5 Pieces of Financial Planning Advice for Newlyweds
Congratulations! You and your partner just got married and you are ready to start your lives together, so wonderful. Amongst all the bliss, thinking about financial factors may not be on your priority list, understandably so. However, your financial world can change when you get married and our financial advisors in Mid-Missouri want you to be prepared. Our accountants in Central Missouri are here to give some financial planning advice for newlyweds. If you would like to start to come in for a consultation, please give Wilson Toellner CPA a call today. We have four locations throughout Mid-Missouri, please check our website at www.WTCPA.com and call the firm nearest you.
1. Have an honest conversation with your new spouse about money.
Honesty is the best policy in these cases. When you are trying to figure out how you want to proceed financially in your marriage, be open with your spouse about:
2. Start an emergency savings account.
You can't go wrong by having an emergency savings account in place. Make it clear that this account is for emergencies only and create a plan of how you each will contribute to it. Name examples of what those emergencies are and get on the same page.
3. Plan your retirement goals together.
Saving for retirement early on can really set up for success. Now that you are married and someone else in the picture, work together and combine your plans. Take a look at each other's retirement accounts and consider meeting with a financial advisor in Central Missouri to see what the best routes for you two are as a couple.
4. Get your insurance in order.
Now that you are married, there may be better options for you as a couple, for:
5. Tackle debt together.
When you get married, you are a team, your spouse's debt could affect you as well. This is why you should work together to pay off each other's debt together.
A properly structured financial plan can help you and your spouse face any financial challenges as they come in your marriage. Through the financial planning process, our financial advisors in Mid-Missouri can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. Learn more and give us a call today.
5 Pieces of Financial Planning Advice for Newlyweds
1. Have an honest conversation with your new spouse about money.
Honesty is the best policy in these cases. When you are trying to figure out how you want to proceed financially in your marriage, be open with your spouse about:
- How you foresee moving forward on managing bills.
- How much debt you currently have.
- How much money you currently have saved.
- If you feel joint checking accounts are a good or bad idea.
- What your thoughts are on retirement.
2. Start an emergency savings account.
You can't go wrong by having an emergency savings account in place. Make it clear that this account is for emergencies only and create a plan of how you each will contribute to it. Name examples of what those emergencies are and get on the same page.
3. Plan your retirement goals together.
Saving for retirement early on can really set up for success. Now that you are married and someone else in the picture, work together and combine your plans. Take a look at each other's retirement accounts and consider meeting with a financial advisor in Central Missouri to see what the best routes for you two are as a couple.
4. Get your insurance in order.
Now that you are married, there may be better options for you as a couple, for:
- Health insurance
- Life insurance
- Auto Insurance
...etc. For example, it may be cheaper for one spouse to add the other to their work health insurance policy than it is for you to both have separate policies. Some auto insurance companies may offer higher discounts when you choose to add someone to your auto policy.
5. Tackle debt together.
When you get married, you are a team, your spouse's debt could affect you as well. This is why you should work together to pay off each other's debt together.
Wilson Toellner Wishes You The Best in Your Marriage!
A properly structured financial plan can help you and your spouse face any financial challenges as they come in your marriage. Through the financial planning process, our financial advisors in Mid-Missouri can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. Learn more and give us a call today.
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