Just Married? These Six Financial Advice Might Be Helpful!
When you are starting a family, it is time to take your finances much more seriously than before. After all, marriage signifies the start of a new relationship where the two partners depend on each for everything – and that includes finances. Money often becomes a topic that gives birth to several marital issues, and in worst case scenarios, this can even lead to divorces. Only one or both of you may be earning, but in marriage, you should both have a say regarding financial planning. In fact, if you want a strong and loving relationship, you and your spouse must help each other constantly when it comes to finances, among other things. Be transparent about money matters, and don’t ever hesitate to come clean about an issue. Here are some of the best tips for newlyweds regarding finances post-marriage:
Talk About Financial Goals
Talk about each other’s financial goals. Embrace the fact that you two had different backgrounds while growing up and might have your own ideas and goals when it comes to money. So have a lengthy discussion on that and understand each other. Someone who has grown up in a financially backward environment and seen their parents fighting over it all the time might want to do things differently while it might not be the same for someone with a completely opposite background. This will take some time but have the discussion when you can. Once done, talk about your mutual financial goals, and always make sure that you are both on the same page while doing it. Compromise if any disagreements arise and try to be understanding of what your spouse wants financially while also calmly sharing your own.
Get Organized With Your Money
Once you have set your financial goals, you need to work towards them, so draw up a contingency plan. The first step would be setting up a budget for your home. The 50-30-20 rule might work well for you at this point. Here, you will keep 50% of your earnings for your needs, 30% for your wants, and 20% for your savings. Of course, you must differentiate between your needs and wants. Newlyweds often end up using a lot of money towards unnecessary things; of course, spending money to surprise your partner during a special occasion is totally allowed. Once the budgeting is done, decide how you would like to save – whether to have a joint account or individual ones. Update paperworks that require your spouse’s name on them. If you have any active loans from before your marriage, try to repay them first or have a plan that will resolve it fast.
Save Taxes
Now that you are married you might get a few tax benefits. Do your research and ask your employer or your financial advisor if you have any. If both of you have 401 (k) or 403 (b), contribute to those accounts as much as you can afford. Also, it might be wise to know about all tax-saving options once you have kids. It is better to be prepared. Health saving accounts might also help you save on taxes.
Buy Insurance
As a married couple, it would be wise to take care of each other and make sure that it happens even if you are not around. Invest in health insurance, disability insurance, and life insurance to make both your futures safe and secure. Life insurance can be of two types – term and permanent. As the name suggests, term insurance is less expensive and works only for a certain period of time. Permanent life insurance is more costly but covers you for life. Discuss with your spouse which ones you can avail based on your needs.
Make A Will
It is hard to think of making a will when you have just begun a life together but this world can be very uncertain, and you probably don’t want your money to go into wrong hands, so make a will. Your attorney will help you out with it if you have little to no knowledge about how things work. You would need an executor, and you can state in there how you would like things to continue in your absence.
Finances should play a big part in our lives, but we tend to keep neglecting it because it is not easy. Well, handle the tough things first; the easier ones will follow soon!
More in Financial Advice
-
`
WWE SmackDown to Make a Comeback on USA Network in 2024
In a surprising twist, WWE’s Friday night staple, “SmackDown,” is bidding farewell to Fox and heading back to its old stomping...
November 24, 2023 -
`
Why Women Face Higher Out-of-Pocket Health Expenses
In healthcare, disparities persist, and a recent report from Deloitte underscores a significant financial gap between working women and men in...
November 18, 2023 -
`
Elon Musk vs Bill Gates: The Clash of Titans
In the realm of the world’s wealthiest individuals, a simmering rivalry has been captivating public attention. It’s not a clash of...
November 7, 2023 -
`
The Power Of Disconnecting
In our digitally driven age, where smartphones, tablets, and laptops have become extensions of ourselves, disconnecting might seem daunting. However, the...
October 31, 2023 -
`
JCPenney’s Bankruptcy: The End of an Era
JCPenney filed for bankruptcy in a move echoing the struggles of many retailers in the wake of the COVID-19 pandemic. This...
October 26, 2023 -
`
Reasons Why You Need a Financial Plan
Financial planning is not just for the wealthy or those nearing retirement. It’s a crucial tool for anyone seeking financial security...
October 19, 2023 -
`
How Brad Pitt Spends His Millions All Over the World
Brad Pitt, the charismatic Hollywood superstar, has left an indelible mark on the silver screen and made an impact in the...
October 10, 2023 -
`
Gen Z’s Posh Palate: The Unexpected Rise of Caviar Culture
Amid the backdrop of a digital era buzzing with viral dances, e-sports, and niche memes, there emerges a peculiar plot twist:...
October 7, 2023 -
`
Transform Your Retail Business With Social Media Mastery
If you’re a retail marketer posting your social media messages haphazardly, you might be missing out on prime opportunities to turn...
September 26, 2023
You must be logged in to post a comment Login