Friday, June 1, 2012

5 Financial Considerations for Newlyweds

  1. From the start, save 15-20 percent of your income. Because you are combining households, you should cut your expenses a lot, which should allow you to save. You should save so you can build your cash reserves in your 401k plans and in a mutual fund.
  2. Change all beneficiaries on life insurance plans, retirement, other plans at work and IRAs to your new spouse.
  3. Figure out how debts accrued by each individual before the marriage (i.e. student loans) will be handled.
  4. Talk about your approaches to handling money: Is one of you a spender and the other a saver? Create a few ground rules on dealing with any differences.
  5. Create a list of future purchases and prioritize them. You should decide -- together-- how to spend your money. 

For five more tips, check out Top 10 Financial Considerations for Newlyweds.

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