Settling Newlyweds into Happily Ever After

From flowers to guest lists, engaged couples spend months planning the perfect wedding. After the vows are said and the reception is complete, most newlyweds are ready to relax. But there are several steps newlyweds should take before their happily ever after can begin.

“Settling into life as a married couple takes some work,” says Lindsey Leesmann, a recent newlywed and contributor to YesYouCanOnline.info. “If you’re taking your husband’s last name, you must complete the name change in several places. You also have to discuss managing money as a couple and learn how to live together.”

Leesmann offers the following to-do list for newlyweds changing their last names:

Obtain a copy of your marriage license
If you stated you’d be changing your last name when purchasing your marriage license, you’ll receive a copy of the license in the mail. This license should be taken to each location on your path toward a new last name.

Go online
Next, acquire a new Social Security card and update your passport. Complete Form SS-5 and take it to the local Social Security office to obtain a new card. The form can be found on the Social Security Administration’s Web site (www.ssa.gov). Your passport can be changed by completing Form DS-5504, found at www.travel.state.gov.

Drive to the DMV
The next stop for newlyweds is the local Department of Motor Vehicles. Each state is different, so make sure to bring all the items required to get your name changed and renew your driver’s license.

Check in at your bank
Most banks simply need a copy of the marriage license and the account holder’s signature to approve a name change. Some may also require your spouse to be present.

Drop by the post office
To change your name at the post office, just pick up a change of address envelope, fill it out and mail it back.

Once the name change is complete, newlyweds can focus on managing money as a couple.

“Money is often a tricky topic for new couples,” says Sam Goller, award-winning author of “Yes, You Can… Achieve Financial Harmony.” “But it’s important to start communicating about money at the beginning of your marriage.”

Goller offers the following suggestions for newlyweds working to manage their finances as a couple:

Determine priorities
Prior to creating a financial plan, talk about your histories with money and what’s most important to each of you when it comes to money.

Find missing dollars
You have to understand your spending habits before you can spend money in a way that helps meet your goals. Consider keeping a spending journal to find out where your money really goes.

Choose a system that works for you
You may prefer to sit down each month as a couple to pay bills and develop a monthly budget. Or maybe one of you is better at handling expenses and prefers to do it alone. Find a system that works with your needs.

“The key to managing money as a couple is to never stop talking,” says Goller. “With shared determination, a plan and open communication, newlyweds have the power to improve their financial position both now and well into retirement.”

For more information on managing money as a couple, visit www.YesYouCanOnline.info.

Courtesy of ARAcontent

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“Figuring out a fair and comfortable way to share responsibilities and expenses can be challenging,” says Sam Goller, award-winning author of “Yes, You Can… Achieve Financial Harmony” and contributor to YesYouCanOnline.info. “But it’s essential for a healthy relationship. Couples should look at their monetary values and beliefs and work together to decide what type of system allows them to achieve their dreams
as a couple.”

Talking about finances can be difficult for many people. Jim Stowers, co-author of the new book “Yes, You Can… Reach Your Goals and Achieve Your Dreams,” recommends asking questions to begin a dialogue.

“Asking questions is a good way to toss the conversational ball into the other person’s lap,” says Stowers. “It not only helps you learn their point of view, but also what they believe and the direction their thinking is taking.”

Goller suggests couples ask themselves the following five questions to help facilitate a discussion about spending and saving as a couple.

1. How many bank accounts will we have?
2. Who will pay the bills?
3. Are we getting our money’s worth for what we buy?
4. What are our money histories — what did our parents teach us about money?
5. What dreams do we have as a couple? What do we need to do financially to accomplish these dreams?

A couple’s answers to these questions will help define a financial system that provides a foundation on which the relationship can grow. Goller offers three options for couples looking to merge their finances:

The Joint Account — Whether checking or savings, this type of account allows couples to combine all of their financial resources. This option can make life easier for some couples by centralizing the household finances. However, if one person is in charge of managing the account, the other person can feel left out of the financial picture. It also requires that both partners diligently share when they use funds out of the account.

Separate Accounts — Some couples prefer the autonomy of separate accounts. With this system both people are responsible for maintaining their own account, which may include paying some of the bills. If couples choose this option, Goller cautions that individuals may need to work harder to be equally involved in the financial relationship.

“Just because you have separate accounts, doesn’t mean your financial decisions have separate consequences,” says Goller. “You still need to meet on a regular basis and discuss how you are using your money to achieve your common goals.”

A Combination of Accounts — A combination of joint and separate accounts is another viable alternative. This option allows both partners to contribute while maintaining their autonomy. Couples often determine a percentage of income that will be put in both the joint and separate accounts. Individual accounts can be used for personal purchases. The joint account can contain funds for bills and joint purchases. With a clear definition of who’s paying which bills couples can work together to bring financial balance and emotional harmony to the relationship.

“Regardless of the financial style a couple chooses, communicating about finances is key,“ says Goller. “The more you discuss how and why you each spend money, the deeper and stronger your relationship will grow.”

For more information on merging finances as a couple and achieving financial harmony, please visit www.YesYouCanOnline.info.

Courtesy of ARAcontent

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To get to this point, the bride and groom will spend months working out every tiny detail to create their memorable day — color scheme, music, food for the reception, and gifts for the wedding party. During those months, the happy couple is likely to spend quite a sum of money — $25,000 or more for some.

But chances are that even in the midst of all the budgeting, check-writing and credit card swiping, the bride and groom will never discuss their individual approaches to spending and saving money or their current financial situation. As awkward as it might be, this is a talk every couple should have as soon as possible.

As you start your married life, you probably have specific financial goals. Some of these may involve the purchase of big-ticket items such as a car, new furniture or major appliances. You also may want to move, either to a bigger apartment or your own home. Because most lenders rely on credit scores during their evaluation of a credit application, your credit history will affect your ability to realize all these goals. Now is the time for both you and your future spouse to request copies of your credit reports and scores and set aside some time to review them together to help ensure your future financial health.

Credit scoring is almost always used when you apply for a credit card, auto loan, auto insurance, a mortgage, or an apartment lease. It is sometimes even used by prospective employers. “Credit scoring is a way for lenders to evaluate a person’s credit worthiness based on their demonstrated ability to manage credit and debt as reflected in their credit report. Scoring models compare the past credit performance for consumers with similar credit reports to predict who is most likely to repay a debt,” explains Maxine Sweet, vice president of consumer education for Experian. “In most models, a higher number indicates a lower credit risk. Having your credit report scored for your personal review is an important tool for helping you understand what you are doing right in managing your credit and what you can do to improve your credit habits and reduce your risk.”

Credit Tips for Newlyweds

Taking a few minutes to check your credit report and credit score gives you the knowledge you need to plan for your future together. As you merge your lives and your finances, here are a few things to keep in mind:

* Notify creditors if you change your name. They will update your name with the credit reporting agencies when they next report your account information.
* Share your credit reports with each other. If either you or your spouse-to-be has had trouble getting credit alone, try setting up a joint account to capitalize on your shared income and the other person’s stronger history. The joint account will be reported in each name so each credit history will benefit from a positive account paid as agreed.
*Check your credit scores. According to Experian’s National Score Index (www.NationalScoreIndex.com), the national average credit score is 675; for men the average is 673, for women 680. NationalScoreIndex.com also lets you compare your credit score to the average in your state and local area.
* If you discover that your credit history is not as good as you would like, you can take steps, such as paying your bills on time or paying down debt, to make it less risky.
* Keep in mind that your credit report is always changing based on information provided by creditors. It is important to check your credit report regularly, so you can stay on top of changes before they impact your credit rating. Consider signing up for a credit monitoring product, such as Experian’s Triple Alert (www.TripleAlert.com), which provides daily monitoring of all three of your national credit reports and sends email alerts that report key changes.

These simple steps will ensure that your credit history will speak in your favor when you need it.

Learn more about credit at www.NationalScoreIndex.com.

Courtesy of ARA Content

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