These budget tips can help newly-married couples find financial success .
Summer is a busy time for weddings. If you were married recently, congratulations! While this is an exciting time for you and your new spouse, it is also a time to think about your future, especially when it comes to your finances. Iowa State Bank & Trust Company wants all newlyweds to have long-term success, and part of that success means being responsible with your money. In today’s blog, we’ll bring you some tips that will help you build a strong financial future.
Save for Emergencies
This piece of advice is among the most important tips for newly-married couples. There are always things that come up that you never think about happening, be it a car repair, an unexpected career change or a medical expense. When these things come up, an emergency fund is your best friend. The money you received as wedding gifts is a great place to start, and you should work toward saving so you’re covered for up to six months of regular monthly expenses.
Come Up with a Budget
As obvious as this may seem, it’s worth talking about how important it is to build a budget with your spouse. You’re now a two-income household, which brings a lot of possibilities, but you also have two sets of expenses to deal with, including student loans, car payments and a bigger grocery budget. Sit down with your spouse to figure out how much money you’re bringing home each month and what your regular expenses are so you know how much money you have left to spend (or save) each month.
Preparing for the Future
When you’re newly-married, saving is always a good idea. For many couples, the biggest decision of their lives comes when they want to become homeowners. If you’ve been saving for a while, you can afford a larger down payment, which helps you get a good interest rate and keeps you from paying more in the long run. It’s also important to think about building your credit score, which can be improved by paying bills on time, paying off debt and being responsible when opening credit accounts.
Iowa State Bank & Trust Company is here for all newly-married couples. We offer savings accounts to help you save responsibly and can help you find a good mortgage if you’re ready to buy a new home. Call us at (641) 472-3161 to learn more.
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