11 Finance Tips for Newly Married Husbands

11 Finance Tips for Newly Married Husbands

Photo Courtesy: 401(K) 2012

Financial planning is one of the things that can make or break a marriage. If you have just gotten hitched, you may find it difficult to figure out where to start, when it comes to managing the finances. Do not fret. Check out some of these finance tips for newly married husbands.

1. Discuss openly

It is vital for you to discuss your financial matters openly. If you have any anxieties or if you are planning to make a big purchase, you must take the opinion of your better half. This will help you get a different perspective and will strengthen the bond that the two of you have.

2. Set a budget together

Since both of you will be doing the spending in the house, it is only fair that you mutually decide upon a budget. Take into account your recurring expenses and all other major and minor ones. Neither of you should feel that their needs are being compromised.

3. Make sure you stick to the budget

Setting a budget is just the beginning. It is of extreme importance that you stick to the budget that you have fixed. Chart your expenses and every other day make a note of your spending using an online budget calculator. You could sit together on a weekly basis and see if you are able to keep things under the budget or not.

4. Review your budget periodically

Always keep in mind that the limit that you set today would not be enough year down the line. So, make sure you are open to making some changes to the budget based on the rising costs and responsibilities.

5. Buy a house

If you are planning to buy a house, then experts suggest that the overall house payments should not more than 25 percent of your take-home pay. Also, if you are unsure about your job security, then you can bring that limit down to 15 percent.

6. Save for the future

No matter how well you are currently doing in terms of finances, you must always save 10-15 percent of your income for the post-retirement phase. When setting a budget, take into account the money that you are left with, after you put the set percentage into savings. This will ensure that you both are financially secure in your old age and do not have to be dependent on anyone.

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TAGS: advice for newly married husbands, bank account, budget, calculated risks, debt, More