Newlyweds' finances

Anabil and Labonno got married a month ago. They have been in a relationship since high school and graduated from the same medical college. The wedding day frenzy for Anabil and Labonno just ended, and they went for their honeymoon, had a grand time, and now begins real life.

So the honeymoon happened a week ago, and the next big challenge for the young couple takes the form of 'Managing Finances'. Here are some basics for living financially happy ever after.

Matching expectations and reality are key to the wellbeing of your finances. Spouses should be open about credit card and any loans they have taken both previously and in the course of their marriage celebrations.

Start to set priorities by answering questions like: Which is more importan: furnishing your household needs as soon as possible or spending on frivolous/transient luxuries of life?

Knowing the difference between good debt and bad debt, and acting accordingly is an absolute must. Good debt, for instance, is to start building your home, filling the house with the necessary home appliances. Look for offers and deals which will make your house full with the necessary home appliances. Bad debt comes from abusing credit cards. Dining at premium buffets or buying the new trendy gadgets on your credit card, which can have interest rates at 12 to 15 percent, can be considered as bad debt.

It is a thumb rule for the couples to consider the costs of each anticipated life occasion and to ensure that they have enough to meet the expense of. Proper planning and budgeting must be manifested at every step. The usual mistake that couples tend to make is to not budget and plan for big investments in life such as an apartment or a car. Proper tracking of expenses must be ensured with planned outlines every now and then.

Before considering any major purchases like the latest handset or the latest microwave oven, try looking for EMI option offered by some top brands to keep a balance between aspiration and affordability of the consumers.

Educating children is one of the greatest expenses couples will face in their married lives, and nowadays the expenses start early, right from pre-school.

Set a strategic plan for saving up for your children. First and foremost the couples must decide if the mother will stay home with the baby or keep working. These parents must start planning for the loss of income during early stages of the children's lives. The birth of the baby is a good time to start thinking about saving for his/her education.

To prepare for a crisis such as a medical emergency or momentary unemployment, keep in mind to prepare your savings to survive on your own at least three to six months before the moneymaking parents intervene.

Planning your expenses and your after-married life is not a great ordeal considering the fact that you always have your better half to consult with. For couples like Anabil and Labonno, who are just at the cusp of a new joint life and a family, it is the perfect time to get all money matters in order, and as soon as possible too, if you want a happily ever after that is.