Eden Real Estate – Eden Realestate Region, Bega & Merimbula

When a newly married couple comes to a financial planner, there are always five different areas that seem to matter the most. They are starry eyed of course, thus putting these financial musts in front of them is of extreme importance. These are basically: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making a budget, and 5. deciding who is going to act as accountant for the couple.

First, they need to look at what they own or have invested in. For instance, the worth of investments, life insurance policies if they have any, general savings that make some sort of income, cars and the like. Impressing the couple that they need to be conservative when estimating the worth of these items needs to be stressed. For instance, an old computer that they paid dearly for 5 years ago is basically worthless now.

Discussing the automobiles they currently own, one should also look at how long they expect to hang onto that automobile, and how they plan to purchase a replacement when the time comes? This is part of their financial planning, and does need to be included as an important expenditure.

Couples also need to understand how much money each partner brings in. Things such as income from working, annuity payments and interest payment should be discussed so that the couple understands how much total money is coming into the house.

Debt is such a big item that many couples have canceled weddings because one partner wasn’t completely honest about the amount of debt they were in. So be honest about how much student loan debt, credit card debt, mortgage debt, car debt, or any other debt you are in. Then the couple can begin to formulate a plan for deciding how to get out of debt.

The home’s equity, if they own a home, is of tremendous significance as well. First, they need a place to live, but secondly having equity in a home is one of the easiest ways to eventually accumulate wealth. Have the couple find out what their home’s actual fair market value is. With the advancements in what is located on the Web, they can look over what similar homes were sold for, themselves. Equity is the difference between fair market value and what remains to be paid in mortgages and such. They must be sure to look at equity loans too when arriving at the home’s equity.

Anyone helping a newly married couple with the financial side of their new status needs to be sure that they have opened a joint banking account. The account should be an “or” account but never an “and” account, so that either one can withdraw and use the account.

Retirement accounts should be adjusted as necessary so that the new spouse is the beneficiary of all assets. The couple can decide to get life insurance, but should together discuss the costs and benefits of it.

If neither one of the partners has a retirement package, then they should definitely consider getting one because you definitely want to keep things good until death do you part.

Dorthy Weatherbush didn’t have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple’s first house.

Tags: family, finances, financial planning for newlyweds, home, marriage, newlyweds