Getting married is easy; staying married is where the work really comes in. It’s important that both partners work towards one goal, especially when it comes to money. When you plan your finances, there might be issues encountered along the way that can make or break you. But it’s better to map things out while you’re both working on the new relationship, then later on when it might be too late. Here are a few tips for newlyweds to stay on top of their money.
Have An Emergency Fund
You can’t predict the future. Emergencies can happen anytime, even on the first day of your new life together. It’s important that both of you have savings to survive any unexpected emergencies. An emergency fund is meant for anything that’s out of your control, unexpected events that were not included in your daily or monthly budget (a sale is not out of your control). It can mean a spouse losing his job suddenly or things that will affect your household. By having an emergency fund, you will avoid borrowing money when the unexpected occurs.