As couples begin the process of preparing for marriage, there are several things that they must do. The must decided where they are going to live, how many kids they want to have, the rules of their marriage and so much more. One item that is extremely important is finances. Couples getting married need to discuss these key financial points: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making budgets, 5. deciding who is going to be the accountant for the family.
The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.
Discussing the automobiles they currently own, one should also look at how long they expect to hang onto that automobile, and how they plan to purchase a replacement when the time comes? This is part of their financial planning, and does need to be included as an important expenditure.
Couples also need to understand how much money each partner brings in. Things such as income from working, annuity payments and interest payment should be discussed so that the couple understands how much total money is coming into the house.
Debt is a big ticket item on most people's books. Couple should share with each other how much is owed on any mortgages, credit cards, student loan payments, and other loans. They should be open and honest with one another so that they couple gets a clear understanding of how much debt they are in together; in turn they will be able to build a plan to get themselves out of debt.
The home's equity, if they own a home, is of tremendous significance as well. First, they need a place to live, but secondly having equity in a home is one of the easiest ways to eventually accumulate wealth. Have the couple find out what their home's actual fair market value is. With the advancements in what is located on the Web, they can look over what similar homes were sold for, themselves. Equity is the difference between fair market value and what remains to be paid in mortgages and such. They must be sure to look at equity loans too when arriving at the home's equity.
The couple needs to find a financial consultant with whom they can talk and discuss matters of their finances. This person can help them come up with a plan to meet their financial goals that the couple can then take home and implement.
Any outstanding retirement accounts that the couple has should be changed to reflect the new spouse as the beneficiary. If life insurance is going to be purchased, the couple needs to discuss how much the policy should be for and again should list each other as beneficiaries.
Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement. - 29969
The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.
Discussing the automobiles they currently own, one should also look at how long they expect to hang onto that automobile, and how they plan to purchase a replacement when the time comes? This is part of their financial planning, and does need to be included as an important expenditure.
Couples also need to understand how much money each partner brings in. Things such as income from working, annuity payments and interest payment should be discussed so that the couple understands how much total money is coming into the house.
Debt is a big ticket item on most people's books. Couple should share with each other how much is owed on any mortgages, credit cards, student loan payments, and other loans. They should be open and honest with one another so that they couple gets a clear understanding of how much debt they are in together; in turn they will be able to build a plan to get themselves out of debt.
The home's equity, if they own a home, is of tremendous significance as well. First, they need a place to live, but secondly having equity in a home is one of the easiest ways to eventually accumulate wealth. Have the couple find out what their home's actual fair market value is. With the advancements in what is located on the Web, they can look over what similar homes were sold for, themselves. Equity is the difference between fair market value and what remains to be paid in mortgages and such. They must be sure to look at equity loans too when arriving at the home's equity.
The couple needs to find a financial consultant with whom they can talk and discuss matters of their finances. This person can help them come up with a plan to meet their financial goals that the couple can then take home and implement.
Any outstanding retirement accounts that the couple has should be changed to reflect the new spouse as the beneficiary. If life insurance is going to be purchased, the couple needs to discuss how much the policy should be for and again should list each other as beneficiaries.
Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement. - 29969
About the Author:
Dorthy Weatherbush didn't have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple's first house.
