So you’ve won the girl or bagged the boy. What’s next?
Sure a kiss of luck can send you off your way. But soon after the wedding, the white lace and promises are replaced by the realities of the marriage. The temptation to rush and have that fairy tale marriage can lead to anxiety, particularly financial stress. And many times, lessons learned as couples were growing up separately come into play.
It is already difficult to have common but mistaken notions about married life like never scrimping when it comes to food or using monthly rentals as amortization to already own a house through a loan. Scrimping on food expenses is still valid if the type of food is not part of the essentials. An example would be dining out instead of cooking at home. While owning a house is the dream of every family, rushing to own one through a loan when income is barely enough will not only raise the risk of default but also make the couple asset rich but cash poor from furnishing that new house.
A couple is better off starting out to walk before they learn to run.
What is worse is if husband and wife have different types of upbringing. Ingrained but opposing money management practices will come to head and, if not checked, can lead to the height of pessimism. There are so many roads to choose and a couple will be well-advised to sit down and talk it over, just the two of them, on their life-long financial strategy.
For sure, the horizons that newly-weds will share will be new to them. But these horizons are as long-term as their marriages are. And yes, Juana, there is such a thing as forever.
Couples will need to work together day by day. They will have to endure the painstaking task of preparing for the short-term through their daily budget while keeping their eyes fixed on the bigger picture of raising a family, sending their children to school, buying a house, periodically buying a car, funding special occasional needs like a grand family vacation or celebrating their 25th or 50th wedding anniversary, and funding a comfortable retirement.
Couples will need to find a place for their money where there is room to grow as savings accounts alone will never be enough. There is so much of life ahead, which requires so much of saving and investing.
If they do everything well, at least exert the best effort they can, when the evening comes they will smile.
And if mistakes come their way, especially early in their marriage, they can say to each other, “we’ve only just begun” and start all over.
(Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)
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