Budgeting

Jun 11, 2020
newlywed scene at wedding ceremony

newlywed scene at wedding ceremony

Getting married can be a dream come true for many. While you may have visions of happily ever after, you do need to consider the reality of your finances. There are some common financial hurdles that most newlyweds find themselves facing at one point or another throughout their marriage.

Not Knowing Each Other’s Financial Story

Finances are one of those areas that people tend to clam up about. We’ve all made financial mistakes in the past and admitting them is the first step in getting rid of them. For this reason, it’s important that you sit down with your significant other and discuss your financial history. This will help you both understand each other’s experiences with money in the past and the attitudes you’ve developed towards it.

When you can understand your partner’s experience with finances, you can better determine how to approach them in the future. You may find that your spouse likes to eat out often. After you talk about your financial history, you may find out that as a kid they were always told they couldn’t eat out because their parents couldn’t afford it. The fact of them wanting to eat out often nowadays is likely due to the fact that they feel wealthier and more capable than their parents.

Poor Credit Secrets

If you’ve never talked about your finances with your partner, you may be in for a rude awakening. Poor credit issues, high credit card debt, and even charged-off accounts can lead to difficulties in the future. When you go to apply for a mortgage or a new car loan, you don’t want to find out that your partner has horrible credit. It’s better to discuss credit issues now so that you both know how to approach credit situations in the future. It’s never good to keep money secrets from your partner as it will just resurface at some point in the future.

Sticking To A Budget

When you’re in love, it can be very easy to do all that is in your power to make your spouse happy. However, this love can fuel unhealthy habits with respect to your budget. Many newlyweds find it difficult to stick to a budget in the beginning. This is usually a result of poor planning. It’s best to take some time to set some financial boundaries that will keep you both on track.

A great one is to set a specific dollar amount that you both agree on and not spend above unless you check with the other partner. Depending on your budget, this can be as little as $50 or as high as $250. It’s really up to you, your partner and budget. Take some time to work on budget boundaries so that you’re both on the same page when it comes to spending your income(s).

Not Planning Financially For Children

Children are a large financial expense that will last for at least 18 years or more. You need to take the time to plan out how you’re going to fund children in the future. Many couples avoid this conversation because they believe it’s too early to talk about kids. The truth is that it’s never too early to discuss children and how they’re going to alter your financial future.

Newlyweds face a lot of issues together in their first few years of marriage. Finances tend to be one of the biggest. By understanding the top financial hurdles above, you and your partner can better prepare your financial future to avoid these hurdles.  Connect with a financial advisor at Eastex CU to overcome potential hurdles.

May 28, 2020
rings for newly weds

rings for newly weds

Getting married is one of the most eventful things many people will do in their lives. And along with all the excitement of being newlyweds comes the reality of having to share your finances. Money issues are among the top things that married couples fight about, which is why it’s important for newly married couples to work on financial planning. Here are some tips about what to focus on.

Set a budget

One of the most important things newly married couples can do is to sit down and formulate a monthly budget. Partners often have very different spending habits, so setting a budget sets guidelines and puts compromises down on paper. You should list all necessary expenses as well as discretionary spending and also look for places where it makes sense to consolidate. For example, if you have separate gym memberships, it might make sense for you to both join the same gym.

Decide on checking and savings accounts

Most married couples tend to pool their finances in joint accounts such as checking and savings, but some prefer to keep those accounts separate. One possible solution might be to have a joint account for things such as rent and other necessities and then keep separate accounts for discretionary spending.

Identify priorities

It’s often assumed that people get married with the aim of having children, but that’s not always the case. While children might be a priority for a newlywed couple, they may not want to start a family for a few years. It’s important to quickly identify what each partner’s main financial priorities are and find areas of agreement or compromise. For example, you might rank priorities such as saving for a home first, financially preparing for a family, second, and saving for retirement, third.

Layout tasks, expectations

Even if a couple decides to essentially consolidate all their finances and make joint decisions on everything, there still is the task of carrying out those decisions and who will do that. For example, will the couple split up the bill-paying duties or will they fall to one person for consistency’s sake? Will both spouses be responsible for balancing the books or will one take on the task with assistance from the other?

Solve points of conflict

Even two spouses who are very similar in their views on finances aren’t going to agree on everything, so it’s important to identify points of conflict and how to deal with them. For example, one spouse might be debt-averse while the other has no trouble borrowing for a car or some other large purchase. If one spouse earns significantly more than the other, that also could be a point of conflict when it comes to spending. A key to making newlywed finances run smoothly is to identify these conflicts early on and work out ways to deal with them.

There are a lot of serious issues that can sink a marriage, but finances shouldn’t be one of them. Communication and willingness to compromise are among the key factors that should be included for newlyweds to have success in financial planning. To approach your financial planning, give Eastex CU a call.

May 14, 2020
kid planning finances with coin

kid planning finances with coin

Having a plan for the future is a good thing, especially plans that concern finances and the best way to reach your financial goals are by saving money. The good thing about saving is that in the end, it gives you money security. However, saving it’s not a walk in the park, you’ll have to sacrifice a lot to meet your savings targets.

Having a kid is a blessing and having plans for that kid is a great thing. One of these great plans is securing your kids’ education. You will realize that in most countries, college student’s loans are acquired through government institutions. This later becomes a burden when one has to repay, especially if you have a lower-income job.

Saving college funds for your kid can guarantee him/her a good and ample learning time in college. For you to start saving college funds you’ll have to employ proper planning. The following tips can help you on how to do so.

1. Choose an account that earns interest and is not taxable during withdrawal

If you are a parent, you’ll have to research to determine the best account for you to save for your kid college fund. The most likely account that is recommended for education Is a 529 account and Education Savings Account (ESA). These accounts enable you to earn interest and they are not taxable when you want to withdraw. This means that in the long run, you will earn extra cash depending on the period you had saved the funds. Another advantage of this account is the 529 plan; it is operated by the state and besides exempting you from paying taxes, it has a higher limit to allow you to save as much as you want to meet your financial educational needs. Remember the earlier you start saving for college funds the faster you will manage to meet your goals.

2. Make use of available scholarship, sponsorship, and bursaries

Make use of scholarships, bursaries, and sponsorships that are available in your current child’s grade; after all this is free money. By doing this the money that you could have spent on that grade/term, you can use it to save your kids’ college fund and also help you meet your target faster.

3. Project for a college that you can afford

Unless your kid earns a sponsorship or scholarship go for the ones you can afford. You can visit any of your college preferences, look at the current tuition fee, try to see how the fee rises annually, and generate an approximate figure you are likely to pay when your kid is about to join the college. This will help your strategies on how much you’ll be saving before your child attends college. Also make sure you check for other college expenses such as dormitory fees, food expenses’, school trips, and book costs and include them in your budget.

4. Know when to start saving

Financial gurus advise that you should not scrap your retirement aid to pay for your kids’ college funds and that is why you will have to choose whether your kid should attend local or out-of-state college or whether private or public university.

College funds can be overwhelming, but we can help get you there. Contact Eastex CU to get the ball rolling!

Apr 19, 2018

meal prepping, containers, food prep, healthy food

Meal prepping is a trend that has recently taken America by storm – and for good reason. A great way to ensure healthy eating without spending time going to the grocery store or preparing it every day, it’s clear to see why many families are incorporating meal prepping into their weekly routines.

What is Meal Prepping?

Meal prepping is the act of taking one or two recipes, cooking them in bulk, and dividing them up into daily portion sizes to freeze and heat up every day. By creating all of your meals for the week, you no longer have to spend time cooking every day – which also helps you save money by eliminating that ever-present urge to just get takeout instead!

Many meal preppers find that establishing a meal plan ahead of time and then choosing a day off from work to pick up the ingredients at the grocery store and prepare all of the meals that day – depending on your work schedule, Sunday and Wednesday seem to be the best days.

Once you have cooked all of your food for the week, divide it up into Tupperware containers (make sure they are high-quality enough to withstand a few days in the freezer without freezer burn!) and store in the fridge or freezer, depending on what you cook.

Can You Meal Prep on a Budget?

Of course! Eating cheaply doesn’t mean breaking out the Ramen Noodles and Easy Mac anymore. In fact, by planning your meals ahead of time, you are able to avoid common money wasters like impulse buying, over-purchasing products, and leftover food waste.

Here are a few easy ways to eat healthier on a budget:

Take Stock of What Food Items You Already Have in Your Pantry

Nothing is more frustrating than being in the grocery store wondering if you already have cumin in the pantry at home, or if you need to buy more. Inevitably, it seems, you always make the wrong decision! Apps such as Out of Milk and websites like SuperCook help keep track of what food you already have, and what ingredients you’ll need to pick up from the store. By knowing this information ahead of time, you can also check out local grocery store deals and coupons to further save money.

Make Sure You Have the Necessary Tools

There are certain methods of cooking that can save a lot of time, but you need to be sure you have the right tools to do it! Foods such as stews, casseroles, and soups can produce a lot of food at a relatively low cost, but you need to have either a slow cooker, or a big pot to make large quantities at one time. You’ll most likely need larger pots and pans for the majority of your meal prep cooking, as you’ll be baking in much larger quantities than normal dinners. In addition, it’s always smart to have a meat thermometer in the kitchen to ensure everything is cooked correctly!

While it may seem like your kitchen will be destroyed after a day of meal prepping (true, it does get a little messy!) you can always look up ways to minimize the number of dishes you use. Check out this list of 27 healthy recipes you can cook on one sheet pan – delicious and practical! For those who prefer to primarily use crock pots, be sure to use slow cooker liners to make clean-up a breeze.

Cook Recipes That Yield A LOT of Food – But Will Stay Fresh!

Meal prepping doesn’t necessarily mean you’re also on a diet, so it’s important to be sure that you make enough food so that each portion fills you up adequately every day. However, you should be sure that whatever you are preparing will stay fresh throughout the week, or you might decide a tasty burger sounds a lot better! Here are a few foods that keep very well in the refrigerator or freezer:

  • Soups
  • Chicken Breast
  • Lentils
  • Rice (especially brown rice)
  • Ground meats (like beef & turkey)
  • Pasta
  • Cauliflower
  • Zucchini

To start putting together a collection of meal prep recipes, start here to find some quick and healthy meal prep recipes to get started!


Eastex wants to help you save money any way we can, and meal prepping is just one of the many ways to do so. Another great way to save money is to open up a savings account with us – our three savings plans offer the best options for kids, young adults, and seniors.


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