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Tips for Premarital Financial Planning
With the big day approaching, finances can take the back burner to flower arrangements, photography and wedding favors, but those looking to be stress free after the wedding will take heed to the following tips for premarital financial planning.
1. Communicate early
The key to any successful marriage is communication, so why not communicate before the big day? Do not wait until you are walking down the aisle to discuss your financial views and those of your spouse-to-be. Discuss accrued debt, student loans and credit history and scores. You can also discuss strategies and money saving ideas. Some newlyweds entertain green money management habits to save money later on.
2. Review your finances
Premarital financial planning is crucial and reviewing your finances can improve communication and success. Take the time to sit down and review bank statements, assets and liabilities, and investment portfolios. If credit scores are low, you can develop a strategy to rebuild. Make a plan to go green and save money.
3. Share openly
Again, communication is the key. Share openly and do not hold anything back. Remember, the two become one, even in the area of finances.
4. Set a budget
Setting a budget is a great way to start off on the right foot. Make a plan to go green and save money. With the extra money you have you may see your entertainment fund increase.
5. Set a savings plan
Having a savings plan helps to have a safety net. Premarital financial planning includes saving about three to six months of expenses so that you are not taken off guard when something unexpected happens. Establishing green money management habits can help you save even more money.
The information supplied in this article is not to be considered as medical advice and is for educational purposes only.
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