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You’re getting married. Terrific. In
addition to all of the plans and preparations for the big day, take some
time to review and discuss your finances. Here’s some tips to lead the way:
• Take an interest in your finances.
Now, not later. Make sure both of you are involved in the financial
planning and investments. Plan to set aside an hour each month to talk
about your money goals. Never, ever, assume that your partner will take
care of “things.”
• Develop a spending plan. You’ve probably developed a spending plan
(budget) for the big day, but take some time to develop a monthly/yearly
budget for your overall finances. Better now than later.
• Maximize your retirement plan/IRA/401(k) contributions.
• This is a good time to talk with a Certified Financial Planner and
make sure you are declaring the correct tax withholding allowances.
• Make sure you have your own credit history. Having credit cards in
your name is valuable. Get your annual free report at
www.annualcreditreport.com.
Print each out and challenge immediately if there are mistakes. Almost
half have them.
• Review your insurance options. Will his/her medical policy cover you?
Should you keep separate policies? Consolidating or eliminating one
usually makes money sense. Also, take time to look at other insurance
including: life, disability, etc. If either of you has life insurance,
will you change the beneficiary? Do you need additional coverage?
• If you’re changing your name, get all of the paperwork in order.
You’ll need to notify Social Security, get new credit cards, and change
any other assets/documents.
• Take time to make a will. Now.
# # #
Judith Briles holds
both an MBA and DBA. Prior to her career as a full time speaker and author,
she was a stockbroker with EF Hutton & Co. and headed her own
financial firm. She’s the author of 24 books including Money Smarts:
Personal Financial Success in 30 Days!, Smart Money Moves for Kids, The
Dollars and Sense of Divorce and The Confidence Factor..
Judith lives in Colorado. Her website is www.Briles.com and she can be
reached at Judith@Briles.com.
©2006 Judith Briles, All Rights Reserved
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