Isn’t it a beautiful feeling – Getting married, starting a family and feeling contented? After marriage, you step into a complete new life; a new inning which demands a personal space to start a new beginning. That personal space is called ‘home’. With a home, the feeling of happiness multiplies because now you have an abode of your own to share with your life partner. Marriage is more than a strong bond. With marriage, comes the essential responsibility to manage a home loan without disturbing your lifestyle.
Let’s look at some points and tips on how you can save for a home loan together while balancing your other expenses;
1. Talk about money
Take some time out to discuss your money. Let it be more than bills or checking credit cards statements, but talking about the parameters of managing your finances. Your relationship is unique and so is your individual financial situation. Remember, it’s crucial for you as a couple.
2. Set financial goals along with your life goals. Together.
Do you want to plan an international trip? Are you saving up for kids? Successful couples talk about where the money will be spent and how much will be saved, and reset their goals regularly. Set your goals together and check in frequently to make sure you are on the same page.
3. Divide your responsibility
The entire financial responsibility can never be on a sole person for a couple’s finances. That can lead to financial infidelity. Be it paying home loan, bills or opening joint accounts, it’s the responsibility of both parties. You can’t assume your partner will take care of everything you expect him/her. So, divide up your financial responsibilities.
4. Be happy with what you have
It’s simple – spend on what you need and not on what you want, unnecessarily and repeatedly. We all have desires and urge to re-design the house, buy that fancy portrait, go to a newly opened Spanish restaurant in the city. But, it’s a good idea to keep it to minimum when you know you have a spare, a certain amount towards your home loan.
5. Make a strong budget and stick to it
Your expenses are no longer your own; they affect someone else too. It’s important to decide how and when you’ll spend, and create a set of rules for managing money that works for both.
No financial responsibility is a burden when you both contribute towards it with a proper financial plan. After all, what’s an ideal relationship? It’s the one built on strong financial foundations and values. Most importantly, successful married couples manage their money and housing loan together.