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Financial Advice for Newly-Married Couples

by Dr Prem Community Writer
Financial Advice for Newly-Married Couples

Congratulations on your marriage. The question now is, what’s next? What peril awaits us as we step into a new life together. Rest easy. There are plenty of strategies for newly-married couples on things such as insurance, finances, and taxes. You can enjoy your life starting out together knowing the basics of each, and then you can make plans for the future with the knowledge attained today.

When it comes to tax strategies, it’s best to plan as a couple. You are no longer on your own. This is a journey of two people, and it’s best to think of tax strategies as a couple rather than a single entity. Filing as a married couple will change your tax return status. Some states may require different filing as a married couple. It’s best to check in with your tax advisor to see what different things are out there for married couples, and how your tax status is affected by your status as a new couple.

Insurance

auto insuranceInsurance is a huge issue with newly-married couples. This includes auto insurance, life insurance, and medical insurance. Remember that a marriage is a synergy of two forces; therefore, things that were once separate have now become connected. Beginning with auto insurance, married couples usually qualify for a discounted rate on combined policies. Therefore, you will want to complete a comprehensive review of your policies and see which company serves you best in terms of coverage and expense. One important thing to remember is how your new status has an effect on your insurability.

Home Insurance

Home insurance is another large area of concern. Often times, newly-married couples start out renting their abode. The purchase of homeowner’s insurance, or rental insurance, is often required by the lender or leasing agent. You will want to ensure that all of your personal items, as well as items belonging to your spouse, are covered under the insurance policy. Take time to review the coverage you have and act from there.

Health Insurance

Health InsuranceHealth insurance is a rising concern among newly-married couples. Like auto insurance, you may have your own policy, and it may benefit you to look into whether or not it’s cheaper to have combined health insurance at the employer of one spouse. For example, if one spouse has health insurance at their job, but the other spouse has cheaper insurance, the married couple would want to go for the cheaper insurance. Ensure coverage is adequate because prices do not always dictate favorable coverage.

Life Insurance

Life insurance is important for newly-married couples. Invest time looking into policies that are adequate and make sense. You don’t want a policy that does not serve you well in the end, or in the event of a tragic loss. Often, your auto insurance provider will offer discounts on bundling auto insurance with life insurance. This is a good direction in which to look.

Financial Strategies

Financial StrategiesFinancial strategies are critical when it comes to newly married couples. Remember that you are no longer a single party. This is a joint adventure. Planning together is key to a successful financial future. If you are planning for the future, you must design a goal that is equitable for both parties. Thinking of retirement at an early age is not a bad thing; it’s planning for the future. It’s good to know what changes are in place, and what the effect will be of those changes on your future plan.

The end goal is not to better each in a race for financial strategies, but to grow together as a couple. Attaining the goal as a couple will feel much better for both people involved if there are strength and dedication on both sides. This is not a one-person, individually directed ship. What you give should equal what your partner gives. This is how cooperation leads to stronger benefits down the road. Financial planning as a couple can be fun and, in the end, very rewarding.

Again, congratulations on the marriage. Have fun, love as a couple, and prepare yourself for the ride of a lifetime through insurance, tax, and financial strategies that will benefit both you and your spouse.

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