Earlyface

It’s wedding season, but before the happy couple can
tie the knot, there is another not-so-romantic topic
that all newlyweds or engaged couples need to think
about: finances.
More than a quarter of married couples say
disagreements over finances are most likely to lead
to arguments, according the American Institute of
CPAs.
Patrick Bet-David, a financial advisor, author and CEO
has made financial literacy his crusade. He says
talking about finances not only reduces fights, but
can also get you on a path towards a successful
financial future.
1. Know Each Other’s Financial Histories: Gather
all of your paperwork, statements, bills and
personal financial information and really
evaluate your finances so you both are on the
same page. Do either of you have student loans
or credit card debt? What kind of retirement
plans or saving vehicles do you contribute to?
How much are you paying for your cell phone
and cable bills? Do either of you have an
emergency fund? What is your general attitude
about money?
2. Beneficiaries: Revisit all of your accounts from
retirement plans and insurance policies, and
update your beneficiaries where you see fit.
3. Insurance: Review your medical, life, and car
insurance plans. You may find that combining
coverage may save you money or that your plans
have some overlap.
4. Name change: If you or your spouse is opting
for a name change, it is important to notify the
Social Security Administration and the DMV. You
will also want to notify your financial institutions.
5. Joint or Separate Accounts – or Both? Long
gone are the days when it was assumed that
marriage meant newlyweds would open a joint
bank account and share credit cards. Some
couples are now keeping separate accounts while
others still choose the traditional route, and
everything in between is a viable option.
6. Determine a Budget and Financial Goals:
Getting married is a good time to start the
invaluable practice of budgeting. Once you have a
joint budget, you can evaluate your discretionary
income and determine both short-term and long-
term financial goals.