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Ten Financial Considerations for Newlyweds
by Ric Eldeman
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From the beginning, save
15-20% of your income. By combining households, you should reduce your
expenses a lot, which should allow you to save. You should save to build
your cash reserves, in your 401K, 403B plans, and in a mutual fund.
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Rather than keeping two checkbooks
like before you were married, pool your money into one checkbook and one
savings account or money market.
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Change all beneficiaries on
life insurance plans, IRAs, and retirement plans at work to your
new spouse.
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Decide how debts acculmulated
by each individual prior to marriage (i.e.- student loans) will be handled.
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Work together on budgeting and
tracking expenditures.
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Discuss your approaches to handling
money- is one person a spender and one a saver? Create some ground rules
on handling any differences.
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If both incomes are needed to
meet expenses, be sure to have adequate life insurance.
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Let each other know where important
documents are kept.
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Consolidate your credit cards
to acoid having double the number of credit cards needed.
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Make a list of upcoming purchases
together and prioritize them. You should decided jointly how to spend your
money now.