January 17, 2012

Premarital Financial Counseling: Should Engaged Couples Save Money?

By admin in Money Before Marriage Lesson

A great premarital financial counseling question: Should engaged couples save money? Absolutely. It doesn't matter how far long or how short the relationship is, they should begin saving money. More than likely the wedding isn't within the next few months. Therefore it is in the couples best interest to begin saving money. Saving money can help couples achieve a financial goal sooner; have some money put away for the honeymoon or even towards paying off a few bills. Many couples are entering their marriage with a previous financial obligation whether that is student loans, car payment or even a medical bill. It is in the best interest of the upcoming marriage for couples to begin saving money. As a matter of fact, couples could make it a contest between the husband and the wife. The one who reaches their goal first is treated to dessert night. How do you start? Take your time and read the below: 1) Review what the current budget is and see how you are doing with income and expenses. What is the amount remaining after all the bills are paid? What is the amount that is being put towards the wedding? THEN what is remaining. 2) After doing all those calculations, can you afford to begin saving? If so, what amount can you both contribute to savings. 3) If it appears that you cannot afford to save, now would be the time to look at and make adjustments on all the "extras" you are spending money on but may not be aware of. For example, are you spending money on eating out and buying groceries? If you work outside the home, how much are you spending on your favorite morning drink? Those are just some places to start. I am sure if you get very creative, you will come up with a lot more ways to reduce expenses and begin putting more into your savings.

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