If you just got married and came back from your honeymoon, the realization is probably setting in that managing money together is more complicated than you originally thought. While you may have already been living together, marriage solidifies that your finances are inextricably linked and that financial goals are on the horizon, such as a family home and paying for children.

In this guide from Fast Auto Loans, Inc., we will explain four couples finance tips that can help you budget for your new life. By following the financial tips for couples, you can learn how to manage higher expenses, plan for your future, and afford emergency financial planning. We will also explain how title loans can help if a financial emergency ruins your economic plan at the beginning of your marriage.

4 Financial Tips For Managing Money As A Couple

Most mental health specialists would agree that the added financial stress of a new marriage can add tension in the first year after tying the knot. It doesn’t affect your love for each other, but it can cause more arguments as you navigate increased costs and planning for the future. Avoid these arguments by following our couples finance tips.

Read on to discover four financial planning tips for married couples:

1. Create A Household Budget

Financial communication in relationships is key to ensuring you are both on the same page, and one of you isn’t hiding something that can disrupt the relationship down the line. The last thing you want is to think your spouse brings home $2,500 per month, but they spend $500 on expenses you know nothing about.

The best way to start handling finances together is to create a budget, not just for yourself, but for you guys as a couple. Jot down both of your incomes and expenses, making sure each of you discloses all of your costs. This transparency can strengthen your bond and ensure you know how much you both need to afford monthly costs.

Here’s our step-by-step guide on budgeting for couples:

1. Write down your take-home pay – Look back on earnings statements and pay stubs to see how much each of you makes in a month. You should include any freelance or passive income you project to have each month. You will now have to decide if you want to combine your income into one household income or keep separate finances.
2. Calculate your expenses – Next, you need to write down all of your expenses. First, start with the expenses you share as a couple, such as rent/mortgage, gas, food, etc. Then, you can write down your individual expenses, like car payments, student loans, credit card debt, etc. By adding all of this together, you can get a clue as to how much money you need to afford your lifestyle every month.
3. Subtract your expenses from your income – Add all of your income and expenses together. Subtract the overall cost of your monthly expenses from your monthly income. You’ll now know if you can afford your lifestyle. If you still have money left over, you can now choose to save that money or spend it on wants. If you can’t afford your expenses, you need to find ways to reduce spending.

Did you find that you don’t make enough money to afford your expenses, or don’t have enough left over for saving? If so, you may want to consider cutting costs to better afford your lifestyle.

2. Cut Costs To Reduce Spending

Married life is supposed to be happy, but it won’t be if you’re worried about barely affording your expenses every month. To avoid this, you’ll need to have a conversation about where you can reduce spending. This can be an uncomfortable conversation, as you both need to be willing to compromise on what costs to cut.

When you go into this conversation, don’t have the mentality that you have individual expenses, and you're cutting more than your spouse, it's unfair. You are sharing a life together and must consider what is best for both of you. Cutting some luxuries so your spouse can afford essentials is a must if you want to have a healthy, happy relationship.

Here are some ways to reduce expenses:

• Cancel unnecessary subscriptions
• Brew coffee at home instead of buying it from cafes
• Cut down on luxury purchases (ex, video games, jewelry, clothes, etc.)
• Sell one of your cars and only use one household vehicle
• Buy generic groceries at the store instead of brand-name items
• Cut down on eating out
• Enjoy some nights in instead of going out for multiple dates per week

Once you have determined what expenses you need to cut, you can save more money per month, which allows you to more comfortably afford your budget. Now that you have handled pressing present concerns, you can turn your eye to the future and set shared financial goals.

3. Set Shared Financial Goals

Managing money as a couple is not just about affording your life now, but affording the life you want. This is especially true if you get married in your 20s and 30s; not many people are in the situation they want for the rest of their life that early.

You likely have financial goals you want to accomplish and must collaborate to figure out ways to accomplish these goals. For financial planning for couples to work, you must agree on these goals and work together to accomplish them.

The following are some common examples of couple financial goals:

• Buy or build a family home
• Save for children
• Plan a family vacation
• Buy a new car
• Build an emergency fund
• Retire early
• Pay off all car loans, credit card debt, or student loans

One of the financial goals that is key for a new couple is to build an emergency fund. A financial emergency that comes out of nowhere can ruin a couple's financial plan. Emergency financial planning is a must, and you can start by devising a strategy for building an emergency fund.

4. Build An Emergency Fund

One of the best budgeting tips for couples we can suggest is to create an emergency fund to account for unexpected costs. An emergency fund is exactly what you would think: savings you can turn to when faced with a financial emergency you don’t have time to save for.

Financial experts suggest saving 3-6 months’ worth of expenses in case you experience income loss and need to cover your monthly expenses without income for an extended period. A rainy day fund can also help when faced with a one-off expense you didn’t budget for.

Here are some financial emergencies you can afford with an emergency fund:

• Bills overdue because of job loss
• Medical bills
• Home and auto repairs
• Emergency travel costs
• Veterinarian bills
• Funeral expenses

Read more about our emergency fund tips to help you prepare for financial emergencies as a couple. However, this emergency can arise right at the start of your marriage, leaving you no time to save money. For couples facing a short-term financial emergency, options like title loans through providers such as Fast Auto Loans, Inc. may help bridge temporary gaps.

How To Get A Title Loan For A Financial Emergency

When faced with a financial emergency without savings, a title loan can help. This fast emergency financing option allows those who have fully paid off their car, truck, or van to use its title as collateral. You can borrow up to $15,000 based on the value of your vehicle.

You should consider this option only as a last resort for costs you cannot afford, since you must repay the loan with interest. You will need three required items to get approved: a driver’s license, a lien-free vehicle title in your name, and a vehicle for a quick inspection. Approval can take less than a day; you can fill out our online form in less than five minutes and get approved in person in 30 minutes.

The following is how to get approved for a title loan in Arizona:

• Fill out our online request form
• Speak to us over the phone to discuss title loan terms
• Bring your required items to our nearest Arizona title loan for verification
• Get your vehicle inspected for its value
• If approved, sign the loan agreement to finish the process
• Receive your title loan cash later that day or by the next business day

Get A Title Loan For Emergency Expenses – Borrow Up To $15,000 Today!

Now that you know how couples can manage money together, you can look at ways to handle emergency expenses. If you don’t have an emergency fund, Fast Auto Loans, Inc. can help with our same-day title loans. Get approved with no credit check or income required. Fill out our online title loan form, then visit us in person to be approved within half an hour.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.