Day 107: Budgeting Guide for The Newly Married Couple

I'll make this a short post because I have a yoga class tomorrow morning.


Assumptions:
 50,000 nett income house hold
Only 2 people living in the house


Steps

1. Open 2 Accounts and NEVER mix
   A. Expense
   B. Savings



2. Upon receiving salary, deposit 20% to savings (ex: 50,000 salary=10,000 savings)
Note: If 2 people are working, make sure that EACH SPOUSE  deposits to the 2 accounts



3. Make Budget Expense Projection. Ideally constant from January-November.
December, by all means, go wild.

• Rent/Amortization- MUST NOT EXCEED 30% of Income
• Utilities
• Groceries
• Gas/Transpo
• Weekend Gimmicks
• Church Donations/Tithes/Charity 
• FAMILY OBLIGATION---- PLEASE INCLUDE IN MONTHLY EXPENSE                    
• (tip if you want you can open another account just for this. you can deposit even if they don't ask. Atleast when they do ask, and trust me, they will, you have something ready)

4. Set Aside a FUN FUND for the spouse not working/ Or a COMMON FUND if both are working


Example: 

Salary	50000
Savings	10000
Rent/Amortization	15000
Utilities	2,000
Groceries	7,000
Gas/Transpo	3,000
Weekends	4,000
Church/Donations	5,000
Family Obligation	2,000
Fun Fund	2,000

Comments:

1. Yes, you can have 2,000 pesos in utilities both elec and water, provided that you only have 2-3 hrs of aircon a night.

2. And yes 1,000 per weekend is possible. One Movie Night, 500 pesos and 1 Dinner for 2

3.  BEST TO LOWER RENT, ideally down to 20%


Now, I'm thinking...Imagine a 5 Pax HH with kids going to school and needing tuition and allowance.


So, are you ready to get married?

Still on Pause,

L