During the honeymoon stage of marriage, everyone wants to pretend money issues would not create a rift, so consulting with a financial advisor takes the back burner. Going through a major life change should be one of the major motivation to take your finances a little more serious.
Perhaps, one of the most exciting things about being a newlywed is thinking of the life you will be able to build and enjoy with your spouse. This, of course, should include your financial situation. It is essential to create your financial plan as soon as possible. It would soon dawn on you after you have succeeded in shushing the well-wishers and relatives, that you have forever to spend with your spouse. Your financial plan is the best position to create that inevitable wonderful future together.
Here are few tips on managing your finances as Newly Married:
Notify Appropriate Authorities and Process Name Changes
If you have not done so, alert your local government court clerk and process your name change. This allows for ease of identification especially when it relates to financial issues. To avoid confusion, it is important you inform everyone that matters about your name change, if and when you decide to have it changed, from your current employer to your business partners, and also to the least of your customers.Imagine the sheer confusion that follows having to spend the five few minutes of a business meeting explaining why the name on that business cheque does not tally with your new name. If you are planning on retaining your father’s name, be aware that you are free to do so. Many people in Nigeria however, automatically assume that you are going to change to your partner name if you are a woman.
Notify Financial Institution Of Any Name Changes:
For money sake, endeavour you inform your financial institution if there has been a change in your name, and process changing your account name also. You may be required to bring necessary documents that are required for confirmation if any correction is to be made.
Decide If You Will Have Joint or Separate Finances:
Choose you this day, what account you wish to operate. As they are different strokes for different folks, it is advisable you have this discussion with your partner before money starts flowing in. Discuss frankly your respective money styles and preferences. Leave the line of communications open for any difference in opinion. Also, updates car titles, mortgages and all other financial accounts that will be going into joint status if you choose to operate one. Complete a joint spending and savings plan – or each plan if you prefer that approach. Hitherto options you choose are should be agreed upon by both parties.
Make A Commitment To Communicate Actively And Openly About Money Issues:
One issue that has broken many homes is the issue of finances. Be open with your partner about financial status as much as it is advisable. Many would agree that the clause, “as much as it is advisable” is needed, because their partner may be a spend-thrift, if this is so, appoint who will handle what aspects of money management going forward. This would make you and your partner respond to one another. Set up regularly scheduled meetings to review financial issues in your home. Save and create emergency savings funds for unforeseen circumstances. Get help from a financial counsellor or a Certified Financial Planner for issues that seem beyond your grasp.
Plan For Eventualities:
You may feel like it is too early to talk about such, well it’s never too early to do so. Update your wills if you feel it’s necessary. Devise and discuss retirement savings plan and strategies. Examine insurance options and needs, especially in the area of life or disability insurance. Determine if being covered by your spouse’s insurance makes more sense than your own. Change beneficiary information on retirement, investment or insurance accounts, plus any other applicable ones.
Develop A System For Storing And Organizing Important Financial Information:
Just like you document useful information about your personal lives, so also, you need to create a system that allows you to document essential financial information.
This way, you are aware of all your savings and expenditure and can recollect any of the documents if you are required to do so.