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Dec
28

Finance Tips: Financial planning for newlywed couples

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Congratulations newlyweds, now you have someone you love who will always stand behind your back to support you with everything. But wait a minute. Your great husband or great wife perhaps is not that great when the subject matter is family finance. As a family, surely you don’t want to mislead yourself because it involves the future of all the members of your family. Here are the dos and don’ts when it comes to family financial planning:

1. Separate accounts
Make sure you have your own bank account. It is true that a married couple always has to share everything. But just in case your spouse is not that responsible, it is also important to have different bank accounts to pay the bills.

2. Try to avoid credit cards
By using credit cards, it seems our life becomes simple and easy. But there is always something monstrous behind a fantastic offer. The worst is you may be trapped in endless debts. Try to only rely on your debit card. But when you really have to use credit cards, use it wisely.

3. Be a wise credit card user
It is related to the tips number 2. If you decide to use some credit card, make sure you stay inside the limit and always pay the bills according to the schedule.

4. Set a saving account
Open a particular account for you and your spouse savings. Choose banks that offer the highest rates. Let the money settle in the account for your future needs.

5. Obtain Mortgage Income or Payment Protection insurance after you get your new home.
Do not let the bad reputation of those policies prevent you from having a family financial success. Just make sure you get the finest broker before eventually decide to buy the policies.

6. Write a last letter
People often forgot about this. A will is necessary so that when you die intestate your spouse will get what he or she deserves. So will your kids, grandkids or great grandkids.

Citywire


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