FundRobot » Child Investment Accounts » Financial Planning for Newlywed Couple?

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Default financial planning for newlywed couple

What should be my financial planning after marriage to live happy and managed life.Give some suggestions?

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PLAN. Set up a budget and pay yourself first by getting and keeping six or eight months expenses in a savings account AND set up retirement accounts (IRAs are good) for both of you into which you put a little money each month or pay period.
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Default financial planning for newlywed couple

Budget. Include fun money for each of you. Develop your joint long term plan. Maybe a new house, maybe a new car, maybe a kid or two (they cost about $200,000 each). To plan means ... family planning. So you don't get surprised, use what ever method to keep from being surprised is necessary. Get a long term, medium term and develop short term financial goals. No one thinks retirement is important today but if you forget about it till that time, too late sister, enjoy your cardboard.
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Default financial planning for newlywed couple

It is really a good start that you are proactive for your future life planning.
Here are some tips to ensure the bliss continues as budgetary and debt concerns become a familial concern.

In order for a marriage to work, it is generally agreed that communication between the partners is present. It may be difficult to ask these types of questions, but is essential to a healthy financial future together. Whether alone, or with the assistance of a financial planner, new spouses must review each otherís financial histories and current situations. Young couples will share debt once married, and itís important to know if a student loan is in danger of defaulting, whether or not there exists a savings cushion for leaner times, or any other pertinent information such as liens or collection attempts.

Figuring Out the Future

Just as it is significant to understand what has transpired in the past, it is critical to map out short and long term goals in a new relationship. Newlyweds have a habit of spending the first six-months with their heads in the clouds, but now is the time to seriously plan for the future. Planning should involve large ticket items such as the purchase of a house, savings and retirement funds, and repayment of student loans. Each of these items must be budgeted early in order to have a firm handle on how they will be dealt with.

Financial Planning

Putting aside the considerable costs of raising a child, once a coupleís student loans are paid off it will be time to put the next generation through college. Any financial planner worth their salt will recommend that education savings should start immediately. With college tuitions rising steadily each year, it is conceivable that university-bound students will be paying 20-50% more than their parents for comparable educations when the time arrives. Placing a dedicated amount of savings, even if itís only $20 a week, in a managed account designed for education, will greatly lessen the impact and stress associated with tuition costs in the future. Of course, one can always hope to expect genius or athletically-gifted children to garner scholarships, but these funds are becoming harder and more difficult to come by. It is best to begin saving now for the future.
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