Financial Advice in New Hampshire: Planning a Wedding

Advice provided by Marc Hébert, founder of The Harbor Group Inc. The company is a registered investment adviser. If you have any financial questions or would like to suggest a future topic, email webstaff@wmur.com. A wedding celebration takes a lot of planning. From the dress to the invitations, every detail becomes important. Another important aspect of starting a marriage is your finances. Careful planning can mean that you enter your new life with the potential for greater financial success. The first consideration is whether or not you want a prenuptial agreement. Situations where this may be particularly important are if you have significant assets, current or expected inheritances, or children from a previous marriage. This document will detail what will happen in the event of some form of marriage dissolution. This brings us to a second point. It’s a good idea to discuss finances before the wedding. It can be a stressful discussion, but knowing the other partner’s financial history can help avoid future problems. Knowing each other’s assets, liabilities, earnings and other income is a fundamental starting point. This discussion can help you decide how to pay your bills and what your future budget will look like as a couple. This is the time to establish a budget by listing all of your income and expenses. Your budget doesn’t have to be a chore. Be sure to include rewards for prudent spending. The budget will become a guide for the common finances of your household. You can decide your duties in managing household finances. Maybe one of you keeps records and pays the bills. Maybe you’re both involved. After going through this process, a couple can decide to have a joint account or keep their accounts separate. A joint account makes it easier in terms of record keeping or cost savings, but it can be more difficult to keep track of money flows. Each spouse will need to update the activity. A discussion about the future is also important. Where do you see yourself as a couple in the future? Are you going to buy a house? What does retirement look like? This discussion could lead to a list of shorter and longer financial goals. Prioritize your goals and how you can achieve them by working together. Your financial discussion may have raised concerns about your respective debt. It’s a good idea to try to identify and resolve any issues with your debt. At the very least, have a debt management plan in place. Obtaining your respective credit reports is a good idea. This can help you identify credit issues. Your spouse’s credit history can affect both parties’ credit. Health insurance and benefits are other topics to discuss before the wedding. The cost/benefit ratio of health insurance plans is important in deciding which one might meet your needs as a married couple. As a couple, review your life and disability insurance. Any existing coverage should be reviewed to see if it is now adequate. You may need a different type or amount of coverage to support your spouse’s future needs in the event of disability or death. Beneficiaries should also be reviewed and updated. The last area of ​​insurance to look into is your home and auto insurance. Now might be the time to insure both cars with one carrier. There may be discounts to be had by combining coverage. Your home or tenants insurance may need to be increased. Discussing it with an insurance agent and shopping around for coverage is a good start. Finally, review your retirement plans. Areas to consider when evaluating employer-sponsored plans are matching contributions, investment options, and loan availability. Decide what you can afford to contribute, then choose the most desirable option. Getting married is a big step in life, so getting professional help might also be a good idea. Consider contacting a certified financial planner to review your new financial situation.

Advice provided by Marc Hebert, one of the founders of The Harbor Group Inc. The business is a registered investment advise. If you have questions about finances or if you want to suggest a future topic, email webstaff@wmur.com.

A wedding celebration takes a bit of planning. From the dress to the invitations, every detail becomes important. Another important aspect of starting a marriage is your finances. Careful planning can mean that you enter your new life with the potential for greater financial success.

The first consideration is whether or not you want a prenuptial agreement. Situations where this may be particularly important are if you have significant assets, current or expected inheritances, or children from a previous marriage. This document will detail what will happen in the event of some form of marriage dissolution.

This brings us to a second point. It’s a good idea to discuss finances before the wedding. It can be a stressful discussion, but knowing the other partner’s financial history can help avoid future problems. Knowing each other’s assets, liabilities, earnings and other income is a fundamental starting point.

This discussion can help you decide how to pay your bills and what your future budget will look like as a couple. This is the time to establish a budget by listing all of your income and expenses. Your budget doesn’t have to be a chore. Be sure to include rewards for prudent spending. The budget will become a guide for the common finances of your household. You can decide your duties in managing household finances. Maybe one of you keeps records and pays the bills. Maybe you’re both involved.

After going through this process, a couple can decide to have a joint account or keep their accounts separate. A joint account makes it easier in terms of record keeping or cost savings, but it can be more difficult to keep track of money flows. Each spouse will need to update the activity.

A discussion about the future is also important. Where do you see yourself as a couple in the future? Are you going to buy a house? What does retirement look like? This discussion could lead to a list of shorter and longer financial goals. Prioritize your goals and how you can achieve them by working together.

Your financial discussion may have raised concerns about your respective debt. It’s a good idea to try to identify and resolve any issues with your debt. At the very least, have a debt management plan in place. Obtaining your respective credit reports is a good idea. This can help you identify credit issues. Your spouse’s credit history can affect both parties’ credit.

Health insurance and benefits are other topics to discuss before the wedding. The cost/benefit ratio of health insurance plans is important in deciding which one might meet your needs as a married couple.

As a couple, review your life and disability insurance. Any existing coverage should be reviewed to see if it is now adequate. You may need a different type or amount of coverage to support your spouse’s future needs in the event of disability or death. Beneficiaries should also be reviewed and updated.

The last area of ​​insurance to look into is your home and auto insurance. Now might be the time to insure both cars with one carrier. There may be discounts to be had by combining coverage. Your home or tenants insurance may need to be increased. Discussing it with an insurance agent and buying the coverage is a good start.

Finally, review your retirement plans. Areas to consider when evaluating employer-sponsored plans are matching contributions, investment options, and loan availability. Decide what you can afford to contribute, then choose the most desirable option. Getting married is a big step in life, so getting professional help might also be a good idea. Consider contacting a certified financial planner to review your new financial situation.


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