DIY: 4 Key Ways For Newlyweds To Get Their Finances In Order
Now that the wedding festivities have ended, it’s time for reality. Kunjal Mehta from Edward Jones Investments has four key ways for newlyweds to get their finances in order.
A marriage is a new financial start. When couples get together there are adjustments to be made, goals to be set and financial adventures to take. Start by sharing information. Both partners should be fully aware of each other’s financial situations, from spending to debt to investments. With full financial disclosure, you’ll be better equipped to plan together. Review and establish goals. The sooner you set financial goals, the better your chances of reaching them.
Budget! Budget! Budget!
Do you want to buy a new home or move up in the housing market? What about a retirement savings strategy? How much will those goals cost and how long will it take to reach them? Create a budget that will allow you to save and invest enough to reach your goals.
A good budget will help identify how much you earn and spend, and how to divert more income to savings. Decide how finances will be managed. Will one spouse be responsible for a larger percentage of bills and expenses, or will they be shared equally? Will you have joint savings and investments? Who will physically handle financial transactions?
Pay Down Debt
This is stating the obvious but most-often overlooked in the afterglow of a wedding. If you owe money, particularly high-interest debt such as credit card balances, formulate a plan to pay it off. Consider ways to reduce borrowing costs. For example, setting up a home equity line of credit if you own a house and quickly paying off any amounts you borrow.
Get Life Insurance
Reality check: Life insurance is a necessity when you’re married. The last thing you want is for your spouse or family to be left in dire financial straits if something happens to you. Consider disability and critical care insurance as well. Make or update wills. Both partners should have up-to-date wills. This means jointly discussing estate planning needs and goals. You should also have powers of attorney for financial and personal care, in case one of you is unable to manage your financial or personal affairs because of illness or injury.
Establish An Emergency Fund
Keep six to nine months of combined living expenses in an emergency fund. If you run into financial difficulty (perhaps one of you could fall ill or lose your job) an emergency fund can help you get through. It’s a good idea to get help from financial experts. At this stage of life couples can benefit from professional advice, including the services of a financial advisor. With the right advice you can ensure your financial life together gets started on the right note.
Speak with your financial advisor to create a long-term strategy that can help meet your needs today and into the future.
Reported by Kunjal Mehta, Financial Advisor – Edward Jones Investments. 3621 Hwy 7 East, Markham ON, L3R0G6. Office: (905)947-1165, Mobile: (647)388-1391. [email protected].
Edward Jones, Member Canadian Investor Protection Fund.
* Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec), Inc.
Kunjal Mehta is a GTA-based Financial Advisor serving the Province of Ontario in partnership with Edward Jones Investments. His vision for his practice is to help clients achieve their financial goals utilizing his skill and knowledge that have been developed over the course of a 10-year career in the Financial Services Industry and Capital Markets Trading.
Main Image Photo Credit: RinggitPlus.com
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