Smart Financial Moves for Newlyweds

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If you are busy planning the perfect wedding, finances may be the furthest thing from your mind. You might be aware of the wedding costs themselves, but you are probably not thinking too much about 401(k) balances, life insurance, IRA contributions and other long-term financial matters. That is understandable, but ignoring your financial future does not make it any less important. There are a number of smart financial moves all newlyweds should consider. If you and your spouse are getting ready to tie the knot, these tips can help you get off to a great start.

  

Compare health insurance coverage. You and your new spouse will probably be eligible for family coverage, and that could leave you paying less than when you were both on your own. Compare your costs and coverage options carefully to maximize your coverage and minimize your costs. 

Shop for car insurance as a couple. You may pay less for car insurance now that you are married. If you and your spouse have coverage through different companies, call both firms to compare prices and coverage options.

Adjust your tax withholding. Your tax situation will change as a result of your marriage, so now is the time to adjust your withholding. You and your new spouse should contact your respective employers and request new withholding forms. 
  
Set up a joint bank account. Once the dust has settled and the honeymoon is over, you and your spouse will want to set up a joint bank account. Many couples prefer to set up a his, hers and ours account - one main joint account and separate smaller accounts for each spouse. 


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Update your beneficiary designations. If your spouse is not already the beneficiary on your life insurance, financial accounts and other assets, now is the time to make the change. If you do not have life insurance, click the link above to compare rates. This should be a top priority for newlyweds. 
  
Contact the Social Security Administration if you choose to change your name. You will need to let the government know that your name has changed so you do not shortchange yourself or your spouse on future benefits. 
  
Review your finances and make plans for the future. Gather all your financial documents, including credit card bills, investments and other assets. Once you know where you stand, you can start planning your future together. 


About the author: Sonny Choun is part of our Marketing Team here at Pivot Insurance. He enjoys playing outdoor sports, bowling with friends, and spending time with family. His talent and expertise are a reflection of the Pivot culture. He believes life insurance is an essential part of a family's financial security. Sonny can be contacted at 1-800-651-1953 or schoun@pivot.com.

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