A Financial Checklist For The Savvy Bride-To-Be...a must read for you-especially!

by Matt Naniola Pavich

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Before hitching your wagon to the star partner of your dreams, there are a few questions and tips to consider. It’s wonderful be a hopeless romantic, but you don’t want to be hopeless living on Skid Row.  When it comes to your money take the bull by the horns, and know know there’s nothing more sexy, beautiful, and feminine than being in charge of your finances. The editors take our economic concerns to financial expert Matt Pavich,  a 30 year veteran Financial Advisor and Money Manager with Presidential Brokerage Inc.
Here’s the Pavich pointers:
1. Ramp-up your learning curve. Find a mentor, advisor, website, classroom setting, or books that help you connect the dots about all of the aspects of your money. Lifetime financial planning is a multi-faceted subject involving investments, insurances, taxes, and estate planning. These are dynamic topics that most often change over time. Finding a strong resource who will help speed-up your learning curve or develop your resourcefulness is key.
2. Do not depend on the groom to make the financial decisions. Do not be intimidated by him or the topic. Whenever in doubt refer to Rule #1.
3. Keep things separate initially…Or maybe forever. Getting into the groove of living together, sharing expenses, and saving for the future often takes some getting used to. Finding out how you might do things differently and a comfort level before co-mingling is a good idea.
4. Establish an emergency fund. Having three to six months of income saved will allow you to overcome those curves life tends to throw at us.
5. Start investing early. Making mistakes when not a lot of money is at stake, as is with most young people, makes the lesson a little easier to handle. Losing $10,000 versus $100,000 is much easier to swallow.
6. Learn to manage debt. Debt can be your friend (especially when rates are low as they are now) or they can be a hole that takes years to dig out of. Make sure you are aware of all his debt by running a credit check. Do NOT take on the debt of your fiancé.
7. Open a retirement account ASAP. The company 401k or your own IRA is essentially a freebie from Uncle Sam you lose each year you’re not participating. Compound interest is the eighth wonder of the world.
8. Start charitable giving. Giving to charities that are effective in your community is good karma for everyone involved.