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Financial Tips for Engaged Couples and Newlyweds

StageofLife.com Money Saving Tips - WeddingMoney Articles and Financial Q & A for Engaged Couples and Newlyweds

Do you find yourself asking questions like, "How can I save money on my wedding?" or even more importantly, "How should my husband (or wife) start our financial life together?"

Stage of Life has financial tips and exclusive money saving articles tailored to engaged couples and newlyweds.  Do you have a financial question that pertains to your wedding or new life as a married couple?  Submit your financial question directly to us, and we'll ask either Lauren (our resident Stage of Life Financial Literacy guru) or one of our financial experts to respond with their thoughts. 

Wedding - Ask Stage of Life your Money Question We'll then post your financial question and the feedback here on the Wedding Financial Tips page.  In the meantime, read the money saving articles and Q & A responses below that could be helpful to your wedding and new life as a married couple...

Weddings - Money Articles and Financial Q & A

Open a Joint Account with Your Spouse?

Question:  I’m getting married, should I combine my income with my future husband?

Answer:  This is such a personal question and one that you should consider by talking with your future partner.  Many couples choose to combine their incomes to make budgeting and planning for their financial futures easier; however, there are couples who choose to keep their income and expenses completely separate and live and long and happy life together. 

It’s really a matter of preference but the most important thing to keep in mind whether you choose to combine or not, is to communicate!

Free Budget Worksheet - StageofLife.comResource A: 
To see if you and your fiancee or spouse are on the same page financially, print out and complete the free Stage of Life budget worksheet together.

Goal Setting Worksheet - StageofLife.comResource B: 
As a second marital exercise, print out and complete the free Stage of Life goal setting worksheet together to see how your individual life goals synch up in your marriage.

Ask Your Question:  Do you have a money or finance question about your life?

Organic Foods are Expensive

Question:  What tips do you have for eating healthy on a budget?

Stage of Life Answer:   This is a question that applies to almost everyone.  Too often our busy lives push us into routines where we make poor decisions about the types of food we eat.  However, time isn't always the culprit for why we don't eat healthy.  Many times, it's budget related.  Quality foods often cost more.

We tackle this issue in a longer Stage of Life feature article entitled, "Eating Healthy on a Budget."  We provide six specific tips for eating and living healthy...on a budget...

Eating Healthy on a Budget - Stage of Life Feature Article
Top 10 Financial Tips for Life

Question:  Since this is a website about life, what are your Top 10 financial recommendations...for life?

Stage of Life Answer:   Wow...that's a big question.  In fact, as we poised this question to our team, we realized we would need more space than what's commonly carved out for the Q & A responses on this page. 

So we dedicated an entire page to answering your question.  To see our Top 10 Money Tips, click the View Website button below...

Top 10 Money Tips for Life
Investing 101

Question:  I want to start investing my money, but I don’t know where to begin.

Stage of Life Answer:   Most people think of investing as something that only people with loads of extra cash can do.  The truth is, anyone can start investing and the earlier the better.  The sooner you can start to stow away any extra income, the more you will earn 30 years down the road and with the beauty of compound interest, those small investments will really add up!

The best thing to do is to start familiarizing yourself with stocks, bonds, mutual funds and investment strategies.  Figure out what each of these mean and what would be the best option for you personally.  I would recommend, regardless of your age, that you reach out to an investment counselor or financial adviser.  Talk with your financial institution (bank or credit union), they can refer you to someone that can walk you through the process. 

If you are working, find out if your company contributes to a 401K plan and how you can take advantage of it.  Most importantly, every good plan starts with a goal so determine where you want to be financially in 5, 10, or even 20 years and a solid investment plan will help you get there.


Ask Your Question:  Do you have a money or finance question about your life?

Planning for Life

Question:  What is the best way to budget for my future?

Answer:  Just like there is no way to predict our future successes or failures, there really isn’t an exact approach to fully predict your financial future. No matter how much money you think you will be making, life has a way to throwing a few curve balls at us, and as you get older, those curve balls seems to become more costly. 

The best thing you can do is to start saving. 

Open up a high yield savings account and start depositing small amounts into it on a routine.  For example, make a promise to yourself that you will put $25 a month into your savings account and leave it there!  If you can do more, do more. 

Overtime, your money will grow and you will have built a solid safety net of funds to fall back on. Let’s face it, we are all going to encounter significant financial needs in our lives at some point whether that be buying a car, getting married, going to grad school or buying a house. It’s important to plan for big expenses even if we really aren’t sure what those expenses will be.

Resource: 
Print out the free Stage of Life budget worksheet.


Ask Your Question:  Do you have a money or finance question about your life?

Pay Yourself First

Question:  My budget is tight, but I've heard about the paying yourself first concept.   Should I pay off my expenses first each month or set aside some money in savings first and then pay expenses?

Stage of Life Answer:  Set aside money in savings first.  This is called “Paying Yourself First” which is a concept that I wish more people could get the hang of.  It’s simple really.  Every time you earn income, take a percentage of that and place it aside into a savings account or other means of savings.  The remaining income is used to pay for your expenses.  It’s good to develop this routine without even thinking about it and a great way to do this would be to set up a direct deposit account.  When your paycheck is deposited electronically, a set amount (that you choose) will automatically be placed into a separate account that you have designated as savings.  Why do we do this?  One word, emergencies! They will happen and the only way to prepare for them is to save.

Now, if you find yourself with not enough money to pay your expenses at the end of each month, you need to look at your expenses and trim your budget by cutting out necessary expenses.


Ask Your Question:  Do you have a money or finance question about your life?

Understanding your money - budgeting

Question:  What is a budget?

Answer:  A budget is a financial blueprint of all of your expenses for a fixed period of time. A budget lists all of your future income and expenses and keeps track of the money coming in and the money going out.  The goal of your budget each month should be to balance or even better, to have a surplus of income. A budget will give you a better understanding of your finances and will help you plan for future expenses.  I recommend a budget to any person that is earning and spending money. If you don’t know where your money is going, you’re likely to get yourself into some serious financial trouble down the road.

Resource: 
Print out the free Stage of Life budget worksheet.


Ask Your Question:  Do you have a money or finance question about your life?

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StageofLife.com was launched in 2009 as the premier destination for people of all ages to find information, coupons, and stories about one of ten key stage of life transitions:  high school, college, on my own, wedding, married without children, having a baby, home ownership, parenting, grand parenting, and empty nest/retirement.  Nearly 1 million visitors come to the site each year to find information about their stage of life.  Stage of Life users (teens, college students, Millennials, Gen Y, Gen X, and Baby Boomers) can also share and archive their life stories via their Stage of Life profile page.  Specialized content includes statistics, quotes, videos, financial tips, coupons, news, writing contests, and more tailored to each of the 10 life stages featured.  My Life Rewards® is the free discount program for all Stage of Life users, readers and writers dedicated to providing printable coupons and coupon codes tailored towards each stage of life.

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