In a recent report from the Philippine Statistics Authority (PSA), findings showed that in the past decade, there was a 20.1 percent decrease in the number of people getting married. Regardless of the shift, if you recently tied the knot, here are three financial tips for newlyweds you might want to adapt.
1. Make a “get out of debt” plan
Weddings in the Philippines can go from simple to lavish very fast. The wedding industry is very lucrative here, and if couples are not careful, they can go bankrupt together before they even exchange ‘I do’s.’ It’s always better to start your married life with zero debt so you might want to stick to your wedding budget as much as you can. But if you can’t, just make sure that you have a ‘get out of debt fast’ plan. If you have leftover debt from your single life—like credit card debt—you should settle it before you make new investments as a married individual.
2. Set goals for your investments
There are many types of investments you can get. One of them is real estate investment. While many couples choose to test the waters first through renting before they buy a property, it is never too early or too late to check out affordable houses for sale in Lancaster, Cavite and check your options. If you plan to start a family soon, you should create a mortgage plan as early as you can so you can reach your goals of becoming a homeowner soon!
3. Get life insurance.
Life insurance, accident insurance, and other types of insurance are just some of the things many Filipinos don’t want to address until they need to. This is quite disappointing because getting a life insurance at a young age could mean a more aggressive investment for you, compared to getting one when you’re in your late 30s or early 40s. Protect what matters most and insure your life and your family’s.
4. Getting Money Smart
You know what they say—two heads are better than one. So if you’re newly married, consider some of these financial tips so you can get a good start for your financial health as a married couple.
