Money Saving Tips for Newly Married Couples

Some people feel weird discussing money with their significant other. But this lack of communication can lead to huge problems in the relationship.

“(Failing to talk about money) can cause financial problems, if partners aren’t on the same page about spending priorities or don’t share everything that affects the household financial picture,” said Sierra Black in a Forbes article. “And it can cause marital problems, as financial strain and bad communication stress the bonds between you.”

Discussing finances is best done before marriage, but it’s never too late to start. Couples should tackle their expectations and attitudes toward money, as well as fully disclose each other’s income, expenses, and debts.

Being in a long-distance relationship for newlyweds Michael and Maricar Pagauisan is already hard enough.

But before Michael left for a job in Doha, Qatar, they set one huge goal for their future: Buy a house.

“Even if Michael is working abroad, we’re tightening our purse strings so that we can eventually buy our own house before having a baby,” Maricar said.

And while they are lucky to have the same financial goals, not all couples are as fortunate. That’s why it’s important to jot down what matters for each spouse and compare lists so that they can figure out their top priorities.

One year into their marriage, Edward and Rieze Oliver found themselves in a tight spot: sustaining the active lifestyle they were used to when they were still dating.

“We used to go out on weekends and travel. But since we acquired three properties at the same time and immediately had a baby, we had to cut our expenses and focus on what matters more to the family,” Rieze said.

She advises couples to “research first and don’t just buy something just because everyone’s doing it.”

If there’s anything they could have done differently, Rieze said, “It would have been better if we already had a stable business before having a baby and acquiring properties.”

One thing that has made everything easier for Rieze and Edward? Plain old budgeting.

“We make sure we have a year’s worth of monthly amortization and budget for the family,” said Rieze. That meant saving money every month, including their bonuses, to build their emergency fund.

Aside from the basics, they are also investing in education and insurance plans—like BPI AIA Vitality’s Life Ready Plus, which provides financial protection at budget-friendly payment terms.

Knowing each other’s interests, spending habits, and attitudes toward money has worked well for Edward and Rieze.

“Edward pays the utility bills, buys our food, and keeps the house in order,” Rieze said. “I’m in charge of extras like paying our maids, planning our travels, and organizing birthday celebrations.”

And even though they spend most of the year apart, Michael and Maricar put a special premium on teamwork when it comes to handling money.

“We’ve opened a joint account, and we make sure that each of us funds it every time we receive our salary,” said Maricar. Michael handles their joint account because he’s the thrifty one, and he simply sends her money for their monthly expenses.

They also maintain separate personal accounts so they can still preserve some financial autonomy.

“It’s up to us what we do with our personal savings, as long as we allocate a certain portion to our joint account each month,” Maricar said.

Saving money enables newly married couples to achieve their financial goals as a family. It also secures your future for the rainy days ahead, especially when you invest in life insurance plans like BPI AIA's Life Ready Plus, one of the products under its Wellness Series.

Perfect for couples who are just starting out, Life Ready Plus allows you to build a protection fund for as low as P2,100 per month. It comes with membership to AIA Vitality, a wellness program that rewards healthy living. Couples will get an upfront additional coverage, and may enjoy discounts from a wide range of merchant partners, allowing them to get more out of life while being protected.

Head to any BPI branch and talk to a Bancassurance Sales Executive to know more about BPI AIA Health and wellness tips.