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If you think managing the wedding budget was hard, you haven’t managed a household yet! Money is one of the most challenging aspects of marriage. Check out these money management tips so you can have a happily-ever-after married life.

Don’t let money come between you. Establish a budgeting system early in the marriage and stick to it.

Managing your finances is one of the most challenging part of marriage. From budgeting for your own needs or not having an expense at all (when you were living with your parents before you got married), you suddenly plunge into the chaos that is household expense. You have all kinds of expenses that you did not even have before. Oh, and wait until the kids come along!
It is important that you already establish a system and a habit at the start of the marriage as this will set the pace. Here are ways you can ensure that your financial life will be smooth-sailing. 

1. Stick to the budget. Do not spend more than what you earn as a couple. Live within your means. Set up a budget and put in it everything that you need to spend for, including an emergency fund and a luxe fund. Stick to the budget. If you need to buy anything, plan ahead and allot money for it. 

2. Prioritize basic needs.  When budgeting, see to it that you set aside enough money for the necessities—food, medicine, school expenses, monthly bills, etc. Luxe items should be the last thing in the list. Avoid unnecessary expenses.

3. Save for unforeseen events. Sometimes the unexpected happens—a health emergency, a roof that needs repair, etc. Make sure that you are covered for this by allotting a portion of the budget for emergency fund, which is 10 percent of your gross income. Purchase insurance plans that will take care of your future. FWD Life, for instance, has a product that combines insurance with investment. 

4. Put your money in the bank.  Instead of keeping your money at home, go open a bank account. It is safer that way and it lessens the temptation to spend it since the money is out of reach. Besides, you can definitely use the money you will earn from the interest.  

5. Open a joint savings account. Married couples should open a join savings account so they will both have access to the money in case of emergency. Some couples open two accounts, one with the emergency savings and the other with their family savings. Why two? The former can be withdrawn by either one. The latter needs both signatures for withdrawal.  

6. Invest a portion of your income. Aside from building an emergency fund and saving in a bank, explore other investment options that will make your money grow more. Opt for stocks, mutual funds, or variable life insurance, which is an insurance with an investment component. Check out https://www.fwd.com.ph/en/all-insurance-products/

7. Create a luxe fund. 
You need a flat-screen TV? Plan for it. Create a luxe fund and put in a portion of your money in there. Only buy the TV when you already have enough money. Not before. This will teach both of you to plan and to control spending.