Financial Tips For Newlywed Couples

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

It's officially summertime, and that means wedding season is in full swing! With temperatures rising and the sun shining, now is the time that many couples often choose to say "I do." However, while tying the knot is an extremely exciting time for both the couple and their families, there are also serious matters that must be discussed to ensure a smooth transition into this chapter of their lives - money, for example.

To make the process of dealing with finances and financial situations easy from the start, we've put together the following list of tips for newlywed couples:

Communicate: Although money can be a sensitive subject, as life partners it's important for married couples to be open about it. From day one, newlyweds should make it a priority to discuss money regularly so that there is no awkwardness about it down the line. Especially if joint accounts will be opened, they'll need to feel comfortable discussing budgeting, loans, and various other financial topics.

Prepare: Once individual and joint accounts are taken care of, newlywed couples should discuss a plan for how they will prepare for financial emergencies. For example, will a separate bank account be opened just for this purpose? Or, will a small stash be set aside in the home? Either way, it's important for couples to have an emergency fund available to cover unexpected costs.

Budget: Before getting married, each individual was likely only responsible for their own expenses and probably had their own budget to follow. However, with a partner involved and new joint expenses, such as a mortgage and groceries for two, chances are that budget is going to change. To feel financially stable and secure when it comes to paying the bills each month, newlywed couples should make creating a budget the number one item on their to-do list.

Update: A beneficiary is the person who will receive some type of financial benefit upon an individual's passing, which is why it is so important to have the right name listed. After getting married, it's a good idea to update the beneficiary on all legal documents to reflect the spouse.

Last but certainly not least, once things have calmed down it is essential that newlywed couples sit down with a financial planner to get all of their money in order. Between planning for retirement, figuring out taxes, updating insurance and more, meeting with an expert in the field is the best way to ensure that they are headed in the right direction.

To learn how the team here at American Investment Planners LLC can help newlywed couples and their families with financial planning, please visit www.americaninvestmentplanners.com or call (516) 932-5130.