Discussing Finances An Important First Step for Newlyweds
(MS) With wedding costs getting higher each year, much of a bride and groom's pre-wedding focus is on finances. But as any newlywed knows, the focus on finances isn't lifted once the walk down the aisle is complete and the honeymoon is over.
your coverages? Couples should compare each other's insurance
policies. Oftentimes, couples save money when combining policies
such as automobile insurance. Check for duplicate coverage as well,
so you can avoid essentially paying for the same thing twice. If
you both have renter's insurance, one person can now drop
it, since it's likely you'll be living together.
Discussed debt? While most couples have discussed longterm financial goals before walking down the aisle, even the closest of couples might be too embarrassed or ashamed to discuss their personal debt with their spouse. However, each person's financial background will impact the couple's financial future, so if you haven't discussed each other's debt already, do it soon and develop a plan for eliminating debt.
is also a good time to bring up a budget. Due to the escalating
cost of real estate, many newly married couples cannot afford to
purchase a home right after they've gotten married. Since
home ownership is a goal of most married couples, when discussing
debt it's best to establish a mutual budget as well. Lots
of couples feature one spender and one saver, but the way for both
to be happy and ultimately realize financial goals is to agree upon
and adjust to an established budget.
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