Money Saving Tips for Newlyweds
Guest Blog post by Alek Sabin
Getting married means that you and your significant other are a team in everything in life, including the boring financial parts of it. Oftentimes, newlyweds are usually just starting out on getting themselves financially established, and need to work together to do so. However, it can be an awkward switch from only having to worry about your own money, to suddenly having to worry about money as a couple. However, you’ll find that there is a wide variety of ways to save money and improve your financial standing. Here are some money saving tips for newlyweds.
Save money at your actual wedding
First of all, if you’re reading this before you actually get married, then you still have time to do cut back on what is probably going to be one of the biggest expenses of your life, up to this point: your actual wedding. An average wedding in the United States costs nearly $27,000, as this nifty infographic shows. The question, though, is if it really needs to be that expensive! Even cutting down the costs of your wedding by a measly 10% could potentially save you thousands of dollars, giving you a headstart on saving money when you’re married and have other goals to work towards.
Don’t let utilities build up
Typically, housing prices are never moving down, so it’s hard to save money on your rent or lease payment. However, if you want to cut back on the monthly expenses of your living space, then do so by hitting your utilities. Your utility bill could be hundreds of dollars a month, but you probably don’t actually need all of the energy that you use. By programming your thermostat to only work while you are awake and at home, you can reduce your heating and cooling bill, drastically. In addition, only plugging in the electronics that you are using cuts down on electricity costs. Here’s a handy article on the things in your home that are contributing most to your energy costs.
Avoid buying more house than you need
When you are looking for a place to live with your significant other, whether you are buying or renting, don’t make the mistake of trying to jump into a big house for future plans. Even if you plan on having kids someday, there’s no need to get into a spacious home with rooms that you potentially won’t need to use for years.
Come up with a cooking plan
The average household in the United States spends an absurd $3,000 eating out, every single year, and young Americans tend to eat out a lot more! If you are wondering how you might be able to save a couple thousand more dollars this year, then this is the place that you want to find it. Sit down with your partner, plan some meals, shop for groceries, and actually make a cooking plan for who is going to make what. On top of getting to spend time together cooking a meal, you’ll also both get to eat more nutritionally fulfilling food that can be made for a fraction of the price. When you do eat out, check out this article for some tips on how to cut down on those costs.
Be vocal about your financial goals
The worst mistake you could make, as a married couple, is to continue to act like your finances are completely separate. If you had a legally binding marriage, then your finances are very much intertwined, so you’d better start acting like it! For this reason, you want to make sure that you are always planning your finances, together, and that you are both being vocal about what you want to save for and what your financial goals are. By simply being transparent about your goals, you and your partner can actually tangibly lay out how to accomplish them.