August 21, 2017 12:02 pm

Top Expenses for Newlyweds

Although the honeymoon phase and post marriage “combination of things” are considered to be one of the most enjoyable times in a couple’s life, often times this also means learning how to manage dual finances! While single, we do not realize the expenses and the needs which start surfacing shortly after marriage, so for most of us, these expenses can come as quite a shock.

It is also better to prepare yourself beforehand in efforts to save yourself from the pain of seeing a lot more money flying away from your bank account.

wedding photo

The following is a list of some of the major expenses that newlyweds should look forward to:

1. Honeymoon:

One of the first items that the newlyweds pay for is the honeymoon. No matter how simple the couple wants to keep it, honeymoons are still a considerable amount of money – remember this is a once-in-a-lifetime vacation. Average amounts spent on honeymoons vary greatly depending on the choice of the couple. Even after setting a budget, it is important to keep in mind incidental costs because of the obvious reasons of potentially being in a foreign place.

2. House/Apartment Mortgage:

When you think of settling down, the first big purchase on the list is the house which will belong to the couple. It is up to them whether to go for a full-size house or an apartment, but the major concern here is the expense which will go into paying off this home. Both the rent and the mortgage will constitute about 34 percent of your monthly budget and a hefty amount will most likely go to the down payment. Buying a house is one of the biggest expenses which both of you are going to face in your married life.

3. Moving and Settling in:

The moving process itself costs a lot and while setting up the house, you need to spend a considerable amount of money electronic items, installations, and furniture to fill the new home.

4. Savings and Insurances:

In no way does having more expenses mean that you no longer have the leverage of saving. You need to continue to save and keep a track of all your expenses, especially in cases of emergency. Whether you want to go for family insurance or set up a retirement plan, now is the time to save some money for the future.

wedding photo

 

Above, but not limited to these items, are some of the major expenses which one must keep in mind when getting married. Be prepared for these and some others and you will be well on your way to enjoying the kickoff years of life as a twosome

The following two tabs change content below.
Hannah Hofmann

Hannah Hofmann

Offering financial tips and advice through my own personal gains and losses.