Newly Married
Recently tied the knot (or planning to)? Congratulations. You and your partner can now focus on making sure you establish a sound financial foundation. Here are tips to help that happen.
Update important documents
Review your important documents and make any needed updates. For example, you probably want to:
Make your partner your beneficiary on your insurance policies and superannuation.
Draw up or update your will. If you don't already have a will-or your will doesn't list your partner as your primary heir-now is a good time to make that happen.
Make changes to real estate documents and business contracts to include your partner, if needed.
Discuss your spending habits-honestly
This can be a touchy topic. For many couples, talking about money pushes hot buttons and leads to arguments-but it's better to know each other's habits now, instead of letting them be a nasty surprise down the road.
Describe how you handle money, whether you're a financial free spirit or a frugal spender. During your discussion, avoid negative language about your partner's attitudes and habits. Remember, you're in this together, and you need to find common ground.
Talk about your financial goals
What do you want your money to do for you, in both the short and the long run? Write down your financial goals, both shared and individual. Write down how soon you hope to achieve each goal.
Perhaps you both want to buy a house, and one of you wants to go back to school. Perhaps you want to have children, and will need to save for their college education. How you envision your retirement-and how early you hope to retire-should also be part of this discussion.
Also try prioritising your goals. How important or achievable is each one? This will help you prioritise your spending, saving and investing.
If you find that you need help defining your financial goals, ask an investment professional to help you. Investment professionals are trained to help investors of every level with goal planning.
Joint, Separate or Both?
You're emotionally committed, but are you ready to pool your money? While many couples feel comfortable sharing accounts, some opt for separate accounts and investments. This is a personal decision the two of you should discuss.
Bite the bullet and make a budget
How much money do you have coming in and going out each month? How much can you afford to set aside for the goals you discussed? Our Budget Calculator can help you figure it out.
As part of your budget, discuss establishing a safety net-an emergency fund that can cover your basic needs for three months or more should one or both of you be temporarily without income.
Your emergency fund doesn't have to be in cash-you may have it in low-risk, liquid investments, such as an online savings account or a cash management trust.
Learn the value of insurance
Would you or your partner be able to make house payments or live comfortably if the other suddenly passed away? Even if you have life insurance through your employer superannuation, review what amount is actually required to protect you financially.
Preparing for the worst may not be pleasant, but it's better than the alternative-having the worst happen without a safety net in place.
Make sure you also have appropriate health, car and general insurance. A financial setback early in your lives together can severely interrupt you meeting your shared financial goals.
Ask for help
If you have different approaches to spending and investing, why not meet with a us to discuss goal setting? Even if you both agree on the best ways to approach your finances, a financial planner can often identify issues and come up with ideas neither of you considered.
By meeting regularly with a financial planner, you can make sure your finances and investments stay as healthy as your relationship.
To plan a course of action which will ultimately lead to a better life style in my retirement
To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations
When I need help to negotiate the maze of options available to me and to make sure I am fully informed before making any decisions.
 | Financial Planner Dip FP, CFP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious National "Securitor Adviser of the Year" Award for 2008. |
 | Financial Planner Dip FP, CFP, Grad Dip Mgt Licensed Dealer in Securities & Registered Life Insurance Broker. |
 | Accountant BA(ACC) CA FTIA AICD Member of the Institute of Chartered Accountants and Justice of the Peace for SA |
 | Financial Planner Dip FP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious 2009 Securitor "Rising Star of the Year Award" |
 | Mortgage Specialist Cert IV Mortgage & Finance Services, AMC. Winner of the prestigious SA/NT Rookie of the Year Award 2008/09 |