3 Money Tips for Newlyweds part 2
157 views · Published 4 March 2016 · 3:18 · Indexed 29 October 2026
Channel: Utah State University Extension · 2016 · Howto & Style
Money tips for newlyweds to get your finances off to a great start! ............ Hi Amanda Christensen here with Utah State University Extension, talking part 2 today, of money tips for newlyweds. My first money tip for newlyweds in this part-2-series is to formulate a debt philosophy, and what I mean by that: What would you define as good debt, and what would you define as bad debt? What are you comfortable going into debt for? What are you not comfortable going into debt for? Will debt payments always be a priority? These are critical conversations to have as a newly married couple, because moving forward in the future your opinion on some of these things might change, but as long as you establish that communication and you both feel comfortable sharing your feelings about debt, you're good to go. My second tip for newlyweds and money is to establish a personal allowance for each spouse. It seems a little funny; I know allowance is oftentimes something we're given as children. It's a specific amount that we get once a week or per month that we have to spend. Each spouse, whether they be a saver or a spender, each of us needs that financial wiggle room. I will say this is probably the number one tip I would give any married couple. It helps people stay within their budget. It's a set amount that you determine and once it's gone, it's gone. There's no overspending in your personal allowance, but it's money that was already agreed upon that would be spent. In my opinion this may be one of the number one things that will save financial arguments in marriage. I think establishing a personal allowance is critical as you move forward as a married couple. My third tip is to update your beneficiaries; while you're taking your time to update your new address, or even change your last name, get a new driver’s license, or whatever it be. Now's the time also to take a look at your retirement accounts, your insurance policies, all the things that have a beneficiary attached to them and update those beneficiaries. It may be that your spouse needs to be the beneficiary now on many of those accounts. If you don't have a retirement account or any investment accounts, now is a good time to consider steps down that direction as a couple. As you merge your lives together and go down that path, there's no better time to talk about a debt philosophy, establish a personal allowance, and update any beneficiaries on retirement or investment accounts, any accounts that may be necessary. Thanks for watching, I’m Amanda Christensen with Utah State University Extension. Be sure to check the description box below for the ways you can reach out to me on social media, as well as leave a comment; let me know what tips would you give a newly married couple with regards to financial management? I would love to learn from you and hear what you have to say. Thanks again for watching and see you next time, bye. ................ Connect with USU Extension! Facebook - http://facebook.com/usuextension Twitter - http://twitter.com/usuextension Pinterest - http://pinterest.com/usuextension LinkedIn - http://linkedin.com/company/usuextension Google+ - https://plus.google.com/+usuextension
