Instagram
28   480
18   540
14   728
2   147
49   2296

Follow on Instagram

Six Financial Tips for Newlyweds

Valentine's Day and Black Southern Belle - My Personal Story 12

Getting married is an exciting experience, no doubt. Thata��s probably why after the bridal showers and wedding receptions, finances are one of the last things youa��re likely to think about., Quite like changing the oil in your car, managing finances can be tricky a�� so here are six financial tips for newlyweds just getting started.A�

Six Financial Tips for Newlyweds

Lay it out…TRUST is key

 

If you just got married (or better yet, youa��re about to), then therea��s a fair chance that you two probably know each other. The foundation of every good marriage is trust, so if you havena��t already, lay it all out there now a�� financially speaking.

 

Sit down at the table and let your spouse know everything he or she needs to know about your financial situation. Wea��re talking debt, trusts, student loans or how you got an easy loan online at nation21loans.com…the whole nine yards.

 

Find a good chunk in the day (2-3 hours) during which you both can focus on the matter at hand. Pull up a computer and start typing in what assets you have and what your debts are. Get it all out there and save it.

 

Prioritize your financial obstacles

 

Once youa��ve put everything on the table, start prioritizing your financial opponents. What are financial opponents, you ask? These are the things that are going to hold you back from achieving your financial goals.

 

Good examples are student debt, credit card debt, vehicle debt, mortgage debt…yeah, you probably guessed it by now: DEBT. Figure out what all of your debts are and list them out by order of importance.

 

While there isna��t a cookie-cutter method for prioritizing what debts to pay off first, most folks look to Dave Ramseya��s a�?Snowball Methoda�? for doing so. Basically, take your smallest debt and pay it off first, and then move down your list.

 

Make it a habit a�� sit down and talk it out

 

Like most things, ita��s easy to get out of the gate strong, then fall out of habit (new year resolutions, anyone?)

 

Dona��t let this happen with you and your spouse. Make it a habit to sit down and talk about your finances at least once a month. As a new couple, you could be spending a lot of money, so ita��s impossible to underestimate the importance of understanding regular, open discussions.

 

Keeping up with the Joneses is so 50s

 

Yes, your neighbora��s brand new 72a�? TV is pretty darn nice to watch Game of Thrones, but dona��t go and order a 74a�? just to one-up them. Sure, your friend from work might be really happy about her spiffy BMW, but dona��t use that as an excuse to stop contributing to your 401k so can afford Mercedes lease payments.

 

Although it is extremely tempting to get into this kind of a mentality as both young professionals and newlyweds, AVOID it! Spending money for the sole purpose of one-upping your peers is whata��s going to destroy your bank account.

 

Beneficiaries: update a�?em!

 

If you have a 401k, trust, or any other financial asset that has a beneficiary, make sure to update it. While it’s important for first-time couples to update their beneficiary, it’s REALLY important if you’ve had a previous marriage to do so.

 

For example, if youa��ve been married before and originally listed your previous spouse as a beneficiary on investment accounts or life insurance, make sure you update those ASAP. Otherwise, youa��ll be leaving behind a pretty unhappy spouse and a very happy ex…typically not ideal. Another great type of insurance to get is this Best Campervan Insurance while you go traveling just to be safe. If you guys are trying to sell your car or if your one of you sells cars for a living, then make sure to get i4mt insurance to get covered.

 

Not exactly the most fun topic to talk about, but it certainly is one of the more important ones to consider.

 

Start planning your financial freedom ASAP!

 

Youa��ve probably heard this all over the place: the earlier you start planning for retirement, the better.

 

That statement couldna��t be more true. And ita��s all because of one important concept: compound interest. Essentially, money can grow quicker than you might think as long as ita��s invested correctly a�� the biggest variable is time. As time passes, the value you initially put in will continue to grow. If you start early, then your money has more time to grow in value.

 

While it is possible to hire a financial adviser, most usually have high minimum asset requirements. That is to say, they wouldna��t take you on as a client unless you have a substantial amount of money to invest: think $500,000 or higher.

 

A better alternative could be a robo-advisor a�� a new type of financial advising service that uses technology to manage your money at an affordable cost. Blooom is one such example. All you need to do is link your 401k/403b information and blooom will help grow your account for $10 a month.

 

At the end of the day, getting married will always be a unique experience that needs to be remembered. Getting your finances is covered might not seem that important, but trust us, it is.

 

Michiel Perry

Michiel is a Black Southern Belle living a lowcountry life. I love all things fashion, home decor and southern! When I am not running around doing fun stuff for Black Southern Belle, I live in antique stores and have a minor obsession with historic homes 🙂

More Posts

0

Comments

comments

Follow:
Michiel Perry

Michiel is a Black Southern Belle living a lowcountry life. I love all things fashion, home decor and southern! When I am not running around doing fun stuff for Black Southern Belle, I live in antique stores and have a minor obsession with historic homes :)

Leave a Reply

Your email address will not be published. Required fields are marked *

Instagram
28   480
18   540
14   728
2   147
49   2296

Follow on Instagram

Shop Our Favorites!
35″” x 35″” Juneteenth by Synthia Saint James Canvas Art Print – Masterpiece Art Gallery
Yaheetech Set of 2 Weave Arm Chair Mid-Century Metal Dining Chair Y-Shaped Backrest Hemp Seat, Black
Sweet Jojo Designs Pink, Green and White 84-inch Window Treatment Curtain Panel Pair for Olivia Collection – 42 x 84
Jani Sara Green and Pink Flatweave Rug – 5′ x 8′
‘Beyonce’ Graphic Art Print on Wrapped Canvas Size: 18″ H x 26″ W x 1.5″ D
A Tale of Two Cities Throw Pillow
HBCU’s Canvas Print
Quilted Patchwork Cotton Throw Blanket – Indigo Blue Shibori Dye Indian Decorative Super Soft & Warm Blanket for Sofa and Couch 50 x 60 Inches
Woven Wicker Rattan Wall Decor, Round Seagrass Boho Kitchen Decor, Minimalist Rattan Chargers & Placemats for Dining Table & Wall Art, Rattan Wall Decorative Basket
Mud Pie Rattan Serving Utensils
ColorBird Stripe Tassel Tablecloth Cotton Linen Dust-Proof Table Cover for Kitchen Dinning Tabletop Decoration (Rectangle/Oblong, 55 x 120Inch, Blue)
carol&frank Josie Indigo Pillow
Finnhomy Sideboard Buffet Cabinet, Kitchen Storage Cabinet with Rattan Decorated Doors
Kouboo 1110141 Manhattan 2-Tier Console, Natural Rattan End Table, Brown
A Different World (TV) 11 x 17 TV Poster – Style A
(27×40) Eve’s Bayou Movie Samuel L Jackson Lynn Whitfield Original Poster Print
Yes. Jesus Loves Me (Religious) – Katherine Roundtree 16×20 Black Framed
Dancing in The Living Room (Girls) – Katherine Roundtree 24×32 Black Framed – African American Black Art Print Wall Decor Poster
The Goodbye Kiss (Buffalo Soldier) – Katherine Roundtree 24×32 Black Framed – African American Black Art Print Wall Decor Poster
‘Inspirations’ Note Cards by Jonathan Green
‘Southern Imagery’ Notecards by Jonathan Green
Amanti Art Funeral Procession Framed Art Print
Willow Row Multi Colored Ceramic Coastal Decorative Jar – Set of 2
Stratton Home Reddish Brown Tulum Woven Lantern Stand
Safavieh Noely Coastal Writing Desk
Estaugh Ikat Black/Gray Indoor / Outdoor Area Rug Union Rustic Rug Size: Rectangle 8′ x 11′
Set of 4 Natalya Ikat Stripe Placemats Gray – Ballard Designs
Unique Loom Greek Key Machine-Made Rug
Alfred Greek Key Ottoman Dakota Fields Color: Lilac
Suzanne Kasler Greek Key Sham – Ballard Designs
Doric Upholstered Wingback Arm Chair Red Barrel Studio Body Fabric: Skylar Antique Blue
Slowtide Beach Towel
Goddesses by Synthia SAINT JAMES Canvas Wall Art 3 Piece
Whitewash Wood Draped Bead 4 Light Chandelier by World Market
3pc Taper Candle Holder Set Gold – Threshold
Screen-Door Nightstand – Black – Nate Berkus
Brass Wall Frame – 14″” x 18″” Matted for 8″” x 10″” Photo – Room Essentials, Gold
Solid Bathroom Wastebasket White – Opalhouse
5qt Cast Iron Casserole Dish Cream – Hearth & Hand with Magnolia, White
Minsmere Caned Accent Table Natural Brown – Opalhouse
227 – TV SHOW 80’S CLASSIC SHOW PRINT, GIFT FOR BEST FRIEND, FOR MOM, HOME DECOR, BLACK ART POP ART, FEMINIST
Shop Now

Click to Shop!

Shares
• powered by chloédigital