The road to a life of marriage is where lovebirds get to learn how to start their own family and it often revolves around the money topic. Unless you and your partner are financially stable, there are many expenses that you have to evaluate before and after sharing your lives with each other. Hence, for a reality check, many couples start working on their shared savings plans way before tying the knot.
While the core pillar of a happy relationship is love, money is ostensibly the ‘third-wheel’ who may tear you two apart if it is uncontrollable. No matter what phase your relationship is right now, make sure that you are always financially prepared to keep your love life healthy and wealthy.
Continue reading to have a clear picture of all the potential expenses for both married and unmarried couples.
Expenses For Married Couples
1. Housing Loan or Property Rental
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The first expense that any married couple will have to face is the repayment for property loan or monthly rental of their home. As husband and wife, it’s only natural to share the burden.
If you are looking to apply for a housing loan, be sure to evaluate all the offers by banks and compare them with both of your earning capabilities. If your household income is of RM 10,000 or less, MyDeposit scheme could be the ultimate financing plan for your first home.
For couples who prefer to rent a place, the cost can be calculated much simpler and most often is more affordable for the first few years. However, do try your best to own a home as it will secure a better future for your children as well.
2. Paying off Debts
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It is an unwritten rule that marriage also merges individual debts. It doesn’t matter who is the debtor, any couple understands that paying it off will become a mutual responsibility once they are married. Although it is not a critical financial issue (if it is payable), you should work it out with your partner to avoid he or she being blacklisted.
3. Investments for Your Children
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Having kids marks an enormous chapter of your marriage. It is a blessing but it also brings in more financial burdens, especially when it comes to education. It is advised to have only 1 – 2 kids as raising a child is considered the heaviest investment of any couple.
The moment you start a new family together, your future plans will have to include expenses for your future children, otherwise the two of you will be drown in a pool of bills from household expenses to tuition fees.
4. Retirement Fund
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So we have mentioned about the biggest expenses to be paid for with your income, what about life after retirement? Be wise with your money when you are young so that you and your spouse can enjoy your golden years together.
Consider setting aside about 10% of your salaries (or earn extra income with side businesses) to grow your own retirement fund on top of the EPF accounts. It should be contributed as a shared fund so that the amount will increase faster in time, which will also be handy for the rainy days.
Expenses For Unmarried Couples
1. Let’s Split The Bills
To keep any relationship growing strong, it is necessary to balance the expenses of your dates with the other half. Do take turns to pay the bills or more economically, split them among the two of you because everything that involves money can become ugly if you (unfortunately) part ways.
2. Settling Your Own Basic Debts
Although we have mentioned that individual debts will become a mutual responsibility upon marriage, it is always better to be independent before committing to a lifelong relationship.
Much as you care for each other, we believe that you wouldn’t want to let your burdens become your loved one’s either. Loans such as study loan and car loan repayment should still remain your personal responsibility.
3. Giving Back To Your Parents
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As a successful individual, you would want to spend a certain amount of your savings to make your parents’ retirement life more enjoyable.
Many couples would spend some extra money on their leisure activities; try to cut down on unnecessary expenses and give money to also support your parents instead as it’s a simple act of gratitude. It will teach you to be more mature in terms of financing before entering the marriage life.
4. Wedding Budget
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Congratulations on having him propose or her say “I do!”; the next step before walking down the aisle? Planning for your special day, of course. Trust us, it’s going to be an exciting time for any couple, especially when it comes to making a dream wedding come true.
To reduce the cost to minimum while still having the perfect day to remember, you can seek free consultation to have the rough ideas of your wedding style and budget. A wedding is meant to be a one-time payment, so try not to overspend on a grand ceremony if you can’t really afford it. Have the experts to design the most suitable wedding package for you.
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Technically, couples plan for their honeymoon at the stage of engagement and its costs are usually paid for by the wedding ‘ang pow’. However, to make sure you keep it under budget, proper planning is still required. Did you know that wedding.com.my also offers excellent honeymoon packages for newlyweds? Just work out the destination together and leave the rest of the work in the capable hands of our team.
Those are the essential expenses that couples should be aware of to make sure the financial problems won’t turn into relationship problems. As long as you have each other, there shouldn’t be any permanent obstacles when it comes to financing for your future family.
Visit CompareHero.my today for more information on how to plan your finance.