You might think that the moment you tie the knot with the same-sex partner, your concerns end (since we did have to go too far and endure too much for this to be legal), but this is only just the beginning. First of all, congratulations on getting married, we do all wish you a lifetime of happiness. But, you might not have really thought about all the things that you are supposed to think about before tying the knot. Apart from the place where you will be living and the number of kids you want to have, you will have to think about finances and budgeting in general. Being married is not an easy, nor a cheap exercise, and living with someone has plenty of other expenses that you might not have taken into account. But, in order for this to go as painlessly as possible, take a look at some of the best budgeting tips for the two of you:
1. Talk about your priorities
The first thing that you need to do is make a list of the priorities that you might have as a married couple. Knowing these things in advance will not only help you save some more cash in the future, but it can also significantly enhance the communication between the two of you and prevent any future problems that you might face in regards to your relationship. Plenty of people fall out because of irreconcilable differences regarding finances, so the sooner you set these rules in stone, the better. What is your priority? Do you think that the most important thing to do is invest in the house? Do you want to travel, or perhaps invest in a new business? Make sure you talk this out with your partner, as this will be extremely helpful once you have to plan out your finances.
2. Planning out the finances
Now comes the tricky part, and that is planning out your finances. Allocating the amount of money that you will spend on different aspects of your life together is definitely not an easy task. In order to do this, calculate your monthly earnings on one side and write all of your necessary expenses on the other. Next up, try to allocate the amount of money that you will spend on traveling a year, and see if you have to save for that on a monthly basis or not. These are all the things that you are supposed to do if you want to travel effortlessly and to always have a ready fund for things like these. Also, bear in mind that no matter where you are in the world, you will be able to apply for a personal loan if you know where to look, so it would be good to know your finances in advance and plan things accordingly. Do not forget to add a fund for your house or apartment (as probably there will be things to be done there) and some bigger shopping.
3. Long-term planning
Planning is indeed a great thing, so the next step would be to plan bigger. Now, this is the time when you have to think about your long-term finances, and the things that you would like to have accomplished or bought by then. This is also a great way to avoid any arguments in the future. So, where do you see yourself in 20 or 30 years? Do you want to buy a car? Do you want to invest in a big house somewhere out of the city? Knowing these things in advance will only make this process easier when the time comes.
4. Have three different funds
In order to keep everything in perfect control and to avoid any conflicts in the future, it would be a good idea to have three different funds – one that is going to be for the both of you, and two for each of you. This will give both of you an illusion that you have “your own cash”, even though you might not have the opportunity to spend it very often, it is a good feeling. This is also something that you can use if you want to make a purchase that your partner disapproves of. Surely, depending on the amount of money that you both earn a month or year, determine these two funds accordingly. Also, it would be a great idea to have exactly the same amount of money in those funds, regardless of how much each of you earns.
5. Have an emergency fund
Finally, there is another fund that you have to worry about, and that is the emergency fund. This is important for all the married people (and all people in general), but it might be slightly more important for LGBT people as you never know what tomorrow will bring and if you will have to spend a bit more on certain taxes or not. Yes, gay marriages are legal, but it is always to play it safe and keep an emergency fund in case something happens, and you cannot have control of the finances of your partner. Apart from that, this is a good idea as it is always better to be safe than sorry.
It might seem that you have to have different funds, and by having so, you will not see one dime from your salary. Yes, life is expensive nowadays, but with proper budget planning, you will be able to do a lot.