The journey seems to be similar for most couples.
When moving from dating to becoming engaged, it’s a fun and carefree life. Cash is spent on fancy dinners, trips, and other enjoyable things. If there’s any saving going on, chances are it’s for the wedding.
Suddenly, after the wedding, reality sets in, and many couples finally start taking their finances seriously.
Many don’t know where to start. Many schools teach financial literacy, but those lessons are quickly forgotten. And nobody wants to ask for advice from others. Money is still a taboo topic. A financial advisor could potentially help, but they’re often motivated by getting assets to their firm, ideally in high-cost mutual funds.
Fortunately, there’s a very easy way for couples to get ahead, especially if both of them are working. All they need to do is commit to living on one salary and banking the rest.
Such advice is hard, and perhaps can’t be accomplished by everyone, especially those living in a high-cost-of-living area. Like with most everything, it gets easier the longer someone does it. And what better time to start than right when a couple gets married? It’s a great way to start a marriage off on the right foot.
I’m the first to admit such an attitude will be tough for most, and will involve some sacrifice. But if you can find a way to save one income and continue doing it throughout your working lives, it’ll be enough for a wonderful retirement.
