Bliss-building Money Tips for Newlyweds

Bliss-building Money Tips for Newlyweds

(ARA) – You’re finalizing wedding plans and are eager to sip champagne with your guests. But are you and your fiance prepared to marry your financial lives together once the “I do’s” are said, and you’ve returned home from your honeymoon in paradise?

Poll after poll shows that disagreements over finances are the No. 1 cause of divorce in America. Finance and family counseling experts alike encourage couples to discuss and plan their finances together before tying the knot.

“Communicating about investing, savings, paying monthly bills and how you’ll divvy up fun money with your future spouse helps you to start your life together on the same foot,” says Scott Oberkrom, director of Community Investments at American Century Investments.

Visit www.YesYouCanOnline.info and click on “Healthy Ideas” to learn more about financial planning for soon-to-be married couples.

Some tips engaged couples can follow to get those money discussions under way include:

1. Pick a non-emotional time to talk about finances. This discussion could potentially be stressful, and doesn’t mix well with the stresses of wedding planning. Make sure you pick a quieter time without the distractions of guest lists, hotel reservations or flower arrangements to interrupt.

2. Talk about your finances. Determine if you and your fiance are spenders, savers, or a mixture of the two. Also discuss what you’ll be bringing into the marriage — debts, child-support payments, lack of credit, etc. Look up your credit reports and scores together, and determine if you’ll be better protected by joining your accounts or keeping them separate.

3. Decide how you’ll track and pay for expenses. Who is going to be paying what bills? What is your family budget going to look like? Can both of you live comfortably off that budget? These are important decisions that should be made before the grand march down the aisle occurs.

4. Establish joint investment goals. You need to consider both short-term and long-term goals, ranging from buying a new car to putting your future children through college. If you’re combining families, decisions about investing need to be taken care of immediately. For all your investing goals, talk about your time frame for reaching each goal, the different views you may have toward taking investment risks and then choose the vehicles, such as mutual funds, to invest in to help reach those goals.

5. Diversify your portfolios. The adage “Don’t put your eggs in one basket” comes into play here. As the recent economic crisis demonstrates, having finances invested in multiple areas prevents you from feeling as much pain when the markets suffer a set back. Go over your individual investments and investigate where you might be doubling up. You want to have a mix of investments to even out overall portfolio risk, although diversification cannot ensure against loss.

Time will pass by quickly, so make sure you and your intended are prepared ahead of time for financial hurdles. Visit www.YesYouCanOnline.info for additional tips.

Courtesy of ARAcontent

Before Your ‘I Do’s,’ Do Financial Review First

Before Your ‘I Do’s,’ Do Financial Review First

(ARA) – One thing you can definitely say about the current credit crunch – it sure isn’t romantic. But for couples about to exchange “I do’s,” a clear understanding of each other’s credit history as singles, and how they will use credit as a couple, is vital to ensure their future wedded bliss.

All signs point to the reality that credit is likely to be difficult to get for a while, even for those with good credit scores. Getting married is a life-changing event that will impact your credit rating. It’s important for couples to be open and honest with each other about their credit histories, credit-use habits and plans for using future credit.

Credit has become an integral part of the American institution of marriage. If you are newlyweds, you’ll likely require credit to fund some of your basic needs and dreams – from buying your first house to financing the minivan you’ll need to transport the big family you plan to have. Your blended credit rating will decide how easy or difficult it is to secure those loans at favorable rates.

So how can you prevent the credit crunch from putting the squeeze on your plans for building a life together? Here are some basic tips:

First, exchange credit reports. As a single person, your credit score was a private matter between you and the people you borrowed money from. When you’re married, your credit history becomes linked to your spouse’s and he or she deserves to know ahead of time how you rate with lenders. Knowing what’s on your credit report is the first vital step toward reaching your personal financial goals as a couple. Get a copy of your credit report at www.FreeCreditReport.com and present it to your intended.

Next, set mutual priorities and goals. If you both have significant debt, perhaps your goal will be to pay that off before incurring any new debt. Pool your earnings to pay off the highest interest debts first – his $9,000 credit card debt may actually cost you more in interest each month than her $14,000 auto loan.

If you both are relatively debt-free, good for you. You can turn your attention to setting savings and spending priorities, including saving for a down payment on a house (the low-rate, zero-down loan is virtually extinct), putting money aside for your retirement or building up your cushion of savings in case the economy gets worse and one of you loses a job. Decide which priority is highest on your list, agree on a time frame for reaching that goal and organize a game plan for getting there.

It’s important to have these discussions before the wedding. You’ll both enjoy your big day more knowing you’re on the same page regarding your financial future.

It is easy to check your credit reports. Web sites like www.FreeCreditReport.com allow you to get your credit report and credit score which gives you more control over your personal finances.

Courtesy of ARAcontent

Wedding Planning on a Budget

Wedding Planning on a Budget

(ARA) – As a bride, once your Prince Charming has popped the question and placed the perfect princess cut on your left hand, the last thing you’re thinking about is a budget. You’ve fantasized about your perfect day since childhood and money was never an object. But how are you going to afford that?

While you don’t want to sacrifice your dream wedding, you also don’t want to demolish your savings. Fortunately, you can still have your cake and eat it too … without paying full price.
Here are some expert tips to stay budget-friendly for your big day.

Propose a budget:
Discussing finances is never easy, but it’s an essential conversation before planning your wedding. Traditionally, the bride’s family provides a significant financial contribution, so find out what type of funding you might be receiving from this source. However, more and more couples are going it alone these days, so work with your fiance to establish a budget and decide how much each of you can afford to contribute. Decide together what’s worth splurging on and where you can save. If a designer dress is a must, consider hiring a D.J. or loading up an iPod instead of a 10-piece band. Don’t forget that communication is key — stay open, honest and committed to your budget.

Commit to research:
Since you’re planning your wedding on a budget, you might find that a wedding planner is an expense you can’t afford. Instead of hiring outside help, make a list or find a wedding checklist of everything you need to purchase and arrange before your big day. Once you have established exactly what you want, research, research, research. Never buy an item or hire a vendor without doing your homework. Make sure to check out user reviews and read vendor profiles online. A great resource for researching vendors is OneWed.com where you can browse thousands of vendor ratings and reviews from brides across the country. The site has the largest local vendor database available so you can find the all of the services you need in your “I do” destination.

Be a Cyber-bride:
It’s a little known fact that everything found in brick and mortar stores can be bought online, often for less. Lucky for the budgeting bride, online couponing sites are available to provide coupon codes for a number of online merchants. Just go to Google and type in a retailer name and coupon code for a list of resources. Deals range from deep discounts to free shipping — saving you major cash. Think bridesmaids gifts, rehearsal dinner dress, thank-you notes, party favors, table decorations and much more.

Spread the love:
Once you’ve said “I do,” cut the cake and tossed the bouquet, it’s off to the honeymoon. And since everyone loves newlyweds, take advantage of your newly married status for vacation perks and fun freebies. Start by calling your hotel in advance and letting them know you’ll be coming for your honeymoon — they might be motivated to upgrade your room or throw in a romantic surprise. Don’t forget to share your good news at airline counters, restaurants and any other trip destinations. More often than not, you’ll receive special treatment in the spirit of celebration … and after planning a wedding, you deserve it!

For more information about wedding budget planning, visit www.OneWed.com.

Courtesy of ARAcontent