If you are just about to get married then your elders might have sat you down and started advising you on effective money management tips. You might not be too interested in listening to the “drab” financial advice a few days before marriage but it is important. You have got to handle both your pre-wedding jitters and financial concerns at the same time. Here are some valuable financial tips that newlyweds can follow:
To start off with—- brides, who are mulling a change of surname post marriage should visit their respective Public Accountants (Certified). Once again it might turn out to be one of those “drab” duties before marriage but it’s important to notify the government of a possible surname change as soon as possible so that once the tax season arrives your papers are ready with your changed names. For instance, your Social Security card must reflect your name change. On top of that it’s also important to notify your address change to the concerned authorities in this regard. It is equally important to know that your tax filing status would change post marriage. Joint tax filing is an option often chosen by couples. Please make sure that you are duly discussing with your tax consultant in this regard and remember that if you wait for the last moment for making changes then it would only lead to chaos.
From the complicated to the comparatively easier. You won’t need the help of a financial advisor for following a few simple steps with regard to the management of your personal finance. Post marriage both of you will be earning. But try living on one person’s earning and save the remaining amount. One of your partners might be laid off, he/she might want to quite his/her job and start a business. One of you might even want to get back to school to complete a part-time or a full-time course. Therefore its always advisable to prepare a family budget based on a one salary instead of two.
Consider Purchasing an Insurance Policy. All you newlyweds out there consider securing a life insurance policy. This is one of the most crucial stages to consider an insurance cover. Now one of the major concerns at the back of your mind would be about the future of your spouse in case you die. This makes you more responsible as a financial planner for your family and securing a life insurance for the safe future of your family is the first step towards fulfilling that responsibility. There are a few factors that you should keep in view while availing the policy. You’re earning, debt to income ratio; present volumes of debt are just some of those factors.
Don’t Overspend: Coming back to the basics. Stick to a budget. Don’t overspend. Just because you are newly married there’s no need to splurge on new furniture, dresses and other such gifts. Instead, spend the money for clearing off present debts and bills.
Provide a remarkable start to your married life by following these few tips!