Getting married? Time to get started!
07 Jan 2015
If you’re recently married (or engaged), congratulations! There is no doubt you are agonizing on how to pay for your “big day” but let’s not forget about what happens after that day… the rest of your life!
With money being a major cause of divorce let’s make sure you form the correct habits for you and your spouse right from the beginning. To take the correct first step, let’s look at some helpful tips for combining your finances.
- Update beneficiaries
- Change all beneficiaries on company retirement plans, IRAs, life insurance, etc.
- Initiate (or update) a “Will”
- One of the most procrastinated financial items is the lack of having a Will. Don’t be part of the problem.
- Consolidate your credit cards
- Easier to budget and you can save on fees
- Have adequate life insurance
- There are many formulas out there, just make sure you have enough
- Start saving aggressively
- I know, you don’t have much left after the wedding but now is the time to “rebuild” your savings and beef up your retirement plan contributions
- Have a serious discussion on debt
- Know how much income you will have per month and more importantly know how you will both manage debt
- Organize all documents
- Phone numbers, policy numbers, company website addresses should all be kept in an easily accessible place
Congratulations and Good luck!
Jeffrey A. Johnston, ChFC
President of Premier Investments of Iowa, Inc.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Premier Investments of Iowa, Inc. are not affiliated.