One of the biggest mistakes newlyweds make is racking up too much debt during the first year of marriage. Adjusting to married life is challenging enough without stress over debt. If you already have a deficit, you're not alone. Newsweek recently reported that for the first time, Americans owe more money than they make.1
It's not too late to start managing your money and get on the road to financial security. Creating a budget you can live with isn't hard — just be aware of some common pitfalls.
Knowing where your money is going is essential, so track your income and expenses for at least a month. Hang onto your receipts, and write down all of your purchases each day — print and use our handy budget manager.
At the end of the month, go through each item... can you live without it? This process is a good way to find opportunities for saving more, and can help you get into the habit of "paying yourself first" before spending. Be sure to adjust your actual budget each month.