Finances

Looking for name change advice or some tips for newlywed life? The MissNowMrs experts have created state-specific name change articles and checklists for you. We’ve chronicled our recommendations for how to travel while changing your name AND how to handle voting during the transition.

We’ve also compiled our best guidance for how to handle difficult sister in laws, holidays as newlyweds, the ever-annoying baby questions, and much more. Why? Because, while we are name change experts, we’re also newlywed wives, moms, and sisters.

We hope our name change advice articles help smooth your transition to your new name, and a whole new phase of life. Congratulations and best wishes from the entire MissNowMrs team!

Investing Wisely – A Few Tips for Newlyweds

Investing wisely – a few tips for newlyweds are necessary. So we did the research for you! Most newlyweds know that investing can be riskier than just stowing money away into a money market account or CD. As a couple, you may have very different ideas on how to invest your earnings. Instead of every man and woman for him or herself, you should talk to your partner and find out what he/she would like to do as well as inform them of your own ideas. Together, you will be able to find a comfortable investing balance.

Studies show that men are bigger risk takers than women (no surprise there, right ladies?). Some husbands may want to go all in like a poker game – “I have a good feeling about this!” Most wives, on the other hand, would rather their retirement savings stay where they are, safe and sound earning a small but steady percentage in the bank. So how do you find a balance?

By talking to one another (it’s always about clear communication!), you can figure out what your long term and short term goals are. Examine your budget and decide what sort of investment risks you are actually able to take. If money is tight, it’s best to avoid any sort of risk until things are more stable. If you have plenty to play with, you can try jumping into the pool and seeing what happens.

Overall, both of you need to agree on where you stand and how to handle your funds. Don’t just talk about what you want either – if he wants to invest a lot of money now and you keep saying, “But we don’t have the money!” it may not sink in. You should actually have the numbers in front of both of you so you can see where your money is being spent, how much is coming in, what is spent on bills, and so forth. When money is mapped out, it’s much easier to organize it and control it, rather than just talking about it arbitrarily.

You do both have the option of investing separately; he with his money and she with hers. If you decide to go this route, agree upon which funds should not be toyed with; these can include emergency funds, retirement funds, and the amount needed for basic living expenses.

Whether you invest together, separately, or not at all, you should consider coming together once a year and reevaluating your portfolios and budget. Make sure it all balances out and that the risks are worth taking.

Are you investing wisely – a few tips for newlyweds… did ours pay off? What investments (risky or not) have you and your spouse taken? Did they pay off or cause too much tension in your relationship? We’d love for you to leave us a comment!

Dealing With Spousal Debt

How do you handle dealing with spousal debt? Being a newlywed is full of the bliss of being with the one you love, which includes bringing their life together with yours. That also includes their financial situation. Unfortunately for some, it means introducing debt into their brand new life. Money is a big stressor on marriages, but before you panic at the idea of debt tarnishing your new life together, take some time to consider a few things.

It’s important that you know about the debt early on so you can take steps to handle the problem as soon as possible. After all, marriage is about trust and understanding. Marriage does indeed change everything about a person’s financial standing. Depending upon your living conditions before marriage, you may still be used to handling your finances as an individual. But now you’re sharing your life, so it’s time to start sharing your plans on money. This may actually continue within your marriage; your spouse uses the money brought in through their occupation to handle the debt while you handle other financial areas of the marriage.

Remember that debt accrued by your partner essentially remains theirs until you put your name into the mix. For example, a loan under their name remains their responsibility by law unless you help to refinance it. Credit card histories also do not suddenly merge after you marry. Only things you do together, such as purchase a house, become the responsibility of both.

As for handling the debt, ultimately it is up to the decisions made by you and your spouse. It comes down to your financial planning and how you want to manage the debt. Will both of you help pay it down? Just one person? Take some time to sit down with your partner and talk about the debt, your income, and what steps should be taken in order to remove the debt from both your lives. Once you discuss the matter, it can be appropriately handled and eventually you will see the debt go down until it disappears completely.

If you still find that you have problems, you can always go to a credit counselor or other debt counselor to see if there are ways to reduce loan amounts, interest rates, and improve your budgeting skills. Remember, your partner doesn’t want to be in debt anymore than you do and will need your love and support. Don’t let money get in the way of your happiness when it doesn’t have to!

Do you have any helpful recommendations for our readers dealing with spousal debt? We’d love for you to share your advice in a comment!

Planning for Life Emergencies

Are you planning for life emergencies as a married couple? After the honeymoon and your return from worry-free wedded bliss, it’s time to start thinking of other matters. That doesn’t mean returning to the real world is the end of the fairy tale – quite the contrary. Handling specific emergency money matters early on will help to ensure that the fairy tale lasts as long as it possibly can.

No one likes to think about the “what ifs” and the “what might happen” aspects of life. It’s uncomfortable. But planning for emergencies is important. Things do happen, so having everything prepared beforehand can make life a lot easier afterwards. After all, even with a great career, something might happen within the company that leaves you jobless. Or that person on the highway was on his cell phone and you find yourselves looking for a new car.

Since we all know money doesn’t grow on trees, it’s important to stow some away for the unexpected, should it ever occur. So how much should you hide under the mattress (actually, it’s better that you hide it in a bank with good interest rates)?

The best approach is to have at least 3 to 6 months worth of living expenses waiting in the wings. Put the money into a money market account because these typically have higher interest rates than a basic savings account. You could put some of the money into a CD for an even higher interest rate, but it is important to remember that CDs are meant to last for a specific amount of time (anywhere from 3 months to 24 months) and removing money early could result in a penalty. So if something should happen (heaven forbid) during the time your CD is accruing interest, you would actually lose money in the deal.

Knowing that you have money available for emergency use will help give you peace of mind. That way you won’t suddenly find yourselves living paycheck to paycheck or worrying about losing your home, filing for bankruptcy, or any other seriously stressing issues. You’ll feel a lot lighter and with the added interest on your deposited money, you will be gaining a little extra cushioning each time.
If you have questions about the best possible way to save your money, head off to a bank with a good rating, good interest rates, and talk to someone about your goals. They can help you find the best solution to saving money for emergencies. Just remember to read all the fine print with anything you decide to do!

How are you planning for life emergencies? Hopefully you have one or this post prompted you to put one together!