17 Best Practical Financial Advice for Newlyweds

July 28, 2020

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Best Christian advice for newlyweds

17 Best Christian Advice for Newlyweds

One of the biggest surprises for a newly married couple can be their spouse’s daily habits regarding finances.

17 practical financial advice for newlyweds can help you avoid money problems before they creep in.

In the busyness of wedding preparations and the glow of romantic love, many couples may forget to discuss the fine details of their financial habits.

    After marriage, a husband could be shocked when his new wife responds to a rough day by stress-shopping and coming home with loads of new clothes.

The total money makeover by Dave Ramsey has proven to be a faith-based and PROVEN plan for financial success for couples.

    A wife might as well be surprised by her husband’s coffee habit or obsession with off-brand products.

If you are in debt, use this secret to miraculously dissolve your debt.

    Saving for children’s college or retirement, beliefs regarding debt, investments, and savings–all these are important details that many couples overlook during the exciting days of engagement.

Igor-Alexander Ledochowski offers a program that gives clear, straightforward information for the average person on how to manage their finances, instead of living paycheck to paycheck.

    Now, as a newlywed, it’s important to start off on the right foot when you talk to your spouse about finances.

You may also like Best Christian advice for newlyweds – 31 tips.

   Newlyweds need substantial practical financial advice early in their relationships.

Money came by the House the other Day” by Robert Katz, CPA provides a comprehensive guide to Christian Financial Planning.

Learning and adhering to personal finance basics could help couples not live paycheck to paycheck, and avoid many problems that can creep in later.

Money issues are the number one reason why most married couples have conflicts or fights.

As awkward as discussions of money issues can be, it is advisable to tackle this line of communication early to prevent any misunderstandings along the way in the relationship.

This complete guide to money teaches you how to budget, save, dump debt, and invest.

    Come along with me in this article as I explore several important financial advice goals for newly married couples, shared by veteran couples with many years of experience.

Most of the information here comes from my own experience of more than three decades of marriage, interviews, and conversations with like couples.

Also, from Christian personal financial management classes and countless personal finance books that have passed in front of my eyes.

Here are 17 pieces of very valuable financial planning advice for newly married couples.

From experience, you can never go wrong with these tips.

Financial Advice – Financial Tips For Newlyweds – Practical And Essential for Today.

 

1.// Clarify Your Shared Values And Where You Are This Moment.

Shared financial values newlyweds

First of all, you must identify where you are starting from.

These questions are trivial; Do you know your net worth? How much do you know about personal finance management?

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How much do you have in your bank account?

Do you know how to balance your checkbook?

Do you know what a budget is?

Every decision you make surrounding money is often based on your values.

Mary Nosuchinsky of Stash Wealth once said that married couples should, “Know what each person is bringing into the marriage, whether “good” or “bad” (salaries, savings, debt, spending habits).

It’s also helpful to talk about how each partner grew up with money.

Related: Best Christian Advice for Newlyweds: 31 + tips.

A lot of times, this directly correlates with current spending habits and views of money (aka a love or hate relationship).

Whether you are deciding about buying a car, a vitamin supplement, or a brand of cereal, the decision is not a simple yes or no question.

Far from being surface issues, money choices reflect deep realities about what is important to us.

Because of this, one of your first priorities in marriage should be clarifying your core values.

To start with, label six non-negotiable areas that will guide you in all of life.

Do you value success and achievement?

Compassion and generosity?

Frugality and savings?

Prioritizing shared hobbies?

Nice meals with the family?

Making some general guidelines for your marriage will clarify future decisions about money.

Whenever you are unsure about making a purchase, ask yourself,

 “Does buying this brand of shampoo help me support my value of success and professionalism?”

“Does this food purchase support our shared health and wellness goals?”

Clarifying your values early in the relationship will help you stay focused on your long-term goals.

At the end of the day, the key to success on this journey is both of you being on the same page and at the same time.

Clarifying shared values and where you are this moment is the first practical financial advice newlyweds must implement.

Related: 12 Best Secrets To A Long Lasting Relationship.

2.// Make A Budget And Stick To It.

Budget newlyweds

Preparing a written and zero-based budget is the first and most important step in your financial plan.

In light of the important values you have determined, apportion an amount of money that you will set aside for certain needs every month.

A budget is a plan for every dollar you have. A zero-based budget means that every month you must budget or apportion every single dollar.

A budget is a must for any family aiming for financial freedom and a blessed, happy, and contented life.

Money problems related to insufficient wise financial planning is the cause of most marital stresses.

Based on your net incomes, you must know how much to apportion for your needs and wants every month.

Any budget must cover all your needs and some of your wants.

Basically, the key element is — savings for emergencies and the future.

If dressing professionally is important to you, you may want to use a larger portion for work attire.

If savings and generosity are important to you, then place considerable amounts in savings.

Don’t forget to budget for house and car payments, utilities, groceries, and small daily needs like soap and toilet paper.

The most common monthly expenses to factor into your budget should include housing, transportation, child care, pet care, health, life and car insurance, transportation, savings, debt, cell phone, food, utilities….

You must put into consideration both short term goals (within two years and less) and long term goals (anything more than 2 years) in your budget planning.

There are many budgeting apps specifically designed for couples and the family that allow for tracking of individual expenses as well as shared spending.

You can also use the good old paper budget method.

Whichever option you decide to utilize, just stay consistent, and actually use it every month.

3.// Use Cash Envelopes To Hold You Accountable To Your budget.

Cash envelope newlyweds

Dave Ramsey, a renowned personal finance guru, recommends putting a portion of money in each budget category for each month in an envelope.

Studies have shown that we spend much less when we use cash than when we swipe the card.

With cash envelopes, each category on your budget gets an envelope, and each month you put that agreed amount in it.

Using cash envelopes helps couples stick to their plan and avoid overspending.

One envelope might be labeled “entertainment,” while another envelope might be labeled “groceries.”

When the envelope is empty, you stop spending for the month on that category. At the end of the month, if you have any money left, you can save it.

You don’t need to use cash for every single bill.

This works best for shopping and those categories you’ve identified you have a tendency to overspend.

This method helps you become more conscious of the amount of money you have left and prevents overspending.

4.// Communicate Frequently About Money.

Communicate about money -newlyweds

Face to face sit down conversations about money are critical for newlyweds and throughout your marriage.

Discuss the purchases you have made and the things you would like to buy in the future.

Communicate about whether or not your purchases are lining up with your values and budget.

Especially when considering a large purchase such as furniture or a car,

ensure that you and your spouse have time to discuss the expenditure and come to a mutual agreement.

5.// Have An Attitude Of Compromise And Generosity.

Compromise and generosity -newlyweds

Even though you clarify your values, you and your spouse may differ in your interpretation of needs related to the values.

For example, you may have agreed on a shared value of health and wellness.

To one spouse, wellness and health can mean eating fruits and vegetables and taking medicine when sick.

And to the other spouse, health and wellness can mean buying expensive essential oils and diffusers.

Be patient when your spouse interprets your values differently than you do.

Take it as an opportunity to communicate and compromise.

Occasionally, choose to allow your spouse to splurge on something that doesn’t seem important to you, but which seems vital to him or her.

However, be wise to stick to your budget and stay committed to the plan.

6.// Don’t Spend More Than you Make.

don't Spend more than you make

A veteran married couple shares this important financial tip for couples.

When you strike out on your own, you may feel tempted to try to live the same comfortable lifestyle that your parents live or lived.

Remember, your parents built their lifestyle through years of savings and hard work.

By all means, do not try to live like or emulate the Joneses. Your future financial happiness depends on best practices that you put in place now.

Take into account the amount of money you and your spouse actually make on a day to day basis. Then, plan to spend accordingly.

Don’t spend more than you earn. It can’t get any simpler than that.

In a nutshell, sincerely and honestly assess your earnings and live way below it.

Practical financial advice from parents is a tremendous gain.

7.// Don’t Spend What You Don’t Have.

don't spend

This piece of financial advice for newlyweds is related to the last tip. If you don’t have the money, don’t spend it.

Avoid debts by all means.

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Avoid large purchases that would involve going into debt. Learn the ancient art of contentment.

If you can’t afford it, simply live without it.

Avoid borrowing and the use of credit cards.

If you must use a credit card, get one that you could use for all of your expenses, where you get cash rewards/ points/miles, and has the capability to build your credit too.

Your plan and focus should be on how much you can put on your credit card each month with the conviction and discipline to pay it OFF completely every month.

According to Proverbs 22:7: “The rich rules over the poor, and the borrower is servant to the lender.”

That speaks for itself.

With God and discipline, you can do this!

Don’t ever get fooled by ‘sale’ prices, discounts, and attractive payment plans.

They are all beautifully decorated ideas that can lead you to spend on wants and not needs and to overspend.

8.// Don’t Spend All The Money You Do Have.

don't spend all money

Avoiding debt and living within your means are important first steps to financial wellness as newlyweds.

However, a couple married for forty years shares another important lesson they have learned in marriage: you don’t need to spend every penny you DO have.

When you have leftover money in a cash envelope for the month, it’s not necessary to empty it.

Just count it as an extra donation to your savings account.

9.// Save For Large Purchases.

save money for large purchase

Savings is an effective and preferred way to achieve those large purchases you’ve been wishing for.

A car, a house, a new roof, and other large purchases require savings, patience, and perseverance.

Save money, a little or as much as you can each month for whatever goal you have in mind, and you will be surprised how quickly the money adds up.

10://Put Money In Long-Term savings.

long term savings

Arrange with your employer to deduct money from your paycheck before you ever see it.

Direct deposit to savings is a simple way to pay yourself first.

Long term savings accounts are designed for saving over an extended period of time. There are other savings account options that are not as restricted.

This method of savings ensures that you are not tempted to spend the money you should be saving.

Saving is an important way to plan for your future and your family’s future. It requires a lot of discipline on your part, but remember that The Lord is your strength.

11.// Work Hard. Hard Work Pays Off.

work hard

Colossians 3:22-24 tells us God’s standards for our employment.

We should work hard “not only when [the boss’s] eye is on you and to curry their favor but with sincerity of heart and reverence for the Lord.

“Whatever you do, work at it with all your heart, as working for the Lord, not for human masters, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.”

Proverbs 13:4 also links hard work to financial success.

If you are not willing to work diligently, cheerfully, and willingly, don’t expect money to come rolling in.

12.// Remember That Money Is Not The Ultimate.

money is not ultimate - financial advice for newlyweds

Although money is critical for survival, it is not the most important thing in the universe.

There are many things more valuable than getting another dollar.

There is no price tag to assess the value of spending time with your children while they are growing.

Investing time helping your elderly parents or neighbors is paramount and priceless.

Listening to a grieving friend is irreplaceable.

Each of these items is more important than money.

Although it’s important to work hard and to save, sometimes other things need to come along too or even come first.

First Timothy 6:10 says, “ For the love of money is a root of all kinds of evil, and by craving it, some have wandered away from the faith and pierced themselves with many pains.”

Jesus had a lot to say about people who loved money more than they loved him. Don’t be that person.

In other words, do not be so engulfed in making money that you neglect other aspects of life that are equally or even more important.

Someone once said that a happy environment attracts good things including money.

13.// Listen To Advice From Older Generations.

elders financial advice

A seasoned couple with many years of marriage experience shares lessons learned in marriage.

These short proverbs will help guide you as you start your marriage:

Advice # 1: Pay off your credit cards every month and do not allow debts to accumulate.

Advice # 2: Shop from a list; if it’s not on the list, don’t buy it.

Advice # 3 Always think about big purchases overnight. Don’t buy impulsively.

Go home from the car dealer or furniture store and contemplate overnight if the purchase is warranted, for example.

Morning light often gives clarity to the situation.

There’s nothing wrong with getting financial advice from successful and trustworthy people that are older.

They can also serve as your mentors or accountability partners.

14.// Have An Emergency Fund.

emergency funds

Dave Ramsey and all financial advisers suggest keeping a sum of money that is set aside for emergencies.

Unfortunate situations tend to come around with regularity: emergent care, hospital bills, car breakdowns, appliance problems, roof damage, or even a fire or car crash.

Having an emergency fund will give you more confidence when difficult situations arise.

Dave Ramsey advises at least $1000 emergency fund in a beginner emergency fund and $500 if your income is under $20,000 per year.

According to Dave Ramsey, “A fully-funded emergency fund covers three to six months of expenses.”

Others suggest starting at $500 and adding to it until it gets to three to six month’s worth of expenses.

It’s not possible to know when an emergency will happen, but it is possible to plan ahead for it.

To build your emergency fund quickly, the simple and best principle is to spend less and make more.

You have to make an intentional effort to cut down on your overall average monthly expenses.

It can mean taking lunch to work, cutting off the lattes, going to the grocery store with a list, and avoiding buying anything that is not on the list, cutting down on weekend outings, etc.

This is probably one of the best practical financial advice a newlywed couple can put into practice immediately.

15.// Choose Date Options That Don’t Cost As Much.

saving on dates for newlyweds

While splurging on your relationship as a newlywed couple is a good idea from time to time, try to choose cost-effective date nights whenever possible.

The bottom line is to save money.

Perhaps you could go on a hike, ride a bike, walk by the river, or enjoy a home movie.

Whatever the case, enjoying the simple joys of life FOR NOW can help to save money.

16.// Live By The Old Proverb, “A Penny Saved Is A Penny Earned.”

save penny

Another practical financial advice for newlyweds is to SAVE, SAVE, SAVE. What small changes can you make to save money?

Perhaps you could adjust the thermostat by a few degrees. Or change your lighting to fluorescent bulbs.

Or, turn off the shower while lathering. You can also turn off lights when not in use, or let the fresh breeze dry your clothes.

Ride a bike to the store, walk in the neighborhood instead of going to the gym, or cook at home a few more nights a week.

You can sell things that you don’t need or use to make extra money and also declutter your house or apartment.

These options will not only save money but will reduce your carbon footprint on the earth.

17:// Pay Your Tithes and Choose Generosity.

Sometimes, it’s easy to clench our fists and hang onto our carefully-earned money.

But 2 Corinthians 9:6-8 says, “Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.

Each of you should give what you have decided in your heart to give outside the tithe, however not reluctantly or under compulsion, for God loves a cheerful giver.

And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work.”

This promise provides endless hope for those who are generous. We tithe as an act of faith. Tithes support the needs of pastors and the work of the local church.

Most wealthy Christians attribute their success to adherence to sound practical financial advice related to tithing and offering.

God is more than able to bless us with all we need, in this life and in the next.

He will give us the resources we need to serve Him and bless others in every good work.

He will take care of us, and we will be fulfilled.

I believe that giving to the Lord should be the number one priority for any believer that understands or has experienced the benefits.

Obedience in paying tithes pleases God. Remember, He is the source.

Malachi 3:10 supports that – paying tithes and giving offerings as instructed are signs of obedience to Christ.

Obedience is better than sacrifice. Tithing is an act of faith.

We prove our love for Christ by obeying His commands.

All that we have belong to God. That should be a motivation for you to be obedient in paying your tithe.

Putting these practical financial advice and tips into practice can help you to stay financially happy.

“A vision without action is just a hallucination.” – Dr. C. Thomas Anderson.

Please do not Procrastinate!

Sending lots of love, blessings, and positivity your way………

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By Joann