The wedding is getting closer and it sure is an exciting time! A lot of things to prepare, to get ready, and to think about, But we want to remind you, your wedding is just the beginning of a lifelong commitment that will require discipline from both of you.  Let’s talk for a minute about financial discipline.

An important tool for your new family applying financial discipline will be to have and implement a BUDGET.  It’s never too early to get ready for the new bills and expenses that will come with the new family you are starting. A Budget will allow you to make decisions in advance and to avoid excessive and unnecessary expenses.  A Budget can provide a way to measure your financial performance and will force the two of you to get involved and participate in monetary decisions.

There is not a master Budget made just for you, in fact, your budget should be as unique as you are.  We have attached a generic budget to give you some ideas that will allow you to customize the budget for your specific income and situation.  Remember the simpler the budget, the easier it will be to follow.

Here are a couple of really important items to consider on your new budget. First, set apart around 35% of your income for the mortgage payment on your new home, and second set at least 5% of your income to savings in a retirement plan, no matter how small your savings are, just start saving now.

Again, a budget is a personal decision but we would encourage you to do it and stick to it.  Be sure to leave room for unexpected items that will surely come.  It will be always a work in progress, adjust it as many times as you need it, and good luck!

We look forward to working with you.  Please do not hesitate to contact us if you have any questions.  Remember, if you need help buying or selling a home, we can match you with one of my referral partners specifically suited to your needs.