When settling into life as a married couple, it’s common to have financial concerns. Budgeting is crucial in this respect, as the more money you have saved at your local credit union or bank, the more security you and your spouse will have. Here are some tips to help you create a realistic budget and, most importantly, stick to it.

3 Steps for Creating a Budget as a Newly Married Couple

1. Calculate Your Expenses

While most couples know how much money they’re making, most aren’t aware of how much they’re spending month to month. When calculating expenses, consider your fixed, recurring expenses first, including your mortgage or rent, utility bills, and health insurance costs. Next, think about your expenses that aren’t fixed, such as money spent on groceries. They will vary from month to month. 

2. Set Goals

Once you know how much money is coming in and going out of your household, you’ll be better equipped to set reasonable goals for yourself. This process provides insight into how much money you’ll need to accomplish milestones like creating a college fund for your child or retiring early.

Goals also provide motivation for saving money each month. See if your credit union has the option of moving money from your checking account into a savings account every month to automate the saving process. 

3. Cut Back on Unnecessary Expenses

While you don’t need to stop all non-essential spending, look for areas where you can cut back. Make more meals at home to protect your wallet and health. Finally, look for cheap date ideas so you can spend quality time with your spouse without spending a ton of money. For example, go for a walk in the park, or look for free events in your area.  

Working with a trusted credit union will help you make the most of your money. North Jersey Federal Credit Union in Passaic County, NJ, offers the benefit of more than eight decades of experience helping local clients. Their Share Savings Accounts offer competitive dividend rates with a low minimum balance. They also offer Vacation and Holiday Clubs, which allow you to save for future expenses. Learn more by visiting them online.  Call (973) 785-9200 to speak to a team member.