One of the major decisions a couple will face early on in their marriage is whether or not to consolidate personal finances. What are the benefits and drawbacks, and if things were to go awry, is there even a point in keeping finances separate? These are questions and concerns a TIM advisor can help you navigate.
Saving for, and eventually purchasing things like homes or automobiles should be something addressed with collaborative thought. When you choose to jointly apply for credit in any capacity, you are only as good as your weakest credit score. And just because your credit score grants you the necessary credit doesn’t mean that it’s the right thing to do. Stepping back to take a look at the bigger picture always adds some perspective.
The Cost of Children
From the deductible due when you leave the hospital upon delivery to the cost of the wedding, children are expensive. It is critical that your risks are analyzed and mitigated, college savings plans are reviewed and tax benefits are summarized as they change. The earlier you start planning, the more durable your plan will remain.
Saving for Retirement
Dovetailing from the topic of consolidating finances, couples need to decide how they are going to save for retirement. While some people are cognizant of modern divorce rates and want to keep their retirement savings separate, some couples are unfazed and want to do everything together – there is no wrong choice. A member of our team can ask the right questions so you can make the right choice for your household.
Student Loan Debt
Unfortunately, many couples are saddled with an unfathomable amount of student loan debt. A conversation should take place as to how household finances will be allocated to servicing this debt in a reasonable period of time.