Anonymous
Anonymous asked in Family & RelationshipsWeddings · 1 decade ago

financial tips for engaged or newlywed couples?

I'll be getting married in 7 months and neither I or my fiance have been completely financially independent from our parents, although we both have lived on our own. We will both finish our 4-year college degrees one year from now. My fiance is thinking of going on to grad school after graduation, but we don't know how we will finance it. He is a Psychology major so he can't do much without going to grad school.

What tips to you have for couples about to start out on their own? How can we afford grad school? All types of advice is welcome.

Thanks!

7 Answers

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  • 1 decade ago
    Best answer

    You work full time he goes to school full time and works part time. Tuitions: try financial aid you will have to pay them back but You can only carry so much. Choose whoever has the least expensive apartment, for your home. Cook at home, no going out. Buy a copy of "365 Ways to Cook Chicken" it is very handy. Be very cognizant of your utility usage. If you get money for wedding presents put it in the bank don't waste it. Buy as much in store brand stuff as you can if it is of good quality, you kinda have to shop around.. Buy family packs and repackage into zip bags when you get home the per pound price is less. Watch for sales such as 3 bags veggies for $4.Take advantage of coupons and buy1 get1 sales.. Take your lunches to school and work, fix enough extra dinner each night to allow you to do this. Avoid lattes with coworkers.. Buy microwavable containers for this. Fix only what you need for dinner and your lunches so you throw out as little as possible.(for instance 4 pieces of chicken, 1 box of au gratin potatoes and a salad and 6 rolls. When you divide the family packs put it up in meals. If there are 12 pork chops in the package then that is 3 meals, a 12 pkg of brown and serves is 2 meals etc.

    First and foremost avoid the temptation to want to hear the pitter- patter of little feet! It is going to be tough enough, I'm sure parents will be willing to help some, but as independent married adults you should try very hard to call on them as little as possible.

  • Jade
    Lv 5
    1 decade ago

    I'm a PhD student in psych and I can tell you that graduate programs are very, very demanding and taxing on relationships. Make sure your fiancee applies for all of the funding he is eligible for (e.g., scholarships, bursaries, student loans if need be). Ideally, one of you should be working as this will help decrease the financial stresses. In any case, make sure you both set aside 10% of your gross income each month (no matter how much or how little you make) and invest it in a place where you are both comfortable. The money will add up and eventually, you'll be able to realize some of your financial goals. I did this and was able to save enough money for a down payment on my condo.

  • 1 decade ago

    One of you has to work while the other attends school. You probably won't see each other that much, which isn't great but it's the only way. One full time worker, and a full-time student and part-time worker is going to be the only way to have financial independence and set yourself up for the future. It will be worth it in the end. You also need to cut back on things. Cooking every night is a really good way to save money.

  • Anonymous
    1 decade ago

    My FH and I are getting married in 10 months, we are both graduating from a community college in May, but he will be going to LA TECH in September, He has started to save up some money for our honeymoon/after we get our own place, I will work full time and he will be going to school and work when he can... I will hopefully be getting a job in May after i graduate and start saveing money also, I dont have any bills at the momment, once we get married i will have my student loan and then regular bills, my car will be paid off so ill just have car insurance.. but anyways... i would just save up as much as possible, We have talked about have two different accounts, one for spending money and one for bills, so when we get our paychecks we split it and put some in each, having the account for bills will ensure us that we have the money.... Just talk to your FH and try and figure something yall can do... GOOD LUCK!!!

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  • Lydia
    Lv 7
    1 decade ago

    You will have to get a very good paying job, or maybe two, to help get him through school. He needs to see if he can get a student loan.

    Biggest advice - don't use credit cards for ANYTHING. Just stay away from them. Don't buy what you can't afford to spend CASH for.

  • Anonymous
    1 decade ago

    i like the answer above-- don't start thinking you have to have everything new.

    may i recommend hanging out at the frugal village website and forum. can learn from the ultra frugals.

  • S D
    Lv 5
    1 decade ago

    first year will be the hardest just don't make the mistake of thinking you need everything brand new at this moment all things come in due time

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