Think about where you, as a couple, are financially, and how you got there. Now consider where would you like to be financially.
With that in mind, here are some issues for you both to consider.
Debt Management
I can help you come up with a strategy for eliminating debt. For example, are you paying too much on your credit cards and loans? Instead of paying 18% to 20% interest for consumer debt, it may make sense to consolidate your loans for a much lower rate — perhaps as little as 6%, depending on your credit history and current financial situation.
We can also discuss both of your feelings concerning debt — and go through what's considered good debt versus bad debt. I can help you to come up with an action plan for tackling any debt.
Budget Management
What's a fair arrangement for paying the bills? Who's responsible for what? Should you have individual accounts or joint accounts? I will work with you to create a household budget that will help you establish control over your finances. Together we can determine your combined assets, liabilities and what current expenditures need to be eliminated or adjusted so you can achieve your goals.
Contingency Planning and Retirement Planning
A good rule of thumb is to save 10% of your collective net income. Some of the savings can go into an emergency savings account and the rest could be put towards short-term goals like saving for a new car or long-term goals like retirement.
Insurance and Estate Planning
You'll need adequate insurance to protect your spouse from liabilities in the event of a death or disability. You may also want to review your wills and powers of attorney to ensure your wishes are still reflected in those documents.
I hope you find these tips useful. Contact us at your local Investment Planning Counsel and we can discuss your personal situation in more detail. 905-295-2341
1 comment:
I think you are on to something! I remember hearing a statistic recently that 50% of all marriages (in the US) end in divorce, and the number one stated reason for those divorces was FINANCES. As a married couple, the husband and wife come from varying backgrounds and have been taught differently how to budget, pay off debt (get into debt) and plan for retirement. These services you offer just might be the answer to what people are searching for.
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