Newlyweds Need Financial Planning ASAP

Save this to-do list. It will come in handy once the honeymoon’s over and you’ve exchanged the gifts you didn’t like. When you settle down together, you’ll need to sort out your financial issues- ASAP. Money is the biggest cause of friction in a marriage.
Make this vow now – that after the wedding is over, you’ll take these steps to minimize the friction and manage your money together. Here is 10 top financial tips for newlyweds:

Figure out how much pocket money you each can have. This is a small weekly sum to spend on whatever, with no questions asked. It will cut down on arguments about petty stuff. She doesn’t understand why you pay extra for Starbucks. He thinks your pedicures are ridiculous. Use your pocket money to pay. End of discussion.

Share your secrets. You do not want bad surprises every time the mail delivers another big credit card or student loan bill your new spouse was not expecting. Lay your cards on the table, and come up with a solid plan for paying bills without tears.

Write a will, or update the one you have. If you do not have one, the state or the courts will decide when and how your spouse gets your money – and charge a lot for it.

Change your retirement accounts to list your spouse as the beneficiary. This goes for your 401 (k) or 403 (b) at work and your individual retirement accounts (IRA).

If you both work, figure out whose health insurance is better, then sign up the other spouse. Or, if one of you is worried about losing your job, it’s a good time to switch to your spouse’s health plan.

Establish an emergency savings fund. It should be worth at least three months of take-home pay. The money will not materialize by magic – you have to start saving.

Start an investment account for buying a home.

Create new goals together. Chances are the goals you had before you married are going to change.

Get life insurance. You need life insurance if somebody will suffer financially when you die. Now, that somebody is your new spouse. This is something you do for the other person, in case you die first.

Don’t go at it alone – hire a financial advisor. Trained Professionals can guide you on how best to work your way out of debt, prepare to buy a home, handle the expenses of having children, and plan for retirement. No matter how sophisticated you are, unless you manage money for a living, a little help is a good thing.