How successful couples use sense with their cents

The word budget pops up at every turn when you are planning a wedding, but once you are happily married and journeying into your ever-after, your finances should remain a high priority.

Success in life means different things to different people, but chances are that not having to worry or argue over money will be in everyone’s top five.

Whether budgeting for a wedding was your first crash-course in using sense with your cents, or you have been careful with your money ever since you started your first job, maintaining that level of care in your everyday life can mean the difference between financial security and living pay-to-pay.

Budget

There’s the word again! Taking notice of what’s coming in and what’s going out, even over a period of a fortnight, is a huge wake-up call. Did you really spend $40 in two weeks on coffee? It can so easily happen when daily habits become the norm and you stop thinking about it.

Before you dive into a restrictive budget, (which you should only do if absolutely necessary – you need to enjoy life too) just take notice of what your habits are right now and look at ways you can cut back.

You don’t have to immediately sacrifice big ticket items to save money, look at little things first. Making your own coffee at home and taking it in a cup to-go on your way to work could save you $960 a year.

Openness about debts

Most of us are carrying around financial baggage. It could be a car loan, a HECS/HELP debt, or the credit card bill from your last trip to Europe. No matter what it is, you should let your partner know about it and you can navigate how to best work to get rid of it. Most successful couples have this conversation pre-wedding.

Even if you have separate accounts, it is important to have full disclosure when you are carrying debts around. It will help you to allocate sufficient money as a couple to pay them down, so you can get on with saving for the things that you want, like that awesome holiday!