Money tips for the newly (or soon to be) married

Ah, Valentine’s Day. It’s the perfect day for couples to celebrate their love— especially those who’ve just got engaged or married.

It’s also a good time to make some smart money moves. If you’re newly engaged or married, keep these financial tips in mind.

Find a financial advisor

You’ve heard the stats. Money problems can lead to the D Word. That’s why getting expert financial help now is important for a long and happy marriage.

A financial pro can help you set financial goals and create a plan to achieve them. Ask friends and family for recommendations. Then interview the top candidates, and trust your gut.

Watch for tax savings

Being newly married may bring some tax benefits. Consider if it’s better to file individually or jointly. And if you’re looking to buy a new house, you may be eligible for a mortgage deduction. Talk with a local tax professional about your tax outlook as a married couple.

Compare health insurance options

If you’re under 26 and have been on your parents’ health insurance, well, you’re now on your own. But coverage under your new spouse’s plan might work out better.

Make sure to look at the overall costs of the plan. What’s covered, what isn’t? What’s the monthly premium, deductible, co-pay, etc.?

Save for retirement

You might be thinking, “Hold your horses. We just got married, and you’re telling me to think about retirement?” Yes!

The time value of money is really important. Starting to save early can pay off — because your money has longer to (potentially) grow.

So take advantage of your employer’s retirement savings plan. Think about opening an IRA or a Roth IRA. And keep your lifestyle to an affordable level.

Look into life and disability insurance

What happens if your loved one passes away or becomes disabled? Getting the right insurance while you’re young can save you hundreds, if not thousands, of dollars during your marriage.

Enjoy life

Remember that money isn’t everything. But a good financial plan can help you worry less — and enjoy life more.

 

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