Thursday, December 4, 2014

The Newlywed’s Guide to Budgeting and Talking to your partner about finances and retirement

Too good articles you must read if interested in couples finances:

The Newlywed’s Guide to Budgeting by Shannon McNay 

Do you ever feel like you can only learn things the hard way?
That you were told what to expect in certain areas of life but couldn’t fully understand until experiencing it firsthand? I know I do. My most recent first hand lesson was just a few months ago – planning my wedding.
I’ve heard that weddings are hard but I never could have truly grasped the amount of turmoil they can cause in your life without going through it myself. Between the money, the time, and the inevitable disagreements on howitshouldlookwhereitshouldbehowmanypeopleshouldbeinvited, it can feel nearly impossible to get through.
And by the time my husband (still feels weird to say that word!) and I got to the other side, we were convinced that nothing we go through together could ever be that hard again. We were lean, mean, conflict-busting machines.
…and then it came time to sit down and work on our finances together. We had planned to do this prior to the wedding, but with both of us working at startups (read: long hours) and planning a wedding from across the country (SF to NY), we just didn’t have the bandwidth to talk about our finances. So we saved the couples finance talk until after the wedding. Not exactly the best strategy…

Now my husband and I are working to find middle ground after spending the past few months in married life and getting ready for some big changes ahead. In the process I’ve learned a lot about what we should have done, what we still need to do, and how others can make this road a bit smoother in their own lives. Read on for my firsthand guide to newlywed couple budgeting!

Expert Interview with Elle Martinez on Personal Finance for Couples
When should couples sit down to discuss their retirement goals and strategy? How often do you think they should revisit this discussion?

The sooner, the better. If the two of you haven’t already, set aside time this week and have a money chat. You don’t have to do everything in one day.

Start off by talking about what each of you picture for retirement. You may be surprised at what comes out.
  • Where do you want to live (location and home – how big or small)?
  • What do you want to do in your “free time” (volunteer, start a second career)?
  • Do you plan on staying in one location or traveling around?
  • From there, figure out about how much you need to have and work backwards.

I think you should check in with one another about your progress at least every few months, even if it’s just to talk out dreams. Those conversations can be great motivation to stay the course and grow

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