Celebrating your big wedding day comes with a near endless amount of joy, but there are still consequential life decisions you and your spouse must decide on after you’ve tied the knot. Regardless of your financial affairs, the amount of finance tips for newlywedsto consider is vast and can have lasting impact on your finances.
When considering finance tips for newlyweds,it’s important to discuss, research and decide on your financial future together.
Should Married Couples Combine Finances
One of the top finance tips for newlyweds to consider is should married couples combine finances. As one of the most consequential financial discussions couples need to conduct, should married couples combine finances is not something to take lightly.
Deciding how to navigate and combine your financial accounts can be challenging without the proper finance tips for newlyweds. Before joining financial accounts, couples need to consider how their money will be managed after tying the knot.
Before combining finances, couples should consider the following financial strategies:
- Investments:Combining two revenue streams can help generate additional income for investment opportunities with riskier investments less challenging with more funds to invest with.
- Savings goals:Regardless of the your savings goals, investing in your future or saving for retirementrequires newlywed couples to be on the same page for financial success to help prevent any financial strain in the recent marriage.
- Budgets:In order to achieve investment and savings goals, working together to craft a budget for household expenses that is easy to maintain can help couples achieve their savings and investment priorities.
After merging the two accounts, there are other financial steps needed to ensure the process is conducted properly:
- Notify employer:You don’t want your work paychecks being deposited into an old checking account so it’s imperative to contact the Human Resources department in order to direct future funds into the new account.
- Retirement changes:Depending on how the newlywed couple has calculated their budget, savings and investments, changing the retirement allocation for retirement saving may need to be adjusted to fit the new finance goals.
- Close and review:One of the most crucial and last financial steps to take for newlyweds is to close older checking or savings accounts to help ensure you don’t incur fees from inactivity.
With nearly 60% of married companies citing debt as one of the main factors in getting a divorce, making sure you speak with a financial advisor on finance tips for newlyweds can help guide the marriage toward a path of financial success.
Source: Magnified Money
Regardless of how your finances are organized, you’ll always want to review and adjust your financial plans as your finances evolve. Living together with your spouse over a long period of time may alter your financial priorities and it’s vital to adjust accordingly with life events.
Newly Married Financial Checklist
After officially tying the knot, the newly married financial checklistinvolves imperative steps to ensure your finances are working for your future together.
Whether changing your beneficiaries on your 401(k) plans, investment accounts, IRAs, pension plans or any other retirement account, taking steps to ensure you and your spouse are on the same financial page is critical:
- Condense bills:Setup automatic bill pay and coordinate credit due dates is to help remain on top of all financial due dates.
- Calculate Wealth:Combining your assets and calculating your income will help you determine your financial obligations and help create investment strategies.
- Update or Create a Will:You want to ensure your spouse receives the bulk of your finances after you pass away, which requires updating your will.
- Insurance Coverage:Consolidating all your insurance policies under one account and reviewing health insurance costs to see if there are any costs to cut down in order to help allocate more funds for financial investments.
With overspending the most commonly cited issue for tension in a marriage, taking time to speak with a financial advisor to review your newly married financial checklist can be beneficial to the health of your marriage.
Source: Magnify Money
To help share finance tips for newlyweds, newly married couples should consult a financial advisor, like Matt Logan, who can help inform you and your spouse on the proper financial steps to take after marriage.
Matt Logan is experienced with helping his clients maneuver through financial markets. If your new family needs help achieving financial goals or protecting your assets from market volatility, Matt Logan has proven strategies geared to fit your family’s finances and lifestyle. Don’t hesitate to reach out to Matt Loganto see how he can help you and your family reach financial goals. Give a call today: 336-540-9700.
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