When you exchange vows with the one that you love most, you promised that you will be with your spouse for richer or for poorer. Sadly, a lot of couples do not survive thru this promise because of bad money management. If you are also struggling, here are some money tips you can put into use as a young couple:
Talk about it
Even before getting married, couples should talk about their finances. Couples must go over the accounts that they have and determine how much debt they have to settle.
Couples must set their long-term goals. You must know how you want to pay off your debt or how much you want to save so you can retire comfortably.
You can combine your bank accounts so you can jointly manage your money or you can also keep your individual bank accounts. Having a joint account though can make things simpler and also help build trust in your married life.
Coming up with an emergency fund should be among your top priorities. This fund should cover for any unexpected expenses that may pop up like illness, home repair, natural disaster, or death in the family. About six months of your expenses is a good foundation to start with.
Couples should work together so they can stay within their monthly budget. This way you are sure that you will not go overboard and pile up your debt. Review joint expenses and also set limits for food, entertainment, and other expenses.
Americans used to dream of living in Mexico. The real estate business in this area boomed for years. However, largely because of the crime wave, the recession and the swine flu, sales have been continually going down the drain. If you’ve always envisioned yourself retiring in Mexico, now is the time to buy your home.
According to reports, the sales volume of homes in Mexico plunged to 70%. This is according to Phillip Hendrix, the director of Coldwell Banker’s Mexican operations. At the Costa Baja alone, the sales are at a snail’s pace, slowing down by at least 40% in the last year. Aside from the recession, the narco-wars in the area are also hurting the location’s reputation.
The strange thing is that these crime waves are actually isolated only in certain areas in Mexico. It certainly doesn’t involve the Costa Baja residential resort. However, home buyers always look at the general profile of Mexico. The negative perception has affected real estate markets across the nation.
The price of houses being sold to expat Americans are still blurry, but an overall decline of about 20% or 30% should be expected. This was reported by Tom Kelly, the author of Cashing in on a Home in Mexico. Kelly has been closely following real estate trends here. The reason why the decline of sales is steep is because the high-crime communities are so close to the United States borders.
Still, the general consensus is that it’s a pretty adventurous investment, even if you are buying a home in a safe expat neighborhood. The price is just right considering the risks involved.