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Saturday, December 20, 2014

Financial Tips for Newlyweds

Change in finances is one of the changes you need to face after getting married. Couples should sit and take time to sort out their finances after their honeymoon.

Here are some tips for the newlyweds to help them build a strong financial foundation as they start their married life:

1. Be open.
Transparency is the key when you talk about money with your spouse.
Disclose every financial detail with each other such as your current financial status, debts and money habits.

2. Find the best account set up.
Decide if you are going to combine your money in a joint account or keep an individual accounts.

3. Set goals.
Goals will keep you focused, enhances your teamwork and improves your overall financial outlook and status.

4. Evaluate your Insurance Needs
Major life changes such as getting married warrants an evaluation of your current insurance policies and in some cases, it may prompt you to consider getting new ones.

5. Enjoy life.
Remember that financial planning as a couple is not just about keeping as much money as you can and depriving yourself of the luxuries in life.

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