Newly Married, No Children

1. Create a budget: The first step in getting your financial house in order is to understand exactly how much money you have coming in and going out each month. This will help you identify any areas where you may be overspending and help you make a plan for how to allocate your money in the most effective way. To create a budget, start by listing all of your monthly income sources, such as salaries, bonuses, and any other sources of income. Then, make a list of all of your monthly expenses, including fixed costs like rent or mortgage payments and variable expenses like groceries and entertainment. Subtract your total expenses from your total income to see if you have a surplus or deficit each month.

2. Set financial goals: Once you have a good understanding of your current financial situation, it's important to set some financial goals for yourself and your partner. These goals might include saving for a down payment on a house, paying off student loans, building an emergency fund, or saving for retirement. Make sure to set both short-term and long-term goals, and be specific about how much you want to save and by when.

3. Make a plan to pay off debt: If you have any high-interest debt, such as credit card balances or student loans, it's important to come up with a plan to pay it off as soon as possible. Consider consolidating your debt into a single loan with a lower interest rate, or look into balance transfer credit cards that offer 0% interest for a promotional period. Make sure to pay more than the minimum payment each month to reduce the total amount of interest you pay over time.

4. Save for emergencies: It's important to have some savings set aside for unexpected expenses, such as car repairs, medical bills, or job loss. Aim to save at least three to six months' worth of living expenses in an emergency fund, and consider setting up automatic transfers from your checking account to a separate savings account to make saving easier.

5. Plan for the future: In addition to saving for emergencies, it's important to also think about your long-term financial goals, such as retirement. If your employer offers a 401(k) or other retirement savings plan, consider contributing at least enough to get the full employer match. If you're self-employed or your employer doesn't offer a retirement plan, consider opening an individual retirement account (IRA) or setting up automatic contributions to a taxable investment account.

Overall, the key to getting your financial house in order is to be proactive and make a plan for how you want to use your money. This might involve making some tough choices, such as cutting back on unnecessary expenses or taking on a side hustle to increase your income, but the effort will be worth it in the long run as you work towards achieving your financial goals.