Want that honeymoon to go on forever? Get your finances in order.
That’s the financial literacy word of the day, courtesy of this article from the St. Louis Post-Dispatch. “If (a) couple hasn’t yet talked about how they will handle their money,” says author Jerri Stroud, “the marriage could be headed for the rocks before they’ve said their vows.”
It sounds simple enough, but we all know people who failed to do it and paid the price. Stroud advises couples to put everything — everything — out in the open before the big day. That means sharing copies of their credit reports, talking about who will pay the bills, making or updating their wills, discussing insurance, and comparing savings and spending priorities.
Paying taxes changes drastically as well, and the MACPA offers some great tax planning strategies for newlyweds.
Spread the word, then join the CPA profession’s ongoing financial literacy efforts.