Calling all newlyweds! First of all, congratulations and we wish you many, many happy years with your spouse. Second, make sure to check out these financial tips to ensure your new union starts off on the right foot.
Agree on Common Goals
Once you tie the knot, everything changes, and you’re now part of a legal partnership when it comes to any big or little decisions. While it’s tempting to see your golden years through rose-colored glasses and forgo planning for life’s inevitable speedbumps, we strongly urge you to sit down with your spouse and have a deep discussion about your financial past, present, and future.
Spend some time thinking about your dream home, savings habits, opinions on investing, and retirement goals. It’s best to come up with a firm plan for achieving your goals that is agreed upon by both you and your significant other.
Create a Budget
Before you were married, it’s likely that you spent money more freely and indulged a little more. Now that another person relies on you, it’s time to take a step back and create a financial plan that suits both of your needs. If one of you has debt, make sure to factor monthly payments into your budget.
Also, out of an abundance of caution, make sure to set aside approximately 15 percent of your earnings for an emergency fund. You never know when unexpected costs will emerge, so it’s better safe than sorry. Most importantly, make sure to update your tax documents to reflect your new union, since you might receive significant tax breaks.
Say “Hello” to Your New Home
One of the most exciting parts about starting your life with your new spouse is searching for and purchasing your dream home. Owning a home is a key component for building wealth, as most well-maintained homes appreciate in value over time.
An essential step in buying your first home is identifying the right mortgage loan provider and we’re here to assist with some helpful advice. Canvas Mortgage, a division of Merchants & Marine Bank that handles long-term mortgage loans, offers a variety of loans to suit your individual requirements. Whether you’re looking for a conventional, FHA, USDA Rural Development, or VA loan, Canvas Mortgage has got you covered. When you’re looking for your new residence, make sure to partner with a mortgage provider that you trust and know has your best interests in mind.
If you’re looking for more newlywed financial advice, make sure to reach out to us! We’re skilled in helping couples navigate the complicated world of financial planning so that they’re able to create the futures of their dreams.