It’s a fact that the thing most couples argue about is finances. Before marriage, money habits may not come up. But once you’ve tied the knot, it’s essential to work together to ensure that you’re (more or less) on the same page when it comes to how the two of you spend and save. For hundreds of smart couples, Birkat Elyon is their first stop for beautiful cubic zirconia engagement and wedding rings. That’s because our CZ jewelry is gorgeous, but far more affordable than diamonds. They can begin their life without getting into hock, which is always a good idea.
On that same note, here are some other smart ideas for creating a budget together when you’re just starting out.
SHARE YOUR CREDIT HISTORY Good credit is essential when it comes to things like buying a car or a house. Start by requesting a copy of your credit histories through companies like Experian or Equifax. You can also check where your individual credit scores are at and make a plan to improve them. Note: If one of you has been less responsible than the other in the past, don’t blame, just work the problem in front of you.
WRITE DOWN YOUR MONEY GOALS Do you want to save for a house? Or maybe you want to pay off a student loan? Write your goals down, then discuss what you can do to achieve them such as getting current on payments or saving a certain amount each month (and how you’ll do it). Reminder: be careful when considering new credit and don’t get in over your head.
BE HONEST Some couples think that combining funds into a single bank account will work best to achieve their goals more quickly. However, if you have different “styles” of saving, separate accounts might be best. Whatever choice you make, be straight with each other about your money habits.
CREATE A BUDGET There are plenty of free online resources to help couples monitor income and expenditures. Or create a spreadsheet. Tracking exactly how much money comes in and goes out (even for little things like your morning coffee) gives you a much better picture of what you’re working with. Adjust your spending as needed to achieve your shared goals.
START AN EMERGENCY FUND The sad fact is that many people don’t have the money to cover an unexpected $400 bill. The rule of thumb for an “emergency fund” is six to eight months of living expenses; if that seems out of reach, regularly putting money aside can help you from going into debt due to a surprise bill.
Smart buying decisions don’t have to mean depriving yourself. For example, if you want to gift someone in your life with a piece of jewelry for a special occasion, Birkat Elyon offers dazzling CZ options that will make a statement, without breaking the bank!