When I told my husband what I was naming today's post he, without hesitation, told me not to. He also informed me he is my business adviser. Got to love that guy. As you can see I stuck with this title. What did you think about that video? I am sure most of you have watched it and many of you want to know "How in the world can she redeem this post?"
Today I am being 100% honest and real. Yes, I am every day but today I am attempting to tackle a difficult topic. The dolla, dolla bill y'all. Wedding blogs always show the fun and exciting moments (which they should), the babys breath and mason jars but they never prepare you for life after marriage. I could write a whole book about life after marriage but today I want to focus on money.
Money is a whole different ball game once you are married or engaged. Before we go any further I do not want to scare you. No matter of money is worth skipping out on the joys of marriage. Marriage is such a blessing. I know not every couple is the same. What works for Rusty and I may not work for you and your other half but if I can help one person, this post is worth it.
When Rusty and I got engaged we decided to join our bank accounts and have one account. While this may not work for everyone, we decided that we wanted to compile our incomes into one account. After first it was nice to see our little accounts grow to a bigger amount in a joint account. Rusty and I love marriage and life together but the only thing we have argued about during our marriage is money. Sometimes financially we have not been on the same page. Money is hard. Money stinks. Money makes the world go round. Money is...blah but there are ways to make money more enjoyable.
After time we finally found a system that works for us. I am a penny pincher while Rusty would like to indulge a bit more. We have really learned a healthy balance for our marriage and each other. I won't go into every single detail but I do want to share a few tips on how to make money easier as a married couple. By NO means are we experts in the finance department but I have learned a lot in just the past two years.
1. Pay your bills first. Each time we get paid we sit down and pay all of our bills first. Once we have paid our bills, looked at what is coming up for the next two weeks (time between pay periods) then we save and/or decide what to do with the remaining amount of funds.
2. How are you working together? Money, regardless of who makes the most, is something that you do together. Even if you have separate bank accounts, your incomes help make up your livelihood. Work together to make financial decisions. Make sure you are constantly thinking of one another whenever you swipe that card or withdraw that cash.
3. Compromised lately? Yeah, you even compromise when it comes to spending money. At times I may want to spend a bit more and Rusty doesn't. We talk things over and make the best decision for our family. Sometimes those talks can get heated especially when trying to persuade the other. Healthy compromise is key to a good marriage.
4. Treat yourself. Even with all the saving and penny pinching, treat yourself too. You don't have to go drop $100 on an expensive meal or buy a new wardrobe but splurging on something you both enjoy is important. You cannot just save, save, save and not enjoy a moment here and there. Sometimes you need to buy a nice bottle of wine or get tickets to your favorite comedian. You deserve it.
5. Debt may happen. I say this one cautiously. I have people tell me all the time debt is always there. I 100% disagree. You don't have to be in debt. Well if it isn't one thing it is another. That may be true in life but every single decision you make financially now affects your future, your children and your life. While you may start marriage with student loans, (I hate student loans. That is a whole other post.) you can pay those off. If you need a new car, don't spend outside your realistic funds or comfort zone. Yes, we all want to drive a brand new car but that doesn't mean that is the best option for your family. Spend wisely and pay things off. You may pay that credit card off to only have to replace all your tires. Small debts that take a month or two to pay off happen but debts that take years to pay off are avoidable. We aim to pay our credit card off every month. Well you guys must have a lot of money to do that. Um, hardly but we are smart where we spend. Paying off your credit card each month saves so much moola in interest. Interest sucks! If you do acquire a handful of large debts, pick one and pay it off then move on to the next one. Keep your cards paid off and like I said every decision you make now affects your future. Yeah, I could go on forever with this point.
6. Do you really need it? Just think about. I have a rule of thumb and I try to pass it on to every girlfriend. I always ask myself do I love it? If I love it, more than likely I will buy the item. If I am so-so or not 100% sure about an item then I skip purchasing it. It makes things so much simpler.
7. Make wise investments. I cannot stress this enough. I think people think of investments as only stock or a 401k but to me investments are so much more. I think investments are starting a college fund for your child. That is a true investment into your future. Research each investment and choose wisely. If you like the stock market, take your pick. If you are interested in rental property, look to you find the perfect space. Pick something that interests you both.
8. Don't give up. No matter what work to always try to do your best together. You never want to look back and regret or wish you had done things differently.
9. Celebrate your achievements. There is nothing like seeing your hard work pay off. Nothing like it. Whether it is paying off a credit card or buying a house, no accomplishment should go unnoticed. Being smart financially is an achievement in its self. Celebrate those happy moments!
Like I said before, I am not an expert. But I do know what it is like to pay on debt, watching your savings grow then have to pay an unexpected cost, invest in things, get a raise, make sacrifices and go through trial and error to find something that works. I also thought I would share a few things we do to save money.
Ways we try to save...
1. Eating in. We use to eat out a lot. I love eating out but eating in is so much better. We eat better. We save money. We get to spend time around the dinner table. We get to use our pretty dishes. Well maybe that is just me who gets excited about that. Cook a meal together. It will change your eating out preferences.
2. Coupons. I clip with the best of them. If it is a $4 off at Kohls or $1 off my favorite oatmeal, I use coupons to our advantage.
3. Finding the best price. It never hurts to research a bargain. Ask store employees when the next sale is and possibly wait for those dates. Furniture and hardware stores usually have major holiday sales. We love those!
4. Encouraging each other. We love to talk about how we have saved or praise each other for finding the best price. It feels good to be encouraged when it comes to anything but especially saving.
5. Setting a goal. We are currently trying to save a certain amount of money right now for a few reasons. It is so nice to have a goal and works towards it! It gives us direction and stops me from too many lattes.
6. The sale rack loves me just the same. I rarely pay full price for anything. If it is something I have to have or we truly need I will pay full price but a majority of the time I am shopping the sale isle or clothes rack.
7. Talking about what we are saving for. We have the set goal but before I reach for the 3rd latte in the two weeks, Rusty reminds me of the bigger picture. This may be the time to mention that we are building our first house!! I cannot tell you how excited we are but it has taken us a while to get to this point. Every time we want to spend too much we just think about the overall picture.
8. Sharing with others. Sometimes I can borrow or trade with a friend. When it comes to magazines or books, trade with a friend and vice versa. Even if it comes to a few dishes for a dinner party, I will gladly let friends borrow and return later. It is always nice to trade and borrow with them!
9. Garage sale time. We have an annual garage sale. With moving into our new house I have already started a pile for a garage sale this summer or early fall. It not only makes a little bit of money for your family but I will get to meet my new neighbors!
10. Keeping your dates free. There is nothing like a date night with my husband. Date night at the movies or going to dinner is nice but we also have plenty of free options too! We love to walk around our countryside neighborhood, visit the park, stroll to downtown, walk around a flea market, movies in the park or a $1 netflix movies. There is always something happening around town that cost nothing to be apart of.
I know that I kept this post really long but I feel like I we can all save here and there. Finances can be difficult at times but remember that your marriage is so much more than money. Your marriage is stronger than a disagreement over money. Always be open with your significant other. What ways do you try to save? What are you working towards saving for? Have you paid off any recent debts?
I hope that you all have the best day ever! See you tomorrow for Wedding Dress Wednesday!
That video is so creepy haha, but definitely perfect for the post. This is such a great post. All couples really need to understand each other's financial preferences before ever deciding to get married. Money is such an important part of a marriage. We kept our bank accounts separate for the first 2.5 years or so of marriage. Andy and I manage money so differently. I balance to the penny and am definitely a penny pincher while he would just check his balance occasionally and not worry about it. However, once we decided to forego my income so I could stay home with Derek, we had to completely change the way we managed and spent money. We joined accounts, and I took over complete control of our finances (perfect for me since I have an Accounting degree :)). We have a spreadsheet, and every single penny we spend gets put on it, in the applicable category. This way we can easily track our spending and see where we need to adjust. I'm definitely more controlling with our money than some men would ever allow haha, but it's necessary for us to make it as a family of three on a teacher's income! Andy is completely onboard with me staying home, though, so that helps him to not be bitter or get upset with the way I do things. If we weren't on the same page at least 95% of the time regarding money, things would be so difficult for us. Money can't buy happiness, that's for sure, but it's so important for couple's to have open, honest dialogue when discussing finances. Again, great post!!
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