31144/2.05/v1.0/05PFS30 Marriage & Money Setting Up Your Financial Household.

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31144/2.05/v1.0/05PFS30 Marriage & Money Setting Up Your Financial Household

31144/2.05/v1.0/05PFS30 What about the “moneymoon?” It’s when the wedding is over and life together begins — including your financial life.

31144/2.05/v1.0/05PFS30 Marriage and Money checklist Creating a few simple plans in the beginning of your relationship. Create a household budget and stick to it! Pay down any debt accrued before you got married. Start saving for your future together. Plan for the unexpected. As a couple, create a total financial game plan.

31144/2.05/v1.0/05PFS30 Create a budget you can both live with. 35% Housing 20% Transportation 15% Debt 20% Other 10% Savings More than 70% of couples say they talk to their partner about money at least once a week. — Smart Money, November % Housing 20% Transportation 15% Debt 20% Other 10% Savings

31144/2.05/v1.0/05PFS30 Learn the debt dos and don’ts. DO break your bad debt habits. DON’T delay paying off credit cards completely. DO communicate honestly about your spending habits. DON’T abuse your credit. Starting a new marriage with a huge debt load can be burdensome.

31144/2.05/v1.0/05PFS30 DO break your bad debt habits. What’s more of a financial downer than debt? Two people’s debt! The average household with one or more credit cards owes more than $8,000 on those cards. — Parade, July 13, 2003

31144/2.05/v1.0/05PFS30 DON’T delay paying off credit cards completely. The average American household pays about $1,000 in credit card interest per year. — Money.CNN.com, January 18, 2004

31144/2.05/v1.0/05PFS30 DO communicate honestly about your spending habits. According to a survey, almost 40% of men and women admitted lying about how much something they bought had cost. — Smart Money, November 2003

31144/2.05/v1.0/05PFS30 DON’T abuse your credit. Impulse purchases can really hurt. As of September 30, 2004, 1.61 million bankruptcies were filed. — Administrative Office of the U.S. Courts, December 3, 2004

31144/2.05/v1.0/05PFS30 Save for a rainy day… and more. Saving and investing is key. Emergencies: enough to cover 3 months of expenses Short Term Goals: save up for big ticket expenses Child’s Education: starting early makes a difference Retirement: Social Security can’t do it all

31144/2.05/v1.0/05PFS30 Saving for: emergencies According to a recent survey, only 28% of households said they have enough money saved to weather a financial hardship. — Money, April 2007 It’s essential to have cash on hand. A good goal to shoot for: enough money to cover three months of core expenses. — Parade, January 19, 2007

31144/2.05/v1.0/05PFS30 Saving for: short term goals Wants and Needs: Summer vacation New appliances Travel Big-ticket expenses It’s better to pay cash than get locked into high interest credit card debt.

31144/2.05/v1.0/05PFS30 Saving for: retirement Are you among the 30% of workers that haven’t saved a dime for retirement? — Kiplinger’s, March 2004 Start saving and investing now, because Social Security can’t do it all. The average Social Security benefit check pays just $922 a month. — SSA.gov, “Social Security Basic Facts,” May 2004 Could you and your spouse live on that?

31144/2.05/v1.0/05PFS30 Plan for tomorrow… today Discuss with your spouse a game plan if something unexpected should happen. Term life insurance A will

31144/2.05/v1.0/05PFS30 A Will Talk about each other’s wishes if one of you should die. A will gives legally binding instructions for: The distribution of your property The care of your children if you pass away

31144/2.05/v1.0/05PFS30 Get your financial snapshot. Planning for the unexpected, saving for retirement, paying off debt … as you start your new life together, does all of this seem too hard? It doesn’t have to be.