Budgeting Tips for Newly Married Small Business Owners

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Money is hard enough to manage when you are single, but adding another person multiplies the difficulty. This is especially true if you depend on unpredictable income from your own business to make your living. If you have recently wed or are planning to be married soon, here are some tips for working together to develop a spending plan.

Make an Appointment
Budgeting is one area of marriage where personal life and business come together. That is why it is a good idea to handle it as you would a business matter. Plan a day and time when you and your new spouse can sit down and create a spending plan together.

Prepare for Important Events
Some expenses can be predicted long beforehand. These range from small things, such as family or social events, to bigger things like establishing a home or paying for your child’s education. Paying for these things will require careful planning and saving. Make a list of these expenses together, and then make a plan to save for them.

Tidy up Your Finances
Make a solid plan to pay back any money you owe and to save money for any important obligations you’ve been neglecting. If you have a serious financial situation, such as an unexpected illness or the upcoming birth of a child, try to make adjustments so that you spend less or earn more.

Reduce Expenses
Try to find ways to keep your expenses under control. One good idea is to repair items rather than replacing them. Even expensive business equipment is cheaper to repair than to replace. Although finding the right parts to repair equipment and appliances used to be difficult, internet shopping has changed that. Check this out the next time vital equipment breaks down.

Prioritize
When your income is unpredictable, budgeting is more complicated. One good method is to pay your expenses in order of priority. For example, water and food are essential for life, so pay for those things first. Shelter is next in importance, followed by medical care, utilities, essential repairs, clothing, education, furnishings, savings, and luxuries. This will help ensure that your basic needs will be met even during lean periods.

Many marital problems arise from financial issues. You can prevent many of these difficulties and enjoy a more harmonious marriage by creating a good budget and sticking to it.