A Newlywed’s Game Plan for Success

Fairytales taught us the moment “I do’s” are said, it’s a happily ever after. Little did we all know, the everyday after is what truly counts: shared groceries, recurring bills, and yes, those awkward (but necessary) conversations about who’s paying for what. 

We’re also taught that love should be patient and kind. But it’s not only love we should be patient and kind about, these attitudes are the ones we need to adopt when it comes to managing finances with our significant others as well. 

That’s why in helping us navigate this exciting new chapter, Erika Alcantara of Consumer Platforms Marketing, a newlywed and a member of the DINK club (dual income, no kids), will share with us what it takes to align love and lifestyle. Because let’s be real: Disney left this part out.

From Miss to Mrs.

Married life changed more than just Erika’s last name. Before tying the knot, they had been together for 11 years, yet living under one roof still came with a lot of adjustments for her. For one, she is more conscious of her partner’s needs now and that she realized that living is, in her words, “expensive haha!”  

Still, they made it work by playing to their strengths. According to her, planning their wedding became their “pre-game” before living together. They took on tasks they liked doing more so one is less resistant, a principle they soon adapted in their married life.  

“I enjoy managing our finances so that’s on me. He’s an engineer and he’s great at fixing things around the house,” she adds. “Luckily, we like doing different things, chores included.”

Taking Advantage of the DINK Phase

For Erika, flexibility is the biggest benefit of being a dual-income household with no kids. “We can be spontaneous. Also, it’s easier to set aside money for emergencies, especially for our aging parents.”

As long as they have the freedom from financial obligations that come with having children, being a DINK couple allows them to work toward long-term goals by allocating a larger portion (50%) of their income for investing.This led to achieving their first big milestone together: buying a residential lot for their future home. “It felt scary because it involved a lot of money and commitment. But it also felt right!” 

And they did not just save by cutting back on luxuries, but also made smart and deliberate choices such as: 

• Staying with in-laws that first year to save on rent
• Cooking and eating at home
• Buying essentials in bulk during online sales
• Choosing energy-efficient appliances to cut electricity costs 
• Avoiding impulsive travel by skipping seat sales
• Using a cost-per-use mindset for shopping 

Doing the Hard Part: Communication

Erika and her husband use a hybrid system, combining separate and joint money, to manage household finances.

They initially experimented with a more systematic approach to budgeting but soon found it to be overly restrictive. In order to consciously map out savings, investments, and expenses, they tracked their average spending over a few trial months.

As for their system? It's all about equity, not equality.

Erika’s Gameplan

Talk about money early and often

For Erika, budgeting books and expert financial tips online are helpful, but the best form is the one that works for you and your partner. Once goals are aligned, it’s easier to work towards them together, making for a gameplan that is not only achievable but sustainable. 

“In our case, during our first year of being married, we set aside 40-50% of our income for investments. The rest goes to utilities, wants, and savings. We intentionally did not put specific percentages because they really vary month-on-month for us, what's important for us that time is dedicating the majority to investments.”

Structure is good, but flexibility is better

“I thought budgeting was the only winning formula when it comes to managing our finances but it didn’t work for us. Life is a cycle of testing and learning so we designed an arrangement that we can both follow. One that feels rewarding.”

For her, if the usual 50-30-20 (Needs-Wants-Savings) doesn’t work for you, don’t hesitate to create a formula that actually supports your lifestyles and goals in mind. 

“If you're privileged enough to still be living with your parents or in-laws, then use that opportunity to set aside money for savings or investments if possible. If you get a raise, try your best not to inflate your lifestyle and use that money instead to open a time deposit or add more to your emergency fund.” 

She reminds us that financial management is a personal matter after all. We have different responsibilities and goals which influence the way we handle our finances. 

Define what success means together

For Erika, success means having discernment on where she spends her time and energy.

She also shares that it helps to be a little “delulu” sometimes. This is actively choosing to have an abundance mindset over a scarcity mindset for her. “When you believe that everything will work out, it will. Of course you’ll put in the work but having that relentless (read: delusional / delulu) mentality is effective.” 

Want more real-life stories and financial tips from real couples and coaches? Explore NEXT by BPI Preferred’s The Program.