The Five Financial Musts For Any Newly Married Couple
After a newly married couple ties The Knot and comes to a financial planner, there are always five different areas that they should care about the most. They are starry eyed of course, thus putting these financial musts in front of them is of extreme importance. These are basically: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making a budget, and 5. deciding who is going to act as accountant for the couple.
First, they need to look at what they own or have invested in. For instance, the worth of investments, life insurance policies if they have any, general savings that make some sort of income, cars and the like. Impressing the couple that they need to be conservative when estimating the worth of these items needs to be stressed. For instance, an old computer that they paid dearly for 5 years ago is basically worthless now.
Discussing the automobiles they currently own, one should also look at how long they expect to hang onto that automobile, and how they plan to purchase a replacement when the time comes? This is part of their financial planning, and does need to be included as an important expenditure.
Now, they need to look at guaranteed income, such as their salary, or perhaps an annuity of some sort. This also should include interest paid to them on investments and the like.
Next, one needs to look at debt. This covers everything that the couple owes on. Mortgages, rents, credit card payments, student loans, anything that requires a steady payment, even car insurance, home insurance, life and disability insurance and the like needs to be carefully assessed by the couple. For some reason many newly married couples forget credit card payments that need to be made. This is usually because they carry such a high balance that they’ve put it out of their minds so as not to “worry” about it.
The home’s equity, if they own a home, is of tremendous significance as well. First, they need a place to live, but secondly having equity in a home is one of the easiest ways to eventually accumulate wealth. Have the couple find out what their home’s actual fair market value is. With the advancements in what is located on the Web, they can look over what similar homes were sold for, themselves. Equity is the difference between fair market value and what remains to be paid in mortgages and such. They must be sure to look at equity loans too when arriving at the home’s equity.
Anyone helping a newly married couple with the financial side of their new status needs to be sure that they have opened a joint banking account. The account should be an “or” account but never an “and” account, so that either one can withdraw and use the account.
Retirement accounts need to be changed too, so that the newly acquired spouse is now the beneficiary. If the couple does not have life insurance or disability insurance, they should be counseled as to the importance of acquiring some at this juncture.
Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement.
Expenditures are really important when creating a financial plan. Newly married couples must decide how much they are going to spend every month. Frivolous shopping at places like the Discovery Channel Store, Current Catalog, Smile Box, and Moon Pig, should be taken very seriously.
Kids will be coming along soon enough and you want to make sure that you have plenty of money to buy them Crayola items, Jogging Strollers, and so much more. Programs like My Points definitely help, but that is why it is extremely important to have a strong financial plan if you are a newly married couple!
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