DIY: 4 Key Ways For Newlyweds To Get Their Finances In Order
Now that the wedding festivities have ended, it’s time for reality. Kunjal Mehta from Edward Jones Investments has four key ways for newlyweds to get their finances in order.
A marriage is a new financial start. When couples get together there are adjustments to be made, goals to be set and financial adventures to take. Start by sharing information. Both partners should be fully aware of each other’s financial situations, from spending to debt to investments. With full financial disclosure, you’ll be better equipped to plan together. Review and establish goals. The sooner you set financial goals, the better your chances of reaching them.
Budget! Budget! Budget!
Do you want to buy a new home or move up in the housing market? What about a retirement savings strategy? How much will those goals cost and how long will it take to reach them? Create a budget that will allow you to save and invest enough to reach your goals.
A good budget will help identify how much you earn and spend, and how to divert more income to savings. Decide how finances will be managed. Will one spouse be responsible for a larger percentage of bills and expenses, or will they be shared equally? Will you have joint savings and investments? Who will physically handle financial transactions?
Pay Down Debt
This is stating the obvious but most-often overlooked in the afterglow of a wedding. If you owe money, particularly high-interest debt such as credit card balances, formulate a plan to pay it off. Consider ways to reduce borrowing costs. For example, setting up a home equity line of credit if you own a house and quickly paying off any amounts you borrow.
Get Life Insurance
Reality check: Life insurance is a necessity when you’re married. The last thing you want is for your spouse or family to be left in dire financial straits if something happens to you. Consider disability and critical care insurance as well. Make or update wills. Both partners should have up-to-date wills. This means jointly discussing estate planning needs and goals. You should also have powers of attorney for financial and personal care, in case one of you is unable to manage your financial or personal affairs because of illness or injury.
Establish An Emergency Fund
Keep six to nine months of combined living expenses in an emergency fund. If you run into financial difficulty (perhaps one of you could fall ill or lose your job) an emergency fund can help you get through. It’s a good idea to get help from financial experts. At this stage of life couples can benefit from professional advice, including the services of a financial advisor. With the right advice you can ensure your financial life together gets started on the right note.
Speak with your financial advisor to create a long-term strategy that can help meet your needs today and into the future.
Reported by Kunjal Mehta, Financial Advisor – Edward Jones Investments. 3621 Hwy 7 East, Markham ON, L3R0G6. Office: (905)947-1165, Mobile: (647)388-1391. [email protected].
Edward Jones, Member Canadian Investor Protection Fund.
* Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec), Inc.
Kunjal Mehta is a GTA-based Financial Advisor serving the Province of Ontario in partnership with Edward Jones Investments. His vision for his practice is to help clients achieve their financial goals utilizing his skill and knowledge that have been developed over the course of a 10-year career in the Financial Services Industry and Capital Markets Trading.
Main Image Photo Credit: RinggitPlus.com
COMMENTS
YOU MAY ALSO LIKE
-
Runways Without Borders: International Fashion Encounter Doubles Down With Style, Culture, & Global Glamour
-
What We Know So Far About The Horrific Air India Crash In Ahmedabad
-
Pride In Frame: 10 Queer South Asian Stories To Watch This June
-
From First-Time Dads To Wise Grandfathers: A Father's Day Gift Guide For The Men We Love
-
Beauty Beyond Earth: This South Asian Founder Is Taking Skincare Into Space
-
Cover Story: Art & Identity With Vivek Shraya - “My Cultural Identity Continues To Shape My Art. Sometimes, It’s Loud, Sometimes Quiet, But It’s Always There, Evolving With Me.”
-
13 South Asian Music Maestros Who Revolutionized The Music Scene Forever
-
You Know You Grew Up South Asian If You’ve Heard These 10 Things
-
These South Asian Creators Are Calling Out Wellness Culture - And Millions Are Listening
-
This Might Get Heated: The Ultimate Chai Ranking No One Asked For
-
Exclusive Interview With Priyanka Bose & Raam Reddy On Magical Realism In 'The Fable'
-
A Night At The Museum: Eid At The Smithsonian
-
Power & Representation: South Asians At The Heart of Mark Carney’s Cabinet
-
From AI Ethics To Queer Love: IFFLA 2025 Honours Groundbreaking Winners
-
South Asian Success Today Isn’t Only Wearing A Lab Coat Or Balancing The Budget - So What Else Is It?
-
Mother's Day Special: What Are Our ANOKHI Moms’ Timeless Beauty Secrets?
-
South Asian Glam Takes Over The 2025 Met Gala
-
From Sephora To Space: Shalini Vadhera Makes History With The World’s First Space-Certified Skincare Brand
-
The Ultimate Mother’s Day Gift Guide For Your Desi Mom
-
Cover Story: The Power of 8: South Asian Pioneers Leading A Global Mental Health Awakening
-
Where Chokecherries & Bharatanatyam Collide: 'Takwahiminana' Premieres In Toronto Today
-
The No-Nonsense South Asian Guide To Mastering The 'Glass Skin' Trend
-
Why The South Asian Film Festival of Montréal Is the Cultural Event You Can’t Miss
-
The Brown Wave: How South Asians Are Rewriting Canada's Political Playbook
-
South Asian Cinema Takes Over L.A. – Check Out The Must-See Films At IFFLA 2025!
-
Stress Awareness Month: This Is What I Watch When I Am Tired Of Adulting (And It Works Every Time)
-
Earth Day 2025: Spotlighting 5 South Asian Designers Weaving Sustainability Into Fashion
-
“What If A Mother Divorced Her Dead Husband?” - 'The Roof Is Leaking' Play Explores Why
-
Ever Hosted A Desi Picnic? Here Is Your Ultimate Guide To Wowing Your Family & Friends
-
Stress Awareness Month: Learn How South Asian Textiles & Colours Can Promote Well-Being
-
Caught In The Crossfire: How South Asian Canadian Businesses Are Tackling Tariff Challenges
-
Sneaking Samosas In The Theatre To Watch 'A Nice Indian Boy' With Zarna Garg & Sunita Mani
-
From Blue Lids To Glossy Lips: Wallet Approved Spring Beauty Trends For South Asian Skin Tones
-
WorkWell 2025: A Career + Wellness Conference For Women In PR, Media & Business
-
Star-Studded Biblio Bash Gala Raises Over $1 Million For Teen Mental Health In Toronto
-
Cover Story: The Magnificent 7: South Asian PR Titans Shaping Global Narratives
-
Reimagining 'Mahabharata': An Exclusive Interview With The Visionaries Behind Toronto’s Theatrical Spectacle - Miriam Fernandes & Ravi Jain
-
From Red Carpet To Reality: Stunning South Asian Celebrity Beauty Trends For 2025!
-
'Detective Aunty' & 9 Other Must-Read Spring 2025 Books By South Asian Authors
-
Hindu & Muslim Women Trapped By Partition: Anusree Roy's 'Trident Moon' Brings A Gripping Tale To Toronto
-
CBC’s First South Asian Hit Reality Show 'Bollywed' Enters Season 3 As The Cast Spills All In This Exclusive Interview!
-
South Asian Women In North American Retail: Pioneers In Beauty, Food, Finance & More
-
Experience The Epic Mahabharata Like Never Before – Now On Stage in Toronto!
-
NYFW & Beyond: 4 South Asian Female Fashion Designers Dominating Fashion Globally
-
Exploring The Renaissance Of Female Characters In Bollywood, Hollywood & Beyond!
-
Jewelry Brand Tanishq Sparkles In The U.S. With Grand Openings In Atlanta And Seattle
-
Nail It! The Lazy Girl’s Guide To Putting Spring Into Your Cuticles
-
The Ultimate Holi Style Guide For Your Entire Family!
-
From Margins To Mainstream: Are South Asians Changing Politics Forever?
-
Montreal Natyanjali: Celebrating 10 Years of Indian Classical Dance & Artistic Excellence
-
Beyond Samosas: Healthy & Satisfying Ramadan Suhoor And Iftar Recipes!
-
Cover Story: The Durga Effect: 8 South Asian Women Who Fought For Change And Won!
-
South Asian Stars Light Up Hollywood At Glamorous Pre-Oscar Celebration!
-
The South Asian Takeover: 2025’s Most Anticipated Hollywood Film & TV Releases
-
Get Aunty-Proof Confidence With These Pre-Spring Skincare Tips For Your Brown Skin
-
Beyond Mom-and-Pop: How Second-Gen South Asians Are Turning Family Shops Into Empires
-
Bollywood 2025: The Ultimate Movie Lineup You Can’t Afford to Miss!
-
Mindy Kaling Becomes The Second South Asian Woman To Receive A Star On The Hollywood Walk Of Fame
-
6 Ways South Asian Parents Can Teach Their Children About Black History Month
-
'Little Owl Stories' Celebrates South Asian Culture & Identity Through Personalized Children's Books