Getting married is an exciting and eventful time for any couple. However, many assume that because all the hard work of wedding planning is behind them, finally they might be able to sit back and relax for a while. Maybe they even expect to give their pockets a break while they take it easy in transitioning into life together.
While it is undoubtedly still a time for celebration, being married comes with quite a bit of expense, especially concerning managing a home together. Around 38% of married US adults purchased their first home together before they'd been married for two years.
That means for many adults, this is the first time they've dealt with expenses regarding homeownership at all. This is a pivotal time, considering more than 2/3 or 68% of married Americans purchased their first home with their current spouse while they were married.
But What Does This Look Like Monetarily?
The average home in April of 2020 was priced at $246,334, while the average monthly rent for a one-bedroom apartment was $1,098. As you can imagine, with the state of the current market, this price has since increased.
But the cost of property isn't the only expense that newlywed can expect to worry about. Furnishing a house can be surprisingly pricey and certainly takes a great deal of consideration when establishing the budget to make your new home more comfortable.
The average person is expected to spend roughly $8,176 just on furnishing an apartment. So, what can be expected when it comes to furnishing a house? Preparing for an average of about $16,000 is usually a reasonable call for furnishing a home, but of course, a lot of the pricing is dependent on size and layout.
For example, if you have more bedrooms than average or a particularly large living room area, it is unreasonable to expect that a smaller couch might fit in your very large room. The ranges of price estimates per room vary; however, you can expect to pay:
Lastly, when it comes to purchasing furniture, you can't forget to consider the price that you may need to fork up to have furniture delivered or assembled if required-- especially if choosing to purchase furniture online.
Decorating the Home
It is very common to partake in lots of discussion and excitement about how you'll decorate a new home, and getting on the same page can be difficult but necessary.
For example, do you like modern or traditional decor? Do you draw inspiration from coastal bungalows or western ranch homes?
Getting on the same page may make or break your home buying and decorating process. Yet, shockingly, couples argue around 7x a month over décor and furniture choices! This conflict can lead to extra expenses and costs that can be easily avoided.
The great news is, the average American homeowner will spend roughly $744.44 annually on decorating their home. So, while you and your partner may have differences in décor opinion, there is plenty of opportunities to change things up.
One way to showcase your creativity and change up décor can be during the holidays. In 2020, Americans planned to spend an average of $140 on home and holiday furnishings. So whether you choose to deck out the dining room table with spring flowers and pastels or go all out on winter lawn décor, we're in full support.
Other Home Essentials
There are so many day-to-day expenses of living in a home that people fail to consider when purchasing for the first time.
For instance, laundry and cleaning supplies accounted for an annual average of $170.28 per person in a home. 37.88% of married couples have at least one child under 18 living in their house. And of course, with more people, the cost of supplies only grows.
Did you know that the average American will buy only three sets of flatware in their entire life? Talk about a big decision! This is just another scenario in which coming to a mutual agreement is crucial for newlyweds. A typical luxury set of flatware can cost up to $180 for a box set-- a reasonable investment for a long-term purchase.
Flatware is only one example of a minor detail to consider when stocking the home with essentials. With so many kitchen appliances and other household needs, prepare to plan for essentials you may have forgotten about when decking out your first home.
Food is another given that will consistently require budgeting for when purchasing groceries for the home. The typical US household spends around 10% of its income on food.
With so many expenses, how can you expect to save for the future? How about even simply for a rainy day? Below are some tips on cutting corners as a newlywed couple.
7 Tips for Saving on Home Expenses:
Often people assume that the natural evolution following marriage is buying a home together. While this can feel like it is expected, there is no need to rush into buying. Renting is a very reasonable and often more realistic option for new couples. 28% of married US adults purchased their first home together after being married for five years or more. If this is your sign to wait for financial stability first, take it! There is plenty of time; technically, there is forever, lovebirds.
A great way to save on some expenses is to identify how long you plan on living in your current accommodations and when you plan on upgrading.
For example, if kids aren't in the cards, or at least not for a while, you may be able to save money by opting for a smaller home. This means, you guessed it, far fewer expenses overall. On the other hand, if you plan on having children very soon, you may want to prepare for the future and purchase a first home fitting for a family.
Never underestimate the power of doing it yourself when budgeting. If you are renovating your home, DIYing can even save you up to $20,000 on certain projects. Even if you’ve purchased a fully upgraded home that doesn’t need much work, consider repurposing furniture and décor to save money. Not only can it be unique and affordable, but it can be a lot of fun, especially doing so as a couple.
Saving on furniture costs can seem difficult since many pieces of furniture are essentials in the home. One way to save money is to focus on investing in high-quality, everyday basics in each room. By doing so, you can make sure to check all the boxes before decorating. With quality long-term furniture pieces, even the simplest of furniture can be ideal. Adding unique items for decorations can add the perfect personal touch and help your home come alive.
There is no shame in moving with the furniture you already have from your prior living arrangements, especially if it's in excellent condition and fits well with your new accommodations. Be sure to assess current furniture and décor before making any additional purchases.
Buying from many different stores can make moving unnecessarily complicated and make those additional fees such as delivery and set up add up quickly. Another issue you may face in purchasing from multiple places is varied delivery times and an incomplete home for longer than you want.
Consider purchasing from just a couple or even a single vendor to ensure the most hassle-free delivery time and total cost.
Most people paint when they move, but many fail to stop and consider how expensive an excess of paint can be. Instead, calculate and buy the right amount of each color when planning to paint your new home. This saves from having to re-order paint because you've run out or are left with too much.
While in your newlywed bliss, bask in your bubble, but don't forget to save for the milestones that normally accompany a marriage. As long as you budget accordingly and are aware of costs and expenses in the home, you are sure to enjoy a beautiful life in a great new home.