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The basics of budgeting are similar – whether you’re married or not. You need to plan for your bills and financial goals given a certain finite resource — your income. Adding another person to the mix, changing personal finance to family finance, can increase security and income while decreasing some expenses, but it can also muddy things. With ample communication and flexibility, you are more likely to live happily ever after.
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If you’re new to budgeting, it is recommended to divvy up your income with the 50/30/20 approach. 50% for needs such as household bills, minimum loan payments and expenses such as childcare, diapers and formula. 30% for financial wants such as gym memberships, travel, or perhaps that morning cup of Joe from Baltimore Coffee and Tea. Finally, the last 20% should be for savings and payments on toxic debts, such as payday loans and credit card balances. This split is a goal to shoot for! You may miss here and there, but the objective is to track your spending and aim for improvement.
If you’re an experienced budgeter, you likely already know the importance of saving for retirement, paying off debt and having an emergency fund. But, if this is the first time you and your spouse have set financial priorities, here are the basics. First, save for retirement. Be sure you are taking advantage of employer benefits like matching. Second, tackle toxic debt! Credit cards and payday loans could wreak havoc on achieving your goals. Third, build your household emergency fund. You will certainly want a buffer for emergencies at all times!
Although it’s tough, conversations around Estate Planning may be one of the most important conversations you ever have. It is important to discuss beneficiaries on accounts and life insurance policies. You should understand how your assets, such as your home and cars, are titled. Make changes as necessary should the unthinkable happen. Schedule a free consultation with Nymeo’s Estate Planning Attorney to learn more about what options are available for you.
