If your considering getting married it’s important to understand where you both stand when it comes to your finances. Some of us are big savers and some are spenders, find out your partners money habits and discuss financial goals.
Do you want a house, children, travel, do you have specific retirement goals?
Marriage can result in higher taxes, especially when both partners are high earners, on the other hand, it’s possible for marriage to result in lower taxes because you can combine deductions and other tax advantages. Find a good tax person or CPA to help you with taxes.
If you have debt be sure to be up front about what you owe. Understanding each other’s debt stories, credit scores, and credit history are important factors to consider before making future purchases together.
Once you and your partner have thoroughly discussed your financial history and habits with each other, you can come up with a plan for how you may want to combine finances. You can start small by opening a joint checking account, which can be a good introduction to learning how to manage your money together. From there, you can build out a budget and start saving together for joint goals.
If you like help with budgeting or how to get started with a financial plan call 320-679-5183.
No comments:
Post a Comment