Money

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 Taxes: Name Change, Returns & Expectations

Need some help understanding newlywed taxes? It’s that time of year again…time to sort through the folders of paperwork you’ve saved and file your taxes. As you prepare to file taxes jointly or separately as a newlywed couple, there are a few things to keep in mind.

Name Change and Newlywed Taxes

If you or your spouse changed your name after your wedding, be sure to alert the Social Security office by filing the SS-5 form. When the Social Security Administration issues your new social security card in your new name, they typically alert the IRS. Here’s another article on the topic of name change and taxes as newlyweds.

Worried that your name change might slip through the cracks? File the IRS 8822 (it’s free) and you can rest assured that you’ve completely covered your name-change with the IRS. The IRS 8822 form alerts the IRS of your new name, preventing them from holding your tax returns should they be confused about your identity (yes that really happens).

Mine, Yours, Ours

As a single woman, I loved to get my tax return and put a portion in savings and then use the rest to splurge on something great! Be it a purse, furniture or a trip, my tax return sprees took some of the sting out of what I handed over to Uncle Sam. When I got married, I suddenly had someone else’s return money and ideas to deal with.

Now that you’re married, I suggest having a discussion with your spouse about what to do with your returns. If you filed together, will you both determine what to do with the lump sum? Will you split it evenly? Will you split it based on who made what? Tricky questions to answer, but much better to hash expectations and ideas out now then fight about them when the check comes in the mail.

How are you handling newlywed taxes? Have you ever had an argument about it? Have you come up with a great solution?

Newlywed Finances: Tips For Setting Goals Together

Newlywed finances are incredibly important to discuss. Once the excitement of the wedding is over and the reality of living together as newlyweds sets in, getting your financial house in order is an absolute must. Finding the right place to start, though, can be overwhelming. These tips can help.

Where are You?

One of the first things you may want to do is understand exactly where you’re at. This should involve looking at what the two of you make each month, then making a detailed list of expenses that you’ll need to deal with. Don’t forget to factor in things like groceries, transportation expenses (bus passes, subway fare, or gas) and day to day living expenses. This process should not only help you understand what you have coming in, but also identify any spots where you’re wasting money as well.

New Financial Needs

In addition to thinking about what you’re already spending money on, you may also have new financial needs to consider. For example, now that the two of you are married, do you need to apply for new health insurance together? What about life insurance? If your spouse has a child, are there childcare expenses you hadn’t previously considered? Add all of those into your monthly budget as well.

Set Both Short and Long Term Goals

Lots of couples just move like zombies from month to month without really planning for their goals, but look ahead five years, then look ahead ten years. Where do you want to be together as a couple? Do you want to own a home? Do you plan to have children? Are there investments you need to make right away? Looking down the line a bit will help you set aside money for the future each month.

Flexibility and Fun

Once you set your financial goals, though, don’t assume they’re set in stone forever. Make sure you both reevaluate at least once a year, but maybe even every six months to ensure you’re on track to meeting your dreams and dealing with the reality of financial life together. Also, make sure there’s a little room in your budget for fun. Your first years as newlyweds should be spent making memories that will last a lifetime. So, be sure to add a vacation or life experience to your list of goals!

How are you handling your newlywed finances? Did our tips help? We’d love to hear from you in a comment.

3 Steps to Setting a Holiday Budget as Newlyweds

Have you considered setting a holiday budget? The holiday season is here and that means many things. Happy music, good food, great friends, and fun-filled gatherings are certainly on the long list of things that come with this time of year. Unfortunately, though, not all thoughts are happy during this season. While giving a gift to a person you love is undeniably wonderful, paying for it isn’t always so easy. If you are like millions of Americans who are finding it more and more difficult to set aside money during this economic downturn, then this might be a good time to consider budgeting for the upcoming shopping spree.

Step One: What Do You Have to Spend? The first step in budgeting for anything is to look closely at what you can afford. What are you bringing in each month and what is being sent back out the door for bills, utilities, mortgage, loans, etc? Once you have a clear picture of what is left over and what you might already have stocked away, you can move on to step two.

Step Two: How Far Does it Have to Go? The money that you have accounted for will likely have to cover all holiday spending. This is something that many people overlook, and therefore, those people end up spending more than they planned by the time the first of the new year rolls around. Stop to make a list of everything that you will need to buy for the holiday season – wrapping paper, ingredients for dishes to pass, decorations, etc. This list should also include the names of everyone you need to have presents for (don’t forget his side of the family). When your list is complete, move on to step three.

Step Three: Allotting For Each Category With your list in hand, you can begin to break down the money that you have budgeted, dividing it up by categories – food, gifts, accessories – and then within each category. At the end of this step you should know approximately how much you can spend on a gift for each person on the list. Keep in mind that you will generally spend more money of gifts for a spouse than you would on a gift for a friend. Those distinctions really matter and will allow your budget to be stretched more efficiently. Create a chart with the names of each person and the budgeting allowance for the gift. Label a third column as ‘money actually spent’ so you can keep close track of how you are doing during the shopping process.

Have you started setting a holiday budget or wish that you did? We’d love to hear your solutions for shopping smartly this season!

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.