When all is said and done and the honeymoon comes to an end, you may find the reality of newlywed life to be a little stressful. The endless flow of bills, some from your big day and others newly added with the title as Mr. and Mrs., will only add to that stress. Make the transition into married life a little easier by planning for the inevitable financial storm that will eventually rain on your newlywed parade. Don’t worry – with a little financial forecasting and some newlywed teamwork, it’s a battle that can be easily won.
To Rent or To Own
Decide if the two of you will be buying or renting a home. Buying your first home together is a huge financial commitment, and while it’s a happy event, it can also add unexpected costs to your budget. Buying a house can be a stressful process for anybody, but adding your newlywed status to that equation can make it even more so. While most people will tell you that renting isn’t the best long-term investment, doing so for your first few years of marriage may actually help alleviate some of that newlywed stress and give you a chance to reduce that stack of bills on your counter. Before signing any rental agreement, ask your landlord if utilities like heat and electricity are included in your monthly rent. The most important thing to remember when renting or buying your first home, is to give yourselves a realistic budget and make sure you’re living within your means.
Bundle Up for Savings
To save money and minimize the amount of bills piling up in your mailbox, shop around for bundle or package deals that will include your home phone, cell phones, Internet and cable all on the same invoice. If you and your hubby decide that you can get by without cable or Internet, no problem! Many service providers allow you the flexibility to customize your own package, leaving out unnecessary or upgraded services like specialty channels on your digital cable (yes, that means no music channel). To save money on those (frequent) calls to each other, upgrade your cell phone plans to include unlimited local calling between both of your cell phones and your new home number.
Payment Plans
It’s important to decide how your bill payments will be made every month in order to avoid late charges or financial confusion. These days, there are several options for payments including pre-authorized payments and online banking. A pre-authorized payment is an automatic transaction withdrawn – with your consent – from your credit card or chequing account each month. While this method works great for some, it’s still important to regularly review your monthly statements as mistakes like accidental overcharges do happen. If you do choose a pre-authorized plan, remind yourself when monthly payments are being withdrawn. If the funds aren’t available, you’ll likely be subjected to service charges. If you’re uncomfortable with the notion of pre-authorized payments, consider signing up for online banking. Online banking is quick and simple to use and allows you to control when you pay your bills.
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