SUMMARY SHEET: COUPLES & MONEY

Share your finances with each other:

  • How much is in your checking, savings, retirement accounts, and life insurance?
  • Debt owed by each person.
  • Credit report, credit score, and any potential credit problems.
  • Savings goals: are you saving for an emergency, car, home, vacation?
  • Expenses: Fixed expenses such as mortgage/rent, variable expenses such as groceries and gasoline, and any additional expenses such as entertainment and fun.

Make a financial plan:

  • Create a monthly living budget.
  • Decide how you will both make financial decisions in your marriage.
  • Set a savings goal for emergencies, retirement funding, entertainment and vacations.
  • Decide how you are going to handle your debt and any previous credit problems.

Open joint checking and savings:

  • Joint accounts force you to talk to each other about your finances.
  • It can be an aid to have a joint account for your shared expenses and shared savings goals.
  • It can be an aid to have a joint account for your shared expenses and shared savings goals.
  • Joint accounts help keep you both accountable to your savings goals.

For Newlyweds

Housekeeping Items:

  • Update your tax filing status.
  • Update your beneficiaries (personal accounts, retirement, insurance, etc.)
  • Update your emergency contact information.

Insurance:

  • Decide whose work-sponsored health plan is best for both you and your spouse.
  • Obtain and/or update your life insurance policies.
  • If either person has accumulated debt, it might be best to have an insurance plan that covers the balance as not to burden the surviving spouse.

If you choose to adopt your spouse’s last name:

  • You should change your identification within 90-days of being married (driver’s license, passport, social security, bank accounts, etc.)
  • Leave one credit card in your maiden name (this is important in the event of an unfortunate divorce).

Author: Paragon Financial Partners

Paragon Financial Partners, Inc. is a Registered SEC Investment Advisor. The topics discussed herein are for informational purposes only and should not be considered as a solicitation or offer to purchase or sell any securities. The financial strategies and guidelines discussed herein may not be appropriate for everyone as each individual circumstance is unique. Please review all tax information with your tax professional. Please review all legal information with your legal professional. If you have any questions or would like to speak with us, please contact us by phone at (310) 557-1515 or by email at info@paragonfinancialpartners.com.

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