“I Am Newly Married & Currently Earn 25K, How Much Of My Salary Should I Save?”

Last week, I shared with you some very useful tips on how to save your salary, and many of you found the information to be both enlightening and informative.
Today, I would like to explore the topic of saving further, by giving you helpful advice if you are newly married, or the only one making money in your family, or if you have children and do not make a lot of income.
The Secret To Saving The Little Money You Have When You Are Newly Married

Learn to live within your means

If you are looking to get married or are newly married, you must sit down with your spouse and talk about finances very critically in the beginning of your union. Money is the root of all problems in  marriage and it is so vital that you have a money discussion with your spouse. You will want to inform your spouse how much you earn, how much you spend in a month and how much you save. This is the first step in laying a very strong foundation for your marriage. Knowing how much money will come into your home will help you live a life with less stress and more security.
Allocate Money Wisely
The first thing you and your spouse must do is to come up with a system that works for both of you. If you are earning 25K and your wife does not yet have a job, you must allocate your money very wisely and have some money left for savings. Have a budget every month that will allow you to save a good amount every month.
What Percentage To Save 
As we discussed in the last article here, the percentage of the money you should be saving every month is 40%. With a new marriage and a wife who is not working for example, it is very hard to save 40% of your salary but it can be done.
When it comes to saving, you should always look at the long term benefits as compared to temporary comfort.
It is possible to save 40% of your salary if you are earning as low as 25-30K, with a wife.  You must cut costs from food, transport, rent and entertainment.
Read Also >>> How Much Of You Salary Should You Save
How To Cut Costs
If you were living in a house where your rent was 10K before you got married, having a wife will mean that you are now required to provide for two people. This could mean that you move to a cheaper house where rent is 5K for example.
Women are generally notorious for impulse buying and over spending on beauty products and clothing. Depending on your salary and expenses, you and your spouse must agree on how much money will go into luxuries, so that you have enough left to save.
Think About The Future
Just because you are newly married and it’s just the two of you, you must not forget that children might come in the near future. That said, you must plan for the future and the life of your children. If your spouse does not have a job, you should work at getting jobs for both of you, to lighten financial burdens.
Having two sources of income will be very instrumental in allowing you to save 40% for the rainy days!
Related Article >>> 5 Ways To Save Money After Getting A Raise
Have a question or comment? Leave it below. Susan is a Communications Officer at career Point Kenya. Email: susan@carerpointkenya.co.ke