If you are newly married, we say congratulations. Taking life in a new, definitely a lot of things that the unexpected will happen, both the problems in the household or are the most common financial problems. With this article I try to share tips on managing your finances after you get married.
Managing your finances during single and married are very different, because, after marrying many financial mindset change that must be done. Many requirements you must meet in the manage.
Examples of various matters relating to finance, ranging from shared bank accounts, setting financial goals, insurance, and much more. And since money is quite emotional and one of the main causes of divorce, then the success of your wedding is also determined by the financial habits that you manage both from the start.
To build a good start, there are 10 steps that should know:
1. Start Saving. You may have spent all of the money for a wedding. Well now is the time to rebuild. For starters, collect at least as much as 6 months of monthly expenses as an emergency fund. Besides starting your retirement planning as well from the workplace to invest money in a diversified portfolio in accordance with the family's financial goals.
2. Create a joint account. When married, the money is not yours or mine, but belongs to both. Make a checking account or savings for financial goals together.
3. Update beneficiaries. Change all beneficiaries on insurance policies, pension plans, mutual funds, and other securities with your partner's name. This actually is not absolutely necessary, especially if you and your partner have not had children. But sometimes very necessary, especially if you do not have anyone else to believe.
4. Debt. If your spouse did not know anything about your debt, it is better discussed. That way you can decide how you're both going to pay off the loan
5. Find out where your money runs out. You and your partner need to work together to keep track of family expenses. It is easier to evaluate and achieve financial goals when you understand where that money carefully spent and how spending patterns.
6. Create a family agreement on spending. Discuss with your spouse about your habits and approaches to handle money. Is one person and another frugal spender? Make it a rule to deal with differences, may set a monthly spending limit for each person or promise to save a certain amount every month to achieve a common goal.
7. Prioritize purchases. Part of marriage means jointly decide how to spend your money. Make a list of upcoming purchases, school fees, house, car, furniture or pet room and prioritize their spending than others.
8. Consolidate your credit card. Avoid having more credit cards than you need. It also makes it easier to keep track of household expenses.
9. Buy life insurance. If your income is used to pay both your monthly expenses - and most couples do - make sure you both have enough life insurance to protect each other. This is essential if you both already have dependents, such as children or the elderly.
10. Organize documents. Make sure you both know where important documents are stored. These include birth and marriage certificates, Social Security cards, bank and investment account information, and tax records. This allows us to find the document when needed.
These 10 tips you should know in order to run a new life to be smooth and happy, Happy Wedding.