With wedding season right around the corner, this week's #TipTuesday feature is on Smart Financial Choices for Couples about to tie the knot.
Tip #1 - Have the "money talk" before marriage.
The sooner the better. Address debt, spending habits, and all other things related to money responsibilities before tying the knot.
Tip #2 - Amend your single-filer tax returns.
Uncle Sam has a wedding gift for you, and it's in the form of a lower tax bill. Filing jointly instead of individually will cut your tax filings, not to mention their subsequent cost, in half. You can go back as far as 2010 to amend previous filings.
Tip #3 - Explore options for managing your money.
Figure out which way is the best way for you to manage money as a couple. Whether it's having one joint account or three accounts (two separate, one joint), it's a good idea to iron out the details before the big day.
Tip #4 - Share in managing household expenses.
Both people should take active roles in managing any household expenses. Knowing the ins and outs of your collective finances is always a plus in case of an emergency with you significant other.
Tip #5 - Plan for your future.
Nobody's young forever. Be active in planning for retirement through things like smart investments, 401(k) plans, or BBB Accredited financial planners in your area.