One of the blessings of being married in my 20's is having developed the skills to see the "beauty" of money in a mature way. I know others have their own way of managing their money. So far this is how we do it.
1. Pay an Honest Tithe
Marvin Ashton said, "successful financial management in every LDS home begins with the payment of an honest tithe." It is our goal to be honest with our tithes. We've been doing this before we got married so it never became a problem at all. We just pay out tithes online. Thanks to BPI for making it possible with ease. :D
2. Use a Budget
Even before I got married, I already keep track of my expenses. It requires diligence to really take note of daily expenses to the very cent. It takes 100% discipline to stay on your budget.
Money management when mastered is an accomplishment. Spending patterns is way different when you are single compared to when you you are married. But because I was able to see things in a wider perspective, seriously I was able to save more when I got married.
I usually get hold of the money so I also create a budget plan for certain categories like food, home investment, retirement fund, savings, transportation and apartment rent. The secret is really to just stick to your budget no matter how enticing advertisements are. It could have been easier to just swipe our credit card but I have never used it even once.
3. Invest Wisely
The best time to prepare for the future is when you are still able to do so. If you are married, you have someone to talk to about financial goals and you will realize that indeed this is something not to be neglected. Inflation is getting higher so the money we save today will no longer have the same value 10 years from now. Sounds alarming!
We have already started investing for our retirement. And we already planned to add an investment for our future home. Marvin J. Aston said "Work toward home ownership. Home ownership qualifies as an investment, not a consumption. But the type of home your income will support." Homes need not be that expensive. The important thing is you can have something you can call your own. We've been renting and it's simply money out. So we decided to invest in a home we can afford.
4. Keep Emergency Funds
This is so crucial. Tomorrow can be full of uncertainties so better be prepared before it's too late. Emergency funds is emergency funds. It is not a fund to buy shoes or clothes. It's something you need to spare for "emergency". We just let it sit there but hopefully no emergencies will take place. Hehe.
5. Keep a 72 hour Kit
We should be prepared to have basic needs on hand if calamities happen especially food, clothes, medicines.
6. Save While You Still Can
Are you a saver or a spender? Butch and I are just blessed since we have the right attitude when it comes to finances. I really see to it that we have savings. Remember, savings is savings. Don't move an inch closer to use it to buy stuffs.
6. Reward Yourself Too!
Of course we are working hard so we also reward ourselves. But reward with some limits even if you can afford to buy. Sometimes if I see something in the mall that really attracts me I ask myself if I can afford it. Though the answer most of the time is a yes, a follow up question comes next -- Do I need it? So If the second question is a no, I don't buy it. Though I really love shoes and books I still think twice before buying :D
7. Stay Away from Debt
When Butch and I got married we immediately moved into our apartment by ourselves. Life can just be so simple yet you can feel that extreme joy. As long as we have a lot of food and books we are good. Haha! We don't really have a problem with debt. BPI granted us with a credit card probably because they want us to have a little debt somehow. lol. Sorry BPI we are smarter than you are and thank you for the good credit limit! When we needed a new laptop for work we were contemplating to just charge it to the card and pay the monthly dues. In the end we still ignored that idea and pay the laptop with our own money.
8. Pursue New Skills/Further Education
I recently enrolled in a cooking and dressmaking class. Our teacher in both classes asked us why did we enroll in that class. I have graduated in my 4 year course but there are still other skills I want to improve on especially the homemaking ones. Seriously, I enrolled in cooking class because I want to learn new skills in cooking considering that I prepare our meals three times a day. I also enrolled in dressmaking because clothes for children are more expensive than the ones for adults so I'll just sew clothes for our children. haha! Additional savings! :P Education is an investment though we can't deny the fact that we have to allot money for it. Like in my dressmaking class, I really bought my stuffs.
Everything actually boils down to this : Take control of your money, not the other way around.