Financial To Do List for Newlyweds:
Most of the newly wed couples are between 25 and 30 years of age and would combine their hoses holds and finances. There are a number of financial decisions that are on the list of the newly wed couples.
Couples and Money:
It is a fact that over 90% of marriages break due to disagreement among couples on financial issues. Couples could get along easily if they understand their finances properly.
The Family CFO:
It’s a novel concept that teaches couples about basics of personal finance and how they should handle their finances.
Joint or Separate Checking Accounts:
The next thing that the couples may have to consider is to decide upon whether to have a joint or separate account. It mostly depends upon the couple’s mindset .It would however be better to have separate accounts as it would provide more clarity in managing finances.
Can You Afford to have Kids?
People believe that the biggest investment that they make is on their house but actually it is on the kids that people make most of their investments. The next decision that the couples have to make is to decide how many kids to have and how much to spend on them.
Staying in Home with Kids:
The next thing that the couples will have to consider after having kids is to decide whether one of them has to stay in the house to take care of kids. They have to consider whether they could manage the family with one person’s salary.
Dollars and Sense for Kids:
When the kids grow up it is essential to teach them about the value of money and how hard people work to obtain the money.
Saving for Kid’s College Education:
The thing to consider here is to decide how much would be required to pay for a child’s college education. Here one has to consider the worst case scenario i.e. the maximum amount required without considering scholarships.
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