Financial Matters

Looking for name change advice or some tips for newlywed life? The MissNowMrs experts have created state-specific name change articles and checklists for you. We’ve chronicled our recommendations for how to travel while changing your name AND how to handle voting during the transition.

We’ve also compiled our best guidance for how to handle difficult sister in laws, holidays as newlyweds, the ever-annoying baby questions, and much more. Why? Because, while we are name change experts, we’re also newlywed wives, moms, and sisters.

We hope our name change advice articles help smooth your transition to your new name, and a whole new phase of life. Congratulations and best wishes from the entire MissNowMrs team!

Newlywed Budget Setting

There are many important things to discuss as newlyweds. But, among the most frequently mentioned is the issue of finances. Money can easily become the cause of major rifts in the relationship. Most people differ in opinions regarding how money should be spent, when it should be spent, and how much should be saved. The best thing that you can do for yourself, your bank account, and your relationship is to set aside time to do newlywed budget setting.

Don’t work side by side over the same piece of paper or the same computer screen. It is be better to go through the process individually and then compare notes. This serves two purposes. First, if one person overlooks a particular expense, the other is likely to think to add it. Secondly, it demonstrates how differently the two of you look at income, expenses, and the percentage to be saved versus that to be spent.

Newlywed Budget Creation Tips

First, create four columns – two for income and the others for expenditures. For each, there is a column for bills or income sources to be listed and the other is for the associated figures to be entered. At the end of the columns, the figures can be summed. Do be sure to take into account gross versus net pay. You won’t want to determine your budget based on gross pay because a large percentage is taken out for taxes each pay period. If you are not sure what the net value is, you can estimate is by multiplying the gross pay by 0.8.

Still a little lost? Check out newlywedfinances.com for more help with newlywed budget setting.

Comparing the total of the income column to the total of the expenses column will give you a clear picture of how much is left after the bills are paid. Consider figuring this as a monthly, weekly, and daily value. This way, you will know what you have to spend each day. At that point, you can figure out how much should be put into savings. Then compare your figures with your spouse’s until you can come to an agreement. Finally, you can create a firm and realistic budget.

Sticking to this schedule, you will know exactly how much there is to spend each day. And, you will know that you are always on the same page as your spouse. Hooray for a workable newlywed budget!

Do you and your spouse have a budget? Was it difficult to come up with one or are you wishing you had one? We’d love to get your feedback on newlywed budget setting.

The Premarital Plan: Talk About the Tough Stuff BEFORE Tying the Knot

Have you gone through the premarital plan yet? When it comes to marriage, there are many matters that could result in power struggles once or several times over the length of the relationship, but there are two very common reoccurring themes that come up in marital disputes.

The first has to do with the financial status of the new family unit and the second deals with the matter of time. Learning your fiancé’s take on both topics can help solidify a base for your marriage to stand upon. This post addresses a few of the questions that can be the starting point for these necessary pre-wedding conversations.

Who does the housework and grocery shopping? Many years ago, the answer to this question was obvious. Today the “little woman” isn’t necessarily in charge of the household. With both the husband and the wife taking on professional roles in this day and age, the rules of marriage have been altered. Suddenly, housekeeping and grocery shopping are eating into everyone’s free time. Because time is valuable to both of you, it is best to be up front about what will be expected from each of you, so don’t be afraid to be specific and outline the chores to be done.

What’s the ultimate income goal and who is going to handle the financial matters? Perhaps even more important than time, is money. At least this seems to be the case in marriages as financial problems are the number one cause of divorce. So, be upfront about your expectations and ask about his or hers. It is better to know in advance where each expects to be financially two-, ten -, and even fifty years down the road. Also choosing the member of your new team who is best able to make that happen, will reduce stress over the length of your marriage.

How much will our monthly bills cost us? Similarly, it is important to have a true understanding of all expenses that will come with your coming together as one. These costs may not be entirely obvious. It is safe to assume that anyone today will have some debt. He or she may also carry insurance policies (auto, life, home, etc.) that can quickly rack up. Calculating all of these expenses in advance can help to keep everyone on the same page.

What professional goals do you have and will they keep us apart often? Another matter linked to time is the professional aspirations of each spouse. It is important to know what is involved with the career that your partner wishes for. Are the commitments something that you can truly live with? He or she needs to be able to answer the same question about your goals in life.

How often do you expect to see your parents? Mine? Our friends? Finally, the other major claimant of time is the outside relationship. Whether it is parents, siblings, or friends, these outsiders will cost you and your soon-to-be spouse some of your time, but how much? Now is the best time to figure all of that out.

Have you discussed the premarital plan your fiance or spouse? If you didn’t, do you wish that you had?Please share a comment that could help our other readers.

Finicky Finances – Who Controls the Checkbook?

Who controls the checkbook in your marriage? A huge percentage of couples who wind up divorcing do so over finances. In fact a study done by Utah State University in 2009 reported that couples who argued over money at least once a week were over 30% more likely to get divorced than those who only disagreed about money once or twice a month. Those who argued over finances almost every day were over 100% more likely to get divorced than those couples who were able to agree over their checkbook.

So if money is the root of all evil, at least in terms of marriages, how can you and your new spouse avoid this marriage pitfall?

Make a Plan
The only way that you can fight back against falling apart due to money is to have a plan. It doesn’t matter if you have only one income coming in, or two, it’s vital that you both are able to put together a plan that works for the household. And it’s actually a very easy thing to do.

The first thing that you should do is to figure out how much money you’ve got coming in, and how much you’ve got going out. Sit down together and add up how much money you bring home in a month. You then simply take all of the monthly recurring bills that you have and subtract them. Things like cable or internet or cell phone or rent are all things that should be deducted, one at a time, so that you can see how much money you have left at the end of the month. You can also estimate how much you spend a week for things like groceries and gas, and can deduct this amount as well.

The money that you have left over at the end of the money is the “play” money. This is the money that you both need to decide how to use. Some couples opt to give each other a stipend each week that they can spend however they want, while others simply pool the money into one big pile and use it how they see fit. What’s important is that you decide, together, what you want to do.

It’s also important that you decide who pays the bills. Some couples like to sit down and to do them together, while others prefer that one couple be responsible. Even if only one person is actually making the payments, both of you should know what’s going on, so if you’re the bill payer, make sure you tell your spouse when you’re paying this bill or that bill. This way both of you know where the money is going each month.

And most importantly of all: no secrets. If your finances are strained, tell your spouse. Tips like these will help to keep money from becoming the big evil that so many couples see it as.

How have you solved your financial situation as newlyweds? Did you figure out who controls the checkbook in your marriage? Is it both of you? Do you have anything to add to this post?

Investing Wisely – A Few Tips for Newlyweds

Investing wisely – a few tips for newlyweds are necessary. So we did the research for you! Most newlyweds know that investing can be riskier than just stowing money away into a money market account or CD. As a couple, you may have very different ideas on how to invest your earnings. Instead of every man and woman for him or herself, you should talk to your partner and find out what he/she would like to do as well as inform them of your own ideas. Together, you will be able to find a comfortable investing balance.

Studies show that men are bigger risk takers than women (no surprise there, right ladies?). Some husbands may want to go all in like a poker game – “I have a good feeling about this!” Most wives, on the other hand, would rather their retirement savings stay where they are, safe and sound earning a small but steady percentage in the bank. So how do you find a balance?

By talking to one another (it’s always about clear communication!), you can figure out what your long term and short term goals are. Examine your budget and decide what sort of investment risks you are actually able to take. If money is tight, it’s best to avoid any sort of risk until things are more stable. If you have plenty to play with, you can try jumping into the pool and seeing what happens.

Overall, both of you need to agree on where you stand and how to handle your funds. Don’t just talk about what you want either – if he wants to invest a lot of money now and you keep saying, “But we don’t have the money!” it may not sink in. You should actually have the numbers in front of both of you so you can see where your money is being spent, how much is coming in, what is spent on bills, and so forth. When money is mapped out, it’s much easier to organize it and control it, rather than just talking about it arbitrarily.

You do both have the option of investing separately; he with his money and she with hers. If you decide to go this route, agree upon which funds should not be toyed with; these can include emergency funds, retirement funds, and the amount needed for basic living expenses.

Whether you invest together, separately, or not at all, you should consider coming together once a year and reevaluating your portfolios and budget. Make sure it all balances out and that the risks are worth taking.

Are you investing wisely – a few tips for newlyweds… did ours pay off? What investments (risky or not) have you and your spouse taken? Did they pay off or cause too much tension in your relationship? We’d love for you to leave us a comment!

Dealing With Spousal Debt

How do you handle dealing with spousal debt? Being a newlywed is full of the bliss of being with the one you love, which includes bringing their life together with yours. That also includes their financial situation. Unfortunately for some, it means introducing debt into their brand new life. Money is a big stressor on marriages, but before you panic at the idea of debt tarnishing your new life together, take some time to consider a few things.

It’s important that you know about the debt early on so you can take steps to handle the problem as soon as possible. After all, marriage is about trust and understanding. Marriage does indeed change everything about a person’s financial standing. Depending upon your living conditions before marriage, you may still be used to handling your finances as an individual. But now you’re sharing your life, so it’s time to start sharing your plans on money. This may actually continue within your marriage; your spouse uses the money brought in through their occupation to handle the debt while you handle other financial areas of the marriage.

Remember that debt accrued by your partner essentially remains theirs until you put your name into the mix. For example, a loan under their name remains their responsibility by law unless you help to refinance it. Credit card histories also do not suddenly merge after you marry. Only things you do together, such as purchase a house, become the responsibility of both.

As for handling the debt, ultimately it is up to the decisions made by you and your spouse. It comes down to your financial planning and how you want to manage the debt. Will both of you help pay it down? Just one person? Take some time to sit down with your partner and talk about the debt, your income, and what steps should be taken in order to remove the debt from both your lives. Once you discuss the matter, it can be appropriately handled and eventually you will see the debt go down until it disappears completely.

If you still find that you have problems, you can always go to a credit counselor or other debt counselor to see if there are ways to reduce loan amounts, interest rates, and improve your budgeting skills. Remember, your partner doesn’t want to be in debt anymore than you do and will need your love and support. Don’t let money get in the way of your happiness when it doesn’t have to!

Do you have any helpful recommendations for our readers dealing with spousal debt? We’d love for you to share your advice in a comment!