Couples should try to keep track of their expenses for at least two months. This exercise can be an eye opener for husbands and wives who just can’t figure out where their money is going each month. Also, by keeping track, it's easier to see which expenditures are necessities and which are frivolous. A $4 latte each morning before work may not seem like much, but that equals $20 a week and a whopping $80 a month. Couples may find that they’re spending too much money on dinners out, and that by cooking themselves, they can save more money. Computer programs are available to help track spendings, but a simple notepad kept in a purse or pocket is just as good and sometimes more efficient.
Budget
Once spendings are tracked for a few months, engaged couples should set up a do-able budget for their married life. This should include savings for a home, cars and retirement. If a couple plans to live on two incomes at first, but scale back to one when children are born, the budget should reflect those plans. Discretionary income for both the husband and wife will allow a little financial independence, so that neither will feel too financially strapped.
Save
Couples should plan to keep at least three to six month’s worth of expenses in a savings account for emergencies such as job loss, illness or unexpected bills. This money should not be touched except for a financial hardship. This sort of cushion is important for any couple who wants to get ahead financially. Without it, one setback can spell fiscal disaster for a newlywed couple. Money being saved for big purchases, like a house, should be set aside that money in a safe and secure place, like a six- or 12- month cd or money market account.