Page Nav

HIDE

Grid

GRID_STYLE

Pages

Breaking News

latest

Great Tips To Tying The Financial Knot Before You Get Married

It’s wedding season, but before the happy couple can tie the knot, there is another not-so-romantic topic that all newlyweds or engaged coup...

It’s wedding season, but before the happy couple can tie the knot, there is another not-so-romantic topic that all newlyweds or engaged couples need to think about: finances. More than a quarter of married couples say disagreements over finances are most likely to lead to arguments, according the American Institute of CPAs.

Patrick Bet-David, a financial advisor, author and CEO has made financial literacy his crusade. He says talking about finances not only reduces fights, but can also get you on a path towards a successful financial future.

Patrick’s tips to cover the basics:

1. Know Each Other’s Financial Histories

Gather all of your paperwork, statements, bills and personal financial information and really evaluate your finances so you both are on the same page. Do either of you have student loans or credit card debt? What kind of retirement plans or saving vehicles do you contribute to? How much are you paying for your cell phone and cable bills? Do either of you have an emergency fund? What is your general attitude about money?

2. Beneficiaries
Revisit all of your accounts from retirement plans and insurance policies, and update your beneficiaries where you see fit.
Great Tips To Tying The Financial Knot Before You Get Married
3. Insurance
Review your medical, life, and car insurance plans. You may find that combining coverage may save you money or that your plans have some overlap.

4. Name change
If you or your spouse is opting for a name change, it is important to notify the Social Security Administration and the DMV. You will also want to notify your financial institutions.

5. Joint or Separate Accounts – or Both?
Long gone are the days when it was assumed that marriage meant newlyweds would open a joint bank account and share credit cards. Some couples are now keeping separate accounts while others still choose the traditional route, and everything in between is a viable option.

6. Determine a Budget and Financial Goals

Getting married is a good time to start the invaluable practice of budgeting. Once you have a joint budget, you can evaluate your discretionary income and determine both short-term and long-term financial goals.
Source


Disclaimer: The information contained in this website is for general information purposes only.

The information is provided by Gossip Maestro using online sources and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose.

Any reliance you place on such information is therefore strictly at your own risk.


Classic Header