Budget Tips for Newlyweds

Budgeting as a couple can be far different from budgeting as individuals.

Budgeting as a couple can be far different from budgeting as individuals.

After the hustle and bustle of wedding season, you and your new spouse are starting to talk about more serious topics, like budgeting and finances. Today’s Raccoon Valley blog is dedicated to budgeting tips and important financial topics you and your spouse should be talking about.

Build Up an Emergency Fund

Life is going to throw you unexpected curveballs and an emergency fund can prepare you for those unexpected moments. That’s why having an emergency fund is so important. Start saving for these expenses, and try to reach a goal that will allow you to be covered for six months’ worth of your regular monthly expenses.

Build a Budget

This may seem obvious, but you and your spouse need to sit down with each other and figure out a budget for each month. The best place to start is to list the expenses you know you have each month, including rent, student loan payments and car payments. Next, figure out how much money each of you brings home each month and use the difference to determine how much you have to spend on things like groceries and entertainment.

Preparing for the Future

Each couple is different, but if you are planning on starting a family and eventually owning your own home, there are some steps you’ll need to take. Saving is your best friend, as this allows you to be able to put a better down payment, which can help get you a better interest rate and the less you pay in the long run. Having a good credit score is also important. You can improve your credit score by paying your bills on time, pay off debt and making sure you don’t continuously open new credit accounts.

If you’re a newly-married couple looking to save for your future, Raccoon Valley offers savings accounts to help you. If you’re ready to purchase a home, we have a variety of options available to make sure you’re getting the loan that works best for you.

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