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Money Talk — Love and Money |
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Written by Tim Shaner
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Thinking of marriage? Prepare to bare your financial soul! It is hard enough managing money alone. Throw in another person and the financial sparks will fly -- but these tips can help.
Before You Get to ‘I do’ - Consider a prenuptial agreement. It’s not
just a document detailing how to split the assets after a divorce.
Most prenups provide that whatever property or debts you bring to the
marriage will remain yours if the marriage dissolves.
Getting Through ‘I do’ - With the average cost of an American wedding
nearing $30,000 you might have to let go of some dreams, including the
one calling for a perfect wedding. Decide what’s most important then
consider half-measures. Do everyone a favor and register for gifts in
multiple price ranges.
Get married in spring or fall and enjoy the lower off-season rates.
Not only will venues be less expensive but, you’ll also score
off-season travel rates. Sign up with a honeymoon registry that lets
guests buy portions of your honeymoon in increments.
The Honeymoon’s Over - The expectations we bring with money become
sources of friction for many couples. If you didn’t have the money
talk before the wedding, have it now. Get down to details when you
discuss your lifestyle and your goals.
Set Up a Budget - Even if you had one before, you’ll need a new one
that includes incomes, debts and bills. Decide whether to use joint or
separate accounts or “yours,” “mine” and “ours” accounts. If one of
you brought debt into the marriage work together to figure out a plan
to pay it off.
Update Your Paperwork – Including wills, 401(k) beneficiaries, life
insurance policies and the withholding amount on your income taxes.
Assess Your Emergency Fund - Every couple should have enough money to cover three to six months worth of living expenses.
Happily Ever After - Once you’re cruising along on a shared plan,
you’ll need to pay attention to keep your financial boat afloat. If
one person is generally responsible for the budget, switch roles every
now and then. Lastly, don’t keep ‘money secrets’ from each other,
ever.
For more tips on money call Tim Shaner, president of Capital
Consultants a Wealth Management Group at 661- 259-1644 or 818-
557-7289, visit our website www.capitalconsultants.org or drop me an
email at
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