Getting Married (or re-married)?
Financial Advisor Timothy Roof, CFP® suggests six tips for merging your money.
1. Discuss your finances and be open and honest with each other.
2. Develop a budget and plan to adhere to and learn to compromise.
3. Discuss merging finances and opening a joint bank account.
4. Don’t spend more than you make…just because you can afford to make the minimum payment on your credit card doesn’t mean it’s a good deal. Credit card debt could get you in trouble somewhere down the line if something adverse occurs with your employment situation.
5. Save first from income earned for various goals such as retirement, home purchase, etc.
6. Build an emergency reserve in a liquid savings account that could cover 3-6 months of ordinary living expenses.