergency funds can be a godsend.

 

5. Make a monthly budget and stick to it

This may sound difficult, yes. In fact, it actually is a difficult task even for those couples who have been together for ten years or more. But this shouldn’t scare you. Designing a monthly budget, tracking it and sticking to it can help you as a couple to save a great deal of money each month.

We know, easier said than done. Adulting comes with tons of responsibilities and probably the most challenging one is not necessarily to create a budget, but to stick to it instead. Start with looking back over the previous months in order to determine the amount of money you spent and decide whether you should take it down a bit more or maintain it. You can write everything down on a spreadsheet to be clearer for both of you. Group them into categories, such as household expenses, fees and taxes, food, clothes and so on. See which one of those things you can renounce at the next month and save some money. Of course, you shouldn’t take it too far and exaggerate about saving money. Buying one extra ice-cream this month or some flowers for your partner wouldn’t affect your monthly budget that much. Spending several hundreds of dollars on a fluffy extra-large couch that you have no room for in your living room or buying a foosball table just to appear a more interesting person in front of your friends can seriously affect your budget though.

 

6. Touchy subjects are best to be treated with love and calmness

As mentioned earlier, you and your partner decided to get married and stay together “for better and for worse”. And “worse” doesn’t refer to moments when you don’t know what to wear or what perfume to choose or just taking care of each other when one of you caught a flu. “Worse” refers to those moments when you have to face great challenges in your marriage, be them with your finances or anything else. Regardless of the problems you encounter, it’s important you discuss about them with each other with love and calmness. It’s normal to get upset whenever you come across a sticky situation, but raising your voices to each other and not listening to each other won’t solve your problems.  Talk about it and come up with the best solution for both of you.

 

Final thoughts

Being a student is both beautiful and challenging. Pretty much the same goes with being married too. But being both student and married is where the real challenges occur. Even so, if your love is strong enough, if you are certain that the person next to you is The One and, most importantly, if you follow these simple, yet highly efficient money management tips mentioned above, things will definitely work out the way you both wanted.

 

About the Author: Richard Nolan is a professional educator and team building coach, sharing his experience in spheres of  writing, blogging, entrepreneurship, and psychology. Richard writes for numerous blogs and gives useful tips for bloggers and students.

 

 

 

Site Policy

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.