Financial Tips for Young Couples

Whether you are a married couple or still dating with the hope to marry soon, money management plays an important role in every relationship. Financial matters can have a major impact on long-term goals, therefore it is always helpful to have an honest conversation about the income and the debts. This makes the relationship evolve and results in a much stronger bond towards decision making in everyday life.

Perhaps talking about money and discussing how to handle finances is not something which every couple thinks about. Without knowing how much your partner earns and spends, it is very difficult to plan a long-term financial goal. So let's focus on some great financial tips, which will help you in settling all your financial issues.

• Know your stage: Don’t be embarrassed if you are not used to talking about money. A simple conversation about your incomes and debts can give you a path towards planning your future. The earlier you get on the same page about your finances, the easier it will be as your relationship progresses. 
• Work as a Team: The most important step to have a solid financial plan is to work as a team. Your financial life will be a long journey, so it should be approached with the spirit of sharing and cooperation for doing the right things in the years ahead. Planning your expenses wisely will be helpful, because in the end of the day, it’s your money.
• Discuss your Goals: You must be having some common or different goals which both of you would like to materialize. Then, be it getting married (if you're not already), possessing a house, bearing kids, or doing a Master's degree in any particular field. Share these individual or joint goals with each other, fix a time frame for each goal, and plan accordingly to know how much money you need to save.
• Allocate your income and expenses: As young couples, you should decide on how you’ll allocate your earnings as this is an important step in your financial planning. Maintain a catalogue of your daily expenses and keep track of it. This will help you to come up with a cost saving plan, by cutting off unnecessary expenses, thus retaining savings for the future. 
• Make purchase decisions together: Since you’ve decided to be a team in your relationship, it is important to consult your partner before making a major purchase. Making decisions should be a shared responsibility.
• Save money on your bills: Cut down your telephone bills by using smartphone Apps such as WhatsApp, Viber, or Skype which allows you to do a cheap or free calling facility. Use energy efficient light bulbs like CFL or LED to save electricity. Unplug your appliances (TV, washing machine) when not in use to avoid vampire power usage. 
• Get rid of the Debt first: Handle the debt as a couple and wipe it out as quickly as possible. Eliminating any non-tax-deductible debt, including student loans or lines of credit, should be a top concern for most people in their 20s and should usually take priority even over buying a house.
• Plan your retirement: Although it might seem farfetched to think about retirement this early, it is indeed essential. When it comes to planning for the future, it’s never too early! You can plan your retirement with the help of various pension schemes available which also helps you to save tax. This is a must for the newlyweds.
• Setting up a saving account: One of the best ways to set up a healthy financial goal is to open a savings account. With regular monthly deposits, it will help both the partners save in a disciplined fashion. However, whether the saving account should be singular or a joint one is a matter of personal discretion. 
•  Live the present by planning wisely: Obtaining the biggest house and the best car in the first year of your relationship may prove to be an unwise financial decision. Therefore, it is always a better idea to live the present with satisfaction and stick to the solid plans to get to where you want to be in the future.