Sunday, September 4, 2016

Preparing for Your Marriage’s Financial Milestones

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Marriage is a beautiful thing. It’s one of the great joys in life. And when it’s successful and long lasting, the happy couple will reach a number of financial milestones throughout their lifetimes.
Whether you know it or not, these milestones will have an emotional impact on your relationship as a couple and as a family. That’s why it’s in your best interest to not only know the potential milestones on the horizon, but to also discuss them with your spouse so you can prepare and plan for the future.
When you plan together, and share a dedicated financial focus, you’ll find yourselves in an envious position to tackle the inevitable money concerns that most couples eventually face. And you’ll have a way to handle them effectively and gracefully.
Purchasing a Home
More than anything else, purchasing a new home as a couple will have the biggest impact on your personal finances. Property values rise and fall, depending on the market and the economy. For most couples, they’ll need to take out a mortgage in order to buy a home. But so much than mortgage qualification will be needed.
To buy a new home, you’ll need to consider the following:
  • The down payment
  • Legal expenses
  • Real estate agent fees
  • Mortgage payments
  • Insurance
  • Loan interest
  • Property taxes
  • Upkeep expenses
  • Other unforeseen expenses
When choosing a home, please make sure to choose property that you can afford. And make sure it’s something that you can afford over the long term, for the next 30 years. Otherwise you’ll find yourselves in financial distress, and nobody wants to see this happen to you.
Bringing a New Bundle of Joy into the World
That’s right. She’s having a baby! And for the lucky soon-to-be parents, it’s going to cost them a fortune over the child’s lifetime!
As new parents, it’s so easy to feel overjoyed, yet financially overwhelmed, at the prospect of bringing a new baby into their life. And since this little creature is of your own making, you’ll want to give your little one the best that life has to offer, price tags be damned!
As you can imagine, it’s difficult coming up with the money to pay for all of this baby stuff. Most parents have a tough time affording it all. But there are things that you can do to alleviate the financial burden that include:
  • Look into government incentives. They are often difficult to acquire, but it can’t hurt to give them a try.
  • Negotiate better maternity leave pay with your employer.
Your child will become your whole world. You’ll want to provide the best of everything. This can get expensive. So prepare now while you have a chance.
Losing Your Job
Problems arise, companies downsize, and a whole host of things can happen unexpectedly that could cost you your job. What will you do if you lose your only income source?
This can create serious marital tension to say the least. Always be prepared in case the worse happens when you least expect it.
To wrap things up, please know that marriage is wonderful. But it requires proper planning to withstand the financial ups and downs. Please keep this in mind and always prepare for the worst.

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