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Planning for Life Emergencies

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

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!