Notes From Dad: 5 Biggest Expenses in a Couple's First Year of Marriage
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As a couple, your first year of marriage you want to be perfect, but how do you avoid the trap of falling into debt that first year? The common theme in all relationships is communication and honesty. Discuss with each other what is it you need not want; make a commitment to one another that your expenses will stay within your budget. The following article will focus on five of the biggest expenses you should avoid in your first year of marriage.
- Buying a house - Renting seems to make more sense as you begin your life together. You and your partner want to establish your identities, have secure employment and not be saddled down with a huge monthly payment and all the expenses that come with owning a house, such has insurance and taxes.
- Transportation - Next to buying a house this is the second-largest household budget item at 17.6 percent [source: BLS]. When you consider car maintenance and gas, even transit tickets, it's easy to see how this is such a large chunk of your budget. Take public transportation and watch your budget grow. Not only will you save financially but you’re not dealing with the stress of traffic and rude drivers.
- Food Shopping - The first year of marriage is an eye opener on a food budget. You and your partner simply cannot live on love alone. According to the Bureau Of Labor Statistics, Americans spend nearly 13 percent of their household budgets on food, with approximately 60 percent of that spent on groceries and 40 percent dropped in restaurants [source: BLS]. Be creative and learn to cook at home and use coupons to offset the expenses of groceries. Plan a night when you both prepare a meal and cook together.
- Entertainment - This encompasses not only each other’s wants but family as well. Set an entertainment budget and try to stay within it. Plan activities that cost little or no money such as walks, renting movies and making homemade gifts.
- Travel - This begins with the honeymoon. Spend within your means: search for deals that will make you both happy. Plan early so you can get the best travel options. The best travel plans can be right in your own backyard so enjoy your time together and save for that rainy day:}