My husband and I have been married for almost 14 years, and there have been a lot of changes in our lives! On our first anniversary we made an offer on a home and shortly after that the purchase was final. Two weeks before our second anniversary our first child was born. Now, we have two beautiful children, two family dogs and still live in the same home.
Along with all the changes, one thing has remained the same... making financial decisions. As your family grows... so do your expenses. Many expenses are consistent and easy to put into your weekly or monthly budget... medical, groceries, mortgage, etc. While others are completely unexpected... such as having to replace a household item that suddenly stops working.
Regardless, being prepared and on top of your post-marriage financial decisions are crucial, no matter what is happening in your life! Here are a few ways that my husband and I stay on top of our finances and live within our comfort zone.
Stick to a Budget: Knowing what bills you have to pay each month and what you have to "play" with must be your top priority!
Savings: Set a little aside each paycheck for those family emergencies and unexpected expenses. My husband and I have savings account as well as a separate account set aside for family vacations. Both of our children have savings accounts as well. Planning for the future must be done in the present!
Don't try to Keep up with the Jones': Just because your friends, neighbors or family members have something doesn't mean that you do! Live within your means!
What post-marriage financial decisions do you practice?
Inspired by Genworth Financial