5 Financial Tips for Newlyweds – Boca Raton’s Most Trusted News Source

(StatePoint) February is the month of love and one of the most popular times for couples to get engaged. According to a recent survey, 36% of his respondents said Valentine’s Day was the most romantic day to propose. If you’re getting married or just walking down the aisle, here are five things you should do to ensure your financial health.

1. Decide how you will handle your finances. It’s been said that money can’t buy love and happiness, but talking about love and happiness before marriage, or even before marriage, can go a long way. There should be a discussion about owning an account or a combination of the two. Since it is an individual decision, please consider the merits and demerits before making a decision. It’s also good to know the role you’re playing. For example, do you or your partner pay daily bills? Others may want to manage monthly mortgage or car expenses, as well as long-term investments and retirement. If you need help making a plan, we encourage you to seek the advice of a financial her counselor.
2. get life insurance. You may not be aware that February is her Insure Your Love Month, and it’s also the time to think about protecting your loved ones in the event of misfortune. Lou Coraizo, senior vice president of Ellie Family Life, said: “It’s hard to think about the possibility of not being there for a loved one, but having a plan is very important.” Some people may hesitate to look for it, but it’s not always necessary. For example, Erie Insurance has a policy called ERIExpress Life, which may offer insurance through a simple application process without a physical examination. Colaizzo recommends consulting with an insurance agent to find the appropriate life insurance policy and coverage that best suits you.
3. Protect your glitter You may have spent a lot of time and money choosing a ring that you love and can wear every day. Unfortunately, robberies are more common than you might think. According to the FBI, there were over 1.1 million robberies in 2019. Add these items to your homeowner’s or renter’s policy to protect her wedding jewelry and other expensive jewelry. It is a good idea to have photos and documentation of the value of your rings and other precious jewels in case of theft or loss.
4. Renew your car insurance. Notify your agent to make sure you are both covered to drive each other’s vehicles. You may also be eligible for savings such as multiple car discounts and auto insurance bundles with homeowners and/or life insurance. In addition, some insurance companies offer lower premiums for married couples.
5. If you change your last name, please update your records. If either of you decides to change your name after marriage, it’s a big decision and takes a lot of work. The whole process can take months, so it’s important to be patient and diligent. Don’t forget to update all the appropriate forms such as your new social security card, driver’s license, passport, bank account, credit card, etc. In addition, we notify employers of updates to payroll and health insurance coverage.

Marriage is an exciting and big life event. While you and your partner start a new life together, have an open conversation about financial considerations and double-check that insurance is in place to protect the life you’re building.