Effective budget planning is a key skill for your wedding day and beyond.
- A lot of arguments in marriage are about money
- An effective way of dealing with financial issues is to draw up a budget.
- Decide on your values and goals together – this comes first and is vital.
- Work on one year.
- Work out what your income will be for the year.
- Find out how you are spending your money at present. This gives you some starting figures.
- Estimate your fixed expenses for the year and put aside the appropriate amount each month.Eg. Rates, insurance, car registration, etc.
- Estimate what irregular lump sum expenses you will have for the year, divide the total by 12, and save that amount each month. Eg. Holiday, new baby, doctor, hospital, paint the house, etc.
- Estimate your weekly operating expenses. Each family member should receive what he/she needs for the necessities and extras. Eg. Food, rent, clothes, transport, entertainment, etc.
- If the first estimate does not work, adjust it until you find a satisfactory plan. This often requires several attempts.
- When things happen which affect your budget – redo it! Eg pregnancy, redundancy, etc.
- It is an excellent idea to make a will when you get married. It is a commonsense way of showing concern for those you love.
For budgeting advice contact the New Zealand Federation of Family Budgeting Services (NZFFBS). Look
under “Budget Advice Service” in the White Pages of the telephone book, or contact Citizens Advice Bureau
and they will put you in touch with your nearest NZFFBS office.
Your local Citizens Advice Bureau offers free, independent information and advice on general financial
matters, including your rights as a consumer. Call 0800 FOR CAB (0800 367 222) or contact your local CAB