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!

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?

7 Debt-Free Newlywed Date Night Ideas

Looking for debt-free newlywed date ideas? The holidays take a lot out of us (physically and financially), but that doesn’t mean that we should forego Date Night all together, right? I say absolutely not! Try one or all seven of these budget friendly Date Night Ideas:

1. Go bowling: It’s fun (even if you need to use the bumpers) and it doesn’t cost nearly as much as going out for dinner and drinks. Heck, you could bowl 3 or more games for the price it costs you to eat out.

2. Prepare a romantic dinner (at home): Head to your local grocery store and pick up all the necessities for your home cooked meal. DivineDinnerParty.com has a collection of romantic dinner recipes that will surely sweep you both off your feet! You can light some candles, open a bottle of wine and listen to your favorite love songs while enjoying each other’s company.

3. Dance the night away: Set up your iPod to play your favorite guilty pleasure songs or dust off your CD’s and you could sing and dance in your family room. It sure beats paying a cover charge to enter the club and then for drinks too!

4. Rent a movie: They are so cheap ($1.00) to rent using RedBox (typically located at grocery stores and gas stations). You can choose your movie and snuggle up on the couch and enjoy it together.

5. Bath Time: Who needs a hot tub when you can fill the bath tub with hot water and bubbles?! Light some candles and you’ll have yourselves a relaxing, romantic evening for two!

6. Watch the sunrise or sunset: When was the last time you did something with your spouse without distractions? It’s so beautiful to watch the sun come up or go down. Just sit there (enjoy each others’ company) and stare as the beautiful colors appear in the sky (and it’s FREE)! Click here to find out what time the sun will rise/set in your area: calendar-updates.com.

7. Looking for some slight physical activity and entertainment: Head to your local driving range or try mini golf (it’s always a good time)!

Do you have anything to add to this list? What budget-friendly Date Nights have you and your spouse enjoyed?

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!

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!

Newlyweds Save Now, Retire Early

What would it be like to save now, retire early? I know what you’re thinking to yourself right now, I’m too young to be thinking about retirement, but the truth is…you’re not! As a matter of fact, it’s never too early to be thinking about retirement. After all, doesn’t everyone think of the Golden Years of living life however we choose to, enjoying our grandchildren, not having to answer to anyone or set an alarm clock to get up in the morning?!

I recently came across this article “Secrets of Extreme Savers” and thought wow, I wish I could be so disciplined to save my money and retire early. However, I enjoy shopping (a bit too much according to my spouse, but that’s a whole other topic)! We could all make at least one change to our expenses that would greatly help us in years to come.

Consider these few things and your Golden Years don’t have to be age 60+:
Lower your daily expenses: Hand-me-downs are one of the best ways to save money as a parent. As a newlywed, you may not have children yet so let me talk in a language that you may better understand. Avoid top-of-the-line designer boutiques and fancy restaurants that are often way overpriced and offer much of the same things that you can get at a lower cost restaurant. Try shopping at Loehmann’s, Filene’s Basement or T.J. Maxx the next time you need a new pair of shoes or slacks. Instead of bar-hopping or going out to your favorite club every weekend, try hosting a “happy hour” with friends at your house, asking everyone to bring their favorite bottle or drink…saving all of you from having to pay the costly bar tab and tip the bartender!

Pay in cash to avoid debt: If you want something, save your money until you have enough to pay in cash or by personal check for that item. Believe it or not people have done it (even to buy cars and houses!) ultimately, avoiding high interest rates on bank loans and credit cards.

Live Below Your Means: Just because you can afford it, doesn’t mean you have to buy it! A vacation to your local beach or a free museum could be just as fun for you (and your children) as a lavish 5 star resort without the cost. Don’t get me wrong, I understand that there is a difference between your dream vacation and a day-trip to your local amusement park, but isn’t the point to enjoy quality time with your family anyway?

Avoid instant gratification purchases: Similar to how people lose weight by waiting 15 minutes before indulging in junk food to see if they still need it or want it. Try waiting a few months before purchasing anything over $50-$100 to see if you still want it. You may find that you don’t need it and save yourself the money for something you truly need (or want) later on down the road.

Stretch a Dollar: Many companies offer rebates on their products and you would be surprised by how many people don’t take advantage of getting their money back! Take the time to complete the rebate form and mail it in for your money. Another way to stretch a dollar is to use credit card reward points to purchase airline tickets or book hotel rooms for “free.” Some restaurants will offer you a coupon for your next visit just for taking the time to review their services, so take advantage and you could be dining out on them, rather than on you!

One thing to keep in-mind, the more you save now, the earlier you and your partner will be able to retire. Here’s a great list of 92 Painless Money-Saving Tips for you to check out. Live a financially fit life and you could start reaping the benefits earlier than you think!

What do you and your partner do with the concept of save now, retire early in mind? Share your saving tips with us and other readers, leave a comment below!