A savings fund should be the first thing on your agenda even if you happen to be a newly married couple. You plan on starting a family don’t you? Are you prepared to deal with any medical, financial or other financial emergencies that might come along the way? Have you started saving for a new home for a growing family?

Emergency Fund

A savings fund can make it possible for you to cover any unforeseen financial responsibilities like car repairs or unemployment. How do you plan on paying for the groceries if your boss fires you and you have mouths to feed?

Saving enough funds for the long term can prove to be a challenging prospect for a newly married couple. However, the amount of savings you will ultimately need may vary according to your specific circumstances. For example, a couple who owns a mortgage and has two salaries with no children will have different savings as compared to a couple who lives on one salary, pays rent on their apartment or has children.

Have a Goal

Of course, saving money for emergencies will hardly matter if you haven’t figured out what you are saving for. Are your financial goals for the long or short term? Keep in mind that long term goals such as a new home will cost you more as compared to short term goals such as an appliance. For example, if you are planning on acquiring a loan on a mortgage, your emergency fund needs to keep  ensuing monthly payments into account.

Focus on Getting out of Debt

Any debts that need to be resolved should be acknowledged immediately. Debts will leech off your savings. Be frugal in your spending habits. You might be enjoying your moment of marital bliss but that is soon to evaporate if your credit cards maxed out weeks ago and your shopping sprees don’t seem to end. If you absolutely have to have a credit card, control how many times you use it. Use it to pay off any lingering debts like student loans.

Save for Retirement

You don’t plan on working forever. However, you may need to keep working after you hit your golden years especially if you haven’t saved a sufficient amount of funds for your retirement. Remember, your savings should make it possible for you to retire in comfort. Inflation also plays a big part in the process.

Make a Monthly Budget

A planned budget will make it easier for both of you to control your expenses and only spend on what you need to. Also make sure that you save enough to entertain yourself. After all, just because you need to limit yourself to a budget doesn’t mean that you stop having fun.

Save as much as you can. Even a little counts for a lot. You are still young. And besides, a couple that discusses money matters on a regular basis can adapt to such situations faster.