Budgeting

When a couple gets married, there are many challenges that they will face, not the least being financial, and it would be wonderful if they all acquired a good home budget software program to begin. Unfortunately, this seldom occurs. Marriage can be and often times is, a difficult adjustment to make for both, and those couples that don't plan sometimes take on a very heavy debt load right from day one, that quickly turns into a nightmare. They buy a large home with an equally large mortgage and try to fill every room with new furniture immediately, which is usually purchased using credit cards. It's not long before the high mortgage payment and very high credit card payments become very difficult to make, and the stress begins to take its toll. In the event an unplanned pregnancy occurs, the stress becomes even higher, leading to marital problems. This is no way to begin a married life together!

This type of problem can be avoided in most cases if proper planning is implemented. The couple needs to discuss these financial matters prior to marriage, and then use a home budget software program, and plan for the large purchases, instead of leaping into an ocean of debt that eventually will take its toll. Preparing a workable budget is probably the most important matter that a newly wed couple will undertake. Not all individuals are able to control their spending patterns, so preparing a budget together and discussing it every step of the way is paramount. In my role as a financial consultant, I have seen these scenarios play out time and again and they are not pleasant. Planning for children is even more important because when they begin to arrive, many additional needs will be required. Besides the day to day needs being provided, schooling, including college, expenses should be budgeted as well. How can all of this be accomplished?

But how does one go about it?

There are a number of methods to use, but we think the best way is to use a good home budget software program. It really isn't much different than using a personal budget software program, since you are basically using both incomes, assuming both spouses are employed. We reviewed many of the popular programs and came to the conclusion that those that used the "zero-sum" method work much better in the long run. The one that we recommend on our website uses the previous month's income to budget the current month's expenses, and every dollar is put to "work", leaving a zero balance. It is similar to envelope budgeting, and in addition to budgeting normal expenses, there are envelopes for debt reduction, savings, and special purchases that you will be saving for. The folks that developed this great program don't leave you "high and dry" after your purchase either. During the month, they have Free live webinars on the software where you can ask questions. Also, they have a member's forum where you can see other questions answered, and you can also ask your own for a quick solution. All I can say is that it works and does the job!

We can't emphasize strongly enough for all couples entering marriage, or for that matter, everyone else, please prepare a good financial budget. Prepare one that you can work with to plan and provide for your family's security and financial well being. There are goals that should be set, with a plan in place on how to attain them, allowing for unusual and non recurring items. We realize that preparing a budget for the first time can be rather difficult, and a little tedious, but it will be well worth it when it is in place. Using a good home budget software program will be a big help in that regard.