5 Steps On How To Merge Love, Marriage and Money

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5 Steps On How To Merge Love, Marriage and Money.

Money and finance is definitely not an exciting or romantic topic to talk about when you are in love and about to get married. However, it cannot be overlooked. The Australian Government indicates the way finances are handled in a marriage may contribute to overall dissatisfaction as a couple.

It is then worth taking time to plan and prepare for married life, get ahead financially and save yourself from money marital troubles.

Here are 5 steps you should consider when merging your love and money:

1. Name changes

While changing your last name after marriage isn’t a must these days, it’s still a tradition that many women continue to adopt. So if you will be changing your last name or hyphenating it after you tie the knot read on, if not skip to point 2.

What you’ll need to do:

Once you’ve picked up your marriage certificate from the Births, Deaths and Marriages office in your state you can begin time consuming task of changing all your docs to your new last name. Naming a few: driver’s license, passport, super, bank and utility bills.

2. Create a joint budget

The first step to organising your personal finances after tying the knot is working out where both of your cash goes. Some cash can go to; personal loans, credit cards, car repayments. The easiest way to do this is by using an online budget calculator.

The most important thing is to be honest with each other because any type of debt isn’t going to disappear. Good thing is that, as a team will help clear that debt sooner and stay out of debt.

3. Make your partner your beneficiary

Have you ever thought about what happens to your hard earned super in the case of death? While it may be something that no one wants to think or talk about, but we need to prepare for worse case scenarios. It’s then a good idea to nominate your spouse as your beneficiary to ensure they receive your benefits if you pass away. Most superannuation provider have an online form you can fill out and return to them in order to add your partner as your beneficiary and vice versa.

4. Set up everything in both your names

Don’t fall into the trap of keeping all your utility bills, finances and property in your partner’s name as it could affect you in the case of divorce or death.  You never know what the future holds, therefore it’s important you have your own credit history.

5. Keep some financial independence

A good idea is to agree on a saving and spending amount each month, which you both can use  as you please. It’s nice to have that independence and freedom to spend some of your money without having to explain or ask for it.

 

Tina is a DailyStar senior writer. She graduated from Edith Cowan University. Writing has always been something she enjoyed. Her positive outlook colours every aspect of her life. Her motto -Life’s too short so get living.

When she’s not busy writing, Tina is exploring the city she adores, running in her local Park every day, drinking an absurd amount of coffee, taking care of an adorable pup, kids and traveling.

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