Financial Cookie Jar

Jennifer Lane, Certified Financial Planner for Compass Planning publish six basic financial tips for newly weds. However, I think that they apply to everyone, especially couples. Here are some basic tips:

1. Open the books/Have money meetings: Don’t be afraid to look at your accounts. It’s vital that you know exactly what is there and that you discuss it with your partner. When people are not on the same page about finances it leads to a lot of stress in the home.
2. Draw equal allowances: This helps both parties to feel like they’ve been treated fairly, no matter how tight the finances are.
3. Track your money and combine what you can: Plan wisely. Plan for the long-term. What will really make you happy? Or will the things you plan to spend money on only bring very temporary happiness or none at all to your family?
4. Write a debt-pay off plan: Getting out and staying out of debt is vital to a family. Being in debt involves a lot of negative consequences if there comes a time when you can’t make your payment.
5. Write a will and get your estate plan done: This is just a wise plan so that if something should happen the right thing will happen with your things, and it will save a lot of argument.
6. Buy life insurance: This may not be possible for some newlyweds right away, but it is a goal to work towards. There are a lot of safety buffers for you and your family offered by life insurance.

Financial soundness=Family happiness