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– Coupling finances
It is a catchphrase that has been called “perhaps the first.” “I do”This is especially important for newlyweds as it pertains to wedding season. As much as you might think that no two people have ever been more deeply in love than yourself, the truth is that you can’t compare the size of that engagement band to your true love. It’s possible for things to go awry if you don’t agree on financial matters.
“Couples have a very hard time talking about money,”Joan Atwood, Hofstra University professor in marriage and family therapy, lamented on NPR “Money Coach”segment on the subject. “I would say it’s the last taboo.”
Are you ready to make it happen? Continue reading.
* Set common goals. This is something that you probably talked about in a romantic way during your relationship. Imagine a huge house with a swimmingpool and annual vacations. To make those dreams come true, you need to save regularly to finance them.
“The median ages for brides and grooms are 29 and 31, respectively, these days,”Andrew Peterson, vice president of Fidelity Investments (fidelity.com “So while people may come into a marriage with their own assets, they need to take some time after the wedding to sit down and start getting organized as a couple.”
* Be transparent. There’s no law that says you have to put all your cash into a joint savings account – some couples do, some don’t – but at the very least you’d be “less than truthful”Don’t reveal any outstanding debts. Then, work together to figure out how to pay them off.
* Safely store your information. Quick: What is your spouse’s Social Security Number? You also need to be aware of any other vital information in case you have a sudden emergency.
Just.
You might want to mark your financial coupling with an online service such as FidSafe.comYou can access all the important records and documents of your family from anywhere with an iOS or web browser.
It is easy to use and free of cost. checklistsIt was introduced by Fidelity two years ago. “Fid Safe”Barron’s magazine awarded the service five stars for being exactly what it claimed to be. “the first cloud-based safe deposit box we’ve seen that’s secure enough to organize everything from financial statements, insurance policies, and real estate records to a will, IRA benefits, and even passwords.”
“With all the other things on their to-do lists, newlyweds typically don’t focus on all the important financial and other documents they need to begin married life on a solid footing,”Peterson. “This makes things easier for them from the start, as well as through the years as they have even more joint documents to retain – including those related to perhaps buying a house and having children.”
You can store up to 5GB, which is enough space to download your new marriage licence and receipt for the engagement rings.
* Investigate this option. Are you both eligible for health insurance through your workplace? You are both very proud. If it turns out that it is cheaper for you to be on one another’s plan than for each of them to pay for it, it could save you some money.
