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!

Planning for Life Emergencies

Are you planning for life emergencies as a married couple? After the honeymoon and your return from worry-free wedded bliss, it’s time to start thinking of other matters. That doesn’t mean returning to the real world is the end of the fairy tale – quite the contrary. Handling specific emergency money matters early on will help to ensure that the fairy tale lasts as long as it possibly can.

No one likes to think about the “what ifs” and the “what might happen” aspects of life. It’s uncomfortable. But planning for emergencies is important. Things do happen, so having everything prepared beforehand can make life a lot easier afterwards. After all, even with a great career, something might happen within the company that leaves you jobless. Or that person on the highway was on his cell phone and you find yourselves looking for a new car.

Since we all know money doesn’t grow on trees, it’s important to stow some away for the unexpected, should it ever occur. So how much should you hide under the mattress (actually, it’s better that you hide it in a bank with good interest rates)?

The best approach is to have at least 3 to 6 months worth of living expenses waiting in the wings. Put the money into a money market account because these typically have higher interest rates than a basic savings account. You could put some of the money into a CD for an even higher interest rate, but it is important to remember that CDs are meant to last for a specific amount of time (anywhere from 3 months to 24 months) and removing money early could result in a penalty. So if something should happen (heaven forbid) during the time your CD is accruing interest, you would actually lose money in the deal.

Knowing that you have money available for emergency use will help give you peace of mind. That way you won’t suddenly find yourselves living paycheck to paycheck or worrying about losing your home, filing for bankruptcy, or any other seriously stressing issues. You’ll feel a lot lighter and with the added interest on your deposited money, you will be gaining a little extra cushioning each time.
If you have questions about the best possible way to save your money, head off to a bank with a good rating, good interest rates, and talk to someone about your goals. They can help you find the best solution to saving money for emergencies. Just remember to read all the fine print with anything you decide to do!

How are you planning for life emergencies? Hopefully you have one or this post prompted you to put one together!

3 Financial Mistakes Most Newlywed Couples Make

Let’s talk about the financial mistakes most newlywed couples make. Money is always a stressful subject no matter who you are or who you’re with. Some newlywed couples aren’t quite sure what to do in certain situations. How do we file taxes? What do we do about debt? There are plenty of questions to ask, but there are three big mistakes that every couple should look out for. Avoiding these money pitfalls will put you on firmer financial ground for your marriage.

1. Merging everything all at once, right now.
There’s no need to rush into a banking merge. Not all your finances need to be filed into a joint account the second you say, “I do.” Instead, take a little time to learn about one another’s saving and spending habits, and see what works best for you. Many couples have no qualms about putting all their finance into one pot, whereas others prefer to keep things separate.

Many assume they know how their partner handles money, but until you see them in action, take your time. When you both know your money preferences, you can make the best decisions regarding accounts. A lot of newlyweds are better off with an overall balance; money for him, money for her, and money for both. As you learn and grow as a couple, you may decide to go all in. Take your time – there’s no rush.

2. Spending, spending, spending.
Spending can quickly become a touchy subject if not handled properly. Oftentimes, someone in the relationship becomes the “spender” and that’s where a problem can arise. Typically, the issue lies within how the money is actually spent. Perhaps you spend money on smaller things like groceries, bills, and maybe a pair of shoes for yourself, while your spouse brings home a new laptop. In the end, you both spent about the same, but it’s easy to see how the perception can get skewed.

Take time to sit down with one another and discuss how much of the budget should be spent on particular items. Specify how much should be spent on necessary items and how much can be spent on fun, larger purchases. Make it a win-win situation for everyone.

3. Keeping secrets.
Let’s face it, secrets are bad for any marriage (except for that surprise birthday party for your spouse – that’s okay). This is especially true for secrets involving money. A common secret is about how much an item actually costs. True, it won’t break a marriage if you said that $40 scarf was only $30, but doing this repeatedly shows that there is an issue. If too much money is being secreted away, it’s a good idea to get some outside help.

Don’t let money get in the way of your marriage! Did you get caught in one of financial mistakes most newlywed couples make? Let our readers avoid your mistakes…leave a comment today!

Why Saving Doesn’t Mean Stop Living Your Life

Hoping to understand why saving doesn’t mean an end to having fun? Saving money to buy a house after marriage can be equally as exciting as getting married, but costs astronomically more than your wedding. An overwhelming thought, I know! Once you and your partner decide to start saving your money you may feel like you can’t afford to do anything. We’re here to tell you it’s not true.

While it is important that you think about exactly how to allocate your money and keep track of your monthly expenses, you shouldn’t forego all extra-curricular activities such as going on out on dates or making small purchases once in awhile. When couples decide to save all their money it leaves little room for having fun through experiences…or just plain living life!

Don’t get me wrong, you can live your life at home and enjoy yourself, but after a while you’ll be sick and tired of the same-old-same-old all the time. Think about it, how often can dinner and a movie on your couch be the most fun you’ve ever had?!

Here are some helpful tips on what you and your partner can do (socially) while still saving up for the biggest purchase of your life!

Plan a monthly happy hour or dinner with friends. It doesn’t have to be at the hottest spot in town to be a great time! You could host a pot-luck dinner at your house and ask each guest to bring one thing, keeping the cost down for everyone. The perks are that you don’t have to pay high prices for your dinner, cocktails or leave a tip at home! A great site for party planning themes, tips and recipes is hostesswiththemostess.

You and your spouse can go out for a lunch date, rather than a dinner date (since lunch prices tend to be lower than dinner entrees). This allows the two of you to enjoy quality couple time out without paying higher prices– often times way over-priced, without sacrificing your dates all-together. Depending on where you go, tips may not be necessary (i.e. any place that you don’t have a waiter/waitress serving you)! While these places may not offer a romantic ambiance, what they do offer is a place for the two of you to catch up and simply enjoy one another’s company.

If you’re the active type; you may be interested in participating in a charity event (spending money, but on a good cause—BONUS: tax write-off!) A great site to search for events is active.com allowing you to select the type of event you’re looking for and a specific date range, displaying all the events for your region or in the country!

If you are dead set on saving every penny, then the two of you could do some research using the internet or read your local paper to find out about free local events. Many communities have free festivals, concerts, church socials, etc. especially during the summer months!

What are you and your partner doing to keep things interesting while saving for your dream house? Share your stories or tips and help out other newlyweds in the process!