Personal Finance Strategies for Newlyweds | ORANYAN

Y?? h?d ???r dream wedding ?nd ??? h??? become a couple w?th dual incomes ?nd mutual responsibilities. Financial strategy ?? n?t th? m??t romantic top th?t ??? ??n discuss ?? a newlywed b?t ?t?s d?f?n?t?l? a top priority. Y?? both want t? ?n??? ???r lives together ?nd ?l?n f?r th?t comfortable retirement.

Unfortunately many newlyweds set themselves up f?r failure. Financial hardship ?? a leading cause ?f divorce ?? t? increase th? harmony ?n ???r lives b? talking ?b??t financial choices. Pl?n t? merge ???r financial lives ?nd ?t?? ?n? b?d money habits before ??? bring th?m ?n th? marriage.

Figure out wh?r? ??? both stand financially. Review ?ll ???r debt obligations together. Sit down ?nd ?l?n out a way th?t ??? together ??n pay ?ff th? debt. It w??ld b? ideal t? eliminate ?ll debt prior t? getting married n?t t? burden ???r spouse w?th ???r debt. If th?? ?? n?t possible th?n ??? both m??t work hard ?t m?k?ng ???r marriage ?nd ???r family life debt free.

H??? a budget. Y?? ?r? now merging two spending ?nd saving habits ?nt? one. If ??? h?d a budget wh?l? ??? w?r? single, ?t?s time t? draw up a n?w one ?? a couple. Y?? ?h??ld first write down ???r fixed expenses l?k? mortgage/rent, car payments, insurance premiums etc. Th?n write down ???r flexible expenses such ?? groceries, phone bills ?nd utility. If ???r budget permits, try t? contribute t? a savings account ?? ?f ?t w?? a fixed expense. Track ???r spending f?r a wh?l? ?nd th?n work together t? identify ?nd fix ?n? common b?d spending habits.

Optimizing Insurance. Now th?t ????re a couple, ??? need t? change ???r insurance coverage. Y?? ?h??ld examine th? different insurance plans ?nd premiums ?nd d???d? wh?r? th? combination ?h??ld occur. G?t ?n umbrella package wh??h w?ll enable ??? t? save wh?l? having ?ll insurance under one package.

S?m? ?f th? m??t common sources ?f arguments ?n marriage ?? money, ?? failing t? discuss ???r financial backgrounds ???ld b? disastrous. Communication ?? key t? survival ?n ?n? relationship. W?th ???r budget ?n ?l??? ?nd ???r ?l?n f?r ???r future, ????re both ready f?r a successful ?nd financially responsible marriage. Y??r stress levels w?ll b? reduced ?nd ???r foundation w?ll b? strong. All th?? ?l?nn?ng w?ll ensure th?t money d??? n?t come between ??? ?nd ???r spouse.

Source: http://www.oranyan.com/personal-finance-strategies-newlyweds.html