Brett wrote an awesome post about Personal Finance Tips for Newlyweds and I wanted to add a few more to the list. Believe it or not this was one of the more challenging issues when we got married. Since I was always reading the Suze Orman books and talking about what we should be doing I thought it natural that I would be the head of personal finance in our house. Not so said the man. I laugh now but it was a huge deal back then. Our biggest issues were *drumroll* who’s name goes on the checkbook, which bank to use and whether or not we would merge accounts. Husband didn’t like the idea of getting an “allowance”, which we have now termed “play money”. *Snicker*. I didn’t change my name and I wanted to use my credit union since every loan/account I have has been with them. Merging accounts and giving an “allowance” / ”play money” brought up issues around control for both of us. Lots of male macho psychology going on there but we eventually worked it out.

I share this only to show you that personal finance is deeply mired issue for all of us which is further complicated when you get married. But it’ll be ok, all is not lost. You CAN work it out! You don’t need to agree on everything but you do need to have to be on the same page regarding your goals.

Here are my additions:

• Discuss the minor things like name on the checkbook before you get married. Again, this was a huge issue for us because I did not change my name. This affects merging accounts and all around issues of maintaining individuality vs. simplicity. The latter because I like to have all accounts in front of me when reviewing finances as I do in Mint.

• Discuss who will actually manage the money? Both? You? Him? Why? Who is actually more vested in the personal finances of your marriage? Huge responsibility.

• See/Discuss the credit history before you marry so you know what you’re getting into. I helped hubby erase 14 out of 17 bad debts through the Myfico dispute process so that when we were getting qualified for a house we were in the clear. One of the main issues that contribute to the divorce rate is money. And having an understanding about how your partner approaches debt/credit is helpful and believe it or not translates to how they approach other aspects of their lives.

• Discuss when you’re going to purchase a home. How much to put down? Heck, WILL you purchase a home? That’s up for grabs these days.

• What are your personal philosophies towards paying bills? You would be surprised how this differs. One likes to pay on the due date, the other faithfully pays 2 weeks before the due date.

• Will you pay for your child’s education? This is an ongoing debate in our house. I don’t plan to pay for it and Im ok with that but he does so we haven’t come to a final decision yet. You can get a loan for college but you can’t get one for retirement. Nuff Said.

Of course none of this is groundbreaking, but if you’re a newlywed and struggling with how to get on the same page, hopefully, these will help you get on the way.

photo credit: jstick80

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It’s the new year and hopefully you’re giving careful thought as to your financial goals for 2008. Are you planning to save for a new car? Contribute fully to a retirement fund? Save towards an emergency fund? If you are, then you should consider meeting with a financial advisor.

Retirement

• Will you fund a ROTH or Traditional IRA?
• How much can you afford to contribute?
• What kind of lifestyle do you want when you retire?
• Have you thought about the correct mix in your portfolio as you prepare for retirement?

Savings

• Do you have an emergency fund? If no, why not?
• What are your 2008 savings goals?
• Are you saving at least 10% of your income?
• Will you be saving for your child’s college education?

Debt

• Is your debt manageable?
• Do you have a plan to pay it off?
• Has it become overwhelming?

Wills/Trusts?

• Have you created a will?
• How about a trust?
• Do you know what they are?
• Who will care for your children when you are gone?
• Who will receive your estate once you pass away?
• Have you made any preparations in this regard?

Mint gives these tips on what to ask when interviewing a financial advisor:

What licenses they hold, in which states

What services they provide

Their investment strategy

How they would prepare and implement your plan

Who their existing clients are (ask for references)

The average size of their portfolios

How their portfolios have performed

Their fees and/or commission fees

If they sell financial products

These are just a few questions to get you started. Of course, even if your answers to these questions prove that you know little about your fifinancial situation, you don’t need to run out and get a financial advisor. There are tons of personal finance books, blogs and articles on the Internet to help you find the answers to the above questions, so no worries. However, keep in mind that unless the person giving the advice is licensed in the area of personal finance they are unqualified to give advice. We can share tips, strategies and the like and some may even work for you, but in the end it is best to seek the advice of a professional who can run numbers, give advice specific to your situation with experience and education to back it up.

Do you have a financial advisor? Why/Why not?

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