Friday, October 7, 2016

8 Financial Must-Dos for Newlyweds

First, just talking about your financial goals and the bigger picture is the biggest step. Open communication between you and your new spouse about your joint financial goals is one of the most important things you can do so you can avoid financial surprises down the road. Once you know where you stand and where you want to go you can take the proper steps to get there. Here are some tips for you.

1. Set up a joint checking account: Even if y
ou plan to keep your finances somewhat separate, it is very helpful to have a joint checking account that you both have access to.

2. Set a budget: Make sure you are on the same page about how much you are saving and spending on a monthly basis. You will also want to evaluate the debt you each have and set up plan in your monthly budget to pay off the highest interest rate debt first.

3. Coordinate benefits at work: Figure out if joining a spouse’s medical or dental insurance plan offers better coverage and/or pricing than what you currently have. Also make sure you are both taking advantage of company matches in your retirement plans.

4. Re-evaluate your overall investment allocation: Now that you have joint goals, you should make sure your investments aren’t counteracting each other. You want to make sure you are not unnecessarily taking risk by being too overweight in a certain area.

5. Protection plans: Someone else is now relying on you and your income. Make sure you have the proper amounts of disability insurance and life insurance in place so if something terrible does happen it won’t financially ruin the other.



6. Beneficiaries and titling of accounts: Most of your retirement accounts and insurance will never pass through a will if you die. This is the same with joint accounts. They go directly to the named beneficiary or joint account holder. Because of this, make sure they are all set up the way you want them.

7. Name change: If you change your name, make sure you update and notify the IRS, Social Security, credit card companies, DMV, banks, etc.

8. Emergency fund: Make sure you have enough cash readily available in case of an emergency. This could be three months to a year of your salary, depending on how secure your job is and how volatile your income is.

It can be a daunting task to coordinate finances with your new spouse, but it is very important. Once completed, all of these steps will help you smoothly move forward financially with your new spouse. Please contact our office if you need any assistance with the big financial picture. You can request a FREE copy of our "Marriage & Money" Life Guide by clicking here.

Wrentham, Norfolk, Plainville, Franklin, Walpole, Foxboro, income tax, tax calculator, hr, irs forms, Jackson Hewitt, tax, tax act, tax return, tax brackets, income tax return, tax refund, taxes, accountant, h&r, tax return calculator, tax forms, free tax filing, federal income tax, federal tax forms, federal tax return, tax online, tax returns, online tax return, irs e file, tax return status, file taxes online, tax preparation, income tax return online, instant tax services, accountants, income tax filing, income tax forms, federal tax, estimate tax return, taxes online, online tax filing, tax services, federal taxes, what is income tax, tax filing, tax questions, online tax, e filing income tax, irs free file, free tax preparation, filing taxes, file taxes, state taxes, tax accountant, h and r, tax planning, free tax return, free federal tax filing, online taxes, free state tax filing, free online tax filing, federal income tax forms, tax help, free tax, how to file taxes, tax preparer, tax consultant, free taxes, income tax returns, complete tax, federal tax forms, free taxes online, income taxes, income tax return efiling, free efile, h&r, tax advisor, tax advice, best place to do taxes in wrentham, wrentham tax, wrentham tax planner, wrentham tax prep, wrentham income, wrentham income tax, wrentham accountant, wrentham accounting, best accountant in Wrentham, best financial planner in wrentham

No comments: