[snizzle]

Ok, so i've been thinking about this a lot lately and the 'money in marriage' thread got me thinking even more. Here's a little background. We're getting married May 19th, this year. I'm 22, she's 20 (she'll be 21 about 3 weeks after the wedding). She's graduating this year with an associates degree and i've got one more year to finish up my undergrad. As of now, I've got an interim worship leader position (i'll be voted on for full time at the end of april), and i teach music lessons on the side. I'd say I make about $1000 a month as of now, and that will increase over the summer w/ more free time and hopefully after they take the 'interim' off of my job title at church.

Shauna is working part time for an accountant and a 12 hour shift each Saturday or Sunday at a Country Club. She's making just over $1000, and that will grow as she graduates and seeks employment. She's debating whether to stay part-time witht the two places or go full-time somewhere. She get's paid well at both places but no benefits and it's still just part-time.

So, here's what i'm afraid of: There's a lot of maybes and not a lot of certainty. I get afraid in situations like that. The apartment that we've leased (well, as of May 1st) is $839 per month, but it's on a graduated scale. So for May we pay $539, June - $639, July - $739, every month after - $839. This works out well as we get settled. I live in Bham and housing is expensive here..REAL expensive.

We don't have any definates. I still need to find another job through the summer. Hopefully the church will pay me more once they vote me in. Maybe I can teach through the summer. Maybe she will get a full time job. Maybe her part-time employers will take her on full time. ...you get the point. It's scary not knowing.

What are we getting into? Is it ok going in with this many uncertainties? I mean, I think we'll be able to pay rent and survive but..what are we getting into? What kind of expenses should I expect?

I read Dave Ramsey's book and we saved up almost $900 in a very short amount of time...but we spent it on a living room set and deposit for the apartment. Now we're trying to save back up.

So my main question: What kind of things are MUST HAVE for a newlywed budget? What advice do you have?
-shane

[Praisey]

to start off... don't panic!

i don't know if you guys have a wedding registry or not... but the gifts that your guests will give you, whether monetary or appliances will be a great help in not spending money in things you need as a newlywed couple.

i think you guys should start a weekly or a monthly budget... depending on when the expected money comes in... then prioritize the bills (rent, electric, water etc.), grocery money (stick to it, don't go over your set budget no matter what), gas money and if you guys still have any expenses that you deal with weekly or monthly put that in too.

my main suggestion is... make a budget and stick with it no matter what... and after you have done the budgeting and still have extra cash on hand, put it in the bank so you won't touch it and it's also good to have it in case of emergencies.

[Epaphras]

Originally Posted by snizzle

Ok, so i've been thinking about this a lot lately and the 'money in marriage' thread got me thinking even more. Here's a little background. We're getting married May 19th, this year. I'm 22, she's 20 (she'll be 21 about 3 weeks after the wedding). She's graduating this year with an associates degree and i've got one more year to finish up my undergrad. As of now, I've got an interim worship leader position (i'll be voted on for full time at the end of april), and i teach music lessons on the side. I'd say I make about $1000 a month as of now, and that will increase over the summer w/ more free time and hopefully after they take the 'interim' off of my job title at church.

Shauna is working part time for an accountant and a 12 hour shift each Saturday or Sunday at a Country Club. She's making just over $1000, and that will grow as she graduates and seeks employment. She's debating whether to stay part-time witht the two places or go full-time somewhere. She get's paid well at both places but no benefits and it's still just part-time.

So, here's what i'm afraid of: There's a lot of maybes and not a lot of certainty. I get afraid in situations like that. The apartment that we've leased (well, as of May 1st) is $839 per month, but it's on a graduated scale. So for May we pay $539, June - $639, July - $739, every month after - $839. This works out well as we get settled. I live in Bham and housing is expensive here..REAL expensive.

We don't have any definates. I still need to find another job through the summer. Hopefully the church will pay me more once they vote me in. Maybe I can teach through the summer. Maybe she will get a full time job. Maybe her part-time employers will take her on full time. ...you get the point. It's scary not knowing.

What are we getting into? Is it ok going in with this many uncertainties? I mean, I think we'll be able to pay rent and survive but..what are we getting into? What kind of expenses should I expect?

I read Dave Ramsey's book and we saved up almost $900 in a very short amount of time...but we spent it on a living room set and deposit for the apartment. Now we're trying to save back up.

So my main question: What kind of things are MUST HAVE for a newlywed budget? What advice do you have?
-shane

I feel you mate. My future bride and I will be in your situation one year after you. We are getting married May 16, 2008; I'll have one year left of school and her two (but the last is teacher assisting/student teaching). For income that summer she will work as much as she can and I will be doing my (paid) full-time internship for my major. After that I'll hopefully work at the same place part-time until I graduate then enter my career from there.

For housing we'll probably just live in the family/married housing here on campus which is not too bad, only about $3,000 per semester (4 months) for both of us. They're unfurnished but we both have stuff lying around both our houses that we could have, otherwise we could get crappy furniture from Salvation Army just to tide us over until we get some more money.

Good idea reading Dave Ramsey. He's solid.

Ultimately it comes down to trust. Do all you can, but ultimately it's the Lord who provides. He will sustain you, you have to rest in that. I hope you know I'm not just saying this: it's something I'm trying to work on myself too.

[BillSPrestonEsq]

Originally Posted by snizzle

Ok, so i've been thinking about this a lot lately and the 'money in marriage' thread got me thinking even more. Here's a little background. We're getting married May 19th, this year. I'm 22, she's 20 (she'll be 21 about 3 weeks after the wedding). She's graduating this year with an associates degree and i've got one more year to finish up my undergrad. As of now, I've got an interim worship leader position (i'll be voted on for full time at the end of april), and i teach music lessons on the side. I'd say I make about $1000 a month as of now, and that will increase over the summer w/ more free time and hopefully after they take the 'interim' off of my job title at church.

Shauna is working part time for an accountant and a 12 hour shift each Saturday or Sunday at a Country Club. She's making just over $1000, and that will grow as she graduates and seeks employment. She's debating whether to stay part-time witht the two places or go full-time somewhere. She get's paid well at both places but no benefits and it's still just part-time.

So, here's what i'm afraid of: There's a lot of maybes and not a lot of certainty. I get afraid in situations like that. The apartment that we've leased (well, as of May 1st) is $839 per month, but it's on a graduated scale. So for May we pay $539, June - $639, July - $739, every month after - $839. This works out well as we get settled. I live in Bham and housing is expensive here..REAL expensive.

We don't have any definates. I still need to find another job through the summer. Hopefully the church will pay me more once they vote me in. Maybe I can teach through the summer. Maybe she will get a full time job. Maybe her part-time employers will take her on full time. ...you get the point. It's scary not knowing.

What are we getting into? Is it ok going in with this many uncertainties? I mean, I think we'll be able to pay rent and survive but..what are we getting into? What kind of expenses should I expect?

I read Dave Ramsey's book and we saved up almost $900 in a very short amount of time...but we spent it on a living room set and deposit for the apartment. Now we're trying to save back up.

So my main question: What kind of things are MUST HAVE for a newlywed budget? What advice do you have?
-shane

food, houses, taxes, utilities, transportation to work.

Thats really all the basics there. Do you guys have student loans or other debt?

I know my wife and I lived on 10K a year in san diego for over a year. That is pretty much impossible if you ask around. Its one of the most expensive parts of the country. We had to forego a phone for a while there. But it all worked out.

Watch food sales, and if you can, check the ethnic sections for the equivalent. A lot of time, the ethnic foods section has better deals on a lot of staples.

Keep your eyes open for used furniture. My apartment is decorated with antiques and such downstairs of a very elegant nature. Total cost $400. Thats for couch, everything. Used and estate sales can be excellent places to pick up high quality furniture for a song.

[nate95366]

Originally Posted by BillSPrestonEsq

I know my wife and I lived on 10K a year in san diego for over a year. That is pretty much impossible if you ask around.

Indeed, this is nothing short of amazing.

To the original poster: It sounds like your projected "family" income is about 24k/yr before taxes. That's not much, but if you're conscious of your situation and both of you are comfortable with not having much, you should be ok, even with rent as high as it is. If you have to make adjustments, housing is probably the most impactful adjustment, but you have to consider other things. For instance, where I live, rent is a lot lower in the high-crime area of town, but so is the chance that your car will be vandalized or broken into. The next most effective adjustment is transportation. We've been fortunate enough to have reliable transportation (it sometimes helps that I'm a shade-tree mechanic, but it has hurt before too...).

The advice so far on furnishing a place for the minimum has been excellent. Check out salvation army stores, estate sales, and the like. I don't know what it's like where you live, but the local "free-cycle" group around here is pretty good as well.

Nate

[thesteve]

BSPE,

what do you mean by the "ethnic section" exactly? Do you mean a special section within a supermarket, or do you mean Ranch 99 over on Clairemont Mesa Blvd?

[BillSPrestonEsq]

Originally Posted by thesteve

BSPE,

what do you mean by the "ethnic section" exactly? Do you mean a special section within a supermarket, or do you mean Ranch 99 over on Clairemont Mesa Blvd?

An aisle usually. Most grocery stores have, say an asian, or a mexican food section. Often the prices are lower because of the income of the target market. I know they are common in most supermarkets in a lot of states.

[thesteve]

Originally Posted by BillSPrestonEsq

An aisle usually. Most grocery stores have, say an asian, or a mexican food section. Often the prices are lower because of the income of the target market. I know they are common in most supermarkets in a lot of states.

I'll have to keep that in mind next time I go to Vons or Ralphs...

I have found the kosher foods aisle...but not anything I was particularly interested in at the time.

[BillSPrestonEsq]

Originally Posted by thesteve

I'll have to keep that in mind next time I go to Vons or Ralphs...

I have found the kosher foods aisle...but not anything I was particularly interested in at the time.

What, you don't want to eat pickled fish and matzah?

[cytorath]

My advice is to pay tithes to your church. Give God the 10% of what he asks for out of what He has given you. I supported my family of three for almost two years on less than $8000 each year. The very first thing I would do each payday is sit down and write out my tithes check. Things were very tight, but somehow God provided everything that we need. He has now blessed us and we are making just over $23k a year and from living so efficently for the last two years, it seems like we have so much money we don't know what to do with it. So, pay tithes and God will provide all that you need.

[LefseRae]

Originally Posted by BillSPrestonEsq

What, you don't want to eat pickled fish and matzah?

Hey! I like matzah! *grins* My mom got a 15 lb box FREE! (I'm a gonna tell you how later, in the other thread)

[leiarose]

I was thinking about the tithe even through a rough financial situation. It is important to keep a spirit of generosity and not obsession - even with very little. (I am preaching at myself. )

We are going to be living the same way in the next year. Nothing like uncertainty, faith and desperation.

[matthew2000tx]

As a recently married person (1.5 years) I recommend to not use Credit cards. We have always been able to pay them off each month, however the bill on all three of our cards avgs between 300-500 each. For the first time our bills were only $20.00 per-card last month!!!!! We have a good credit score b/c we never were behind on payments, but having to come up with 1,500 a month was a major stressor.

We are in our early 20's and we are 100% debt free.... and we want to keep it that way.

[matthew2000tx]

oh.. infact we are the same age as you too. 22 and 21.

[Epaphras]

How are you guys paying for your last year of school? I ask because we're going to have to pay for that first year (my last) with student loans. Hopefully I can get a salaried job after graduation and pay her tuition with that, as well as start on those loans. It shouldn't be too much: it's about $6,000 per year for tuition here; it should be less when we're married because we'll be out of our parents' income bracket for financial aid.

If you have debt use Dave Ramsey's "debt snowball" which I believe is ranking your debt by amount owed (smallest to highest) then paying off the smallest first, working your way up, then as you free up more money, use it to pay off the larger debts until it's all payed off! It can take as little time as a year to a year and a half.