Money Talk With Slater

Making Money Across the Board

Monthly archives "September 2019"

Getting Financially Ready for Your New Baby

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Having a baby is a wonderful and joyous time, however they tend to be expensive.

If you’re getting ready financially for a baby or new addition to your family, you most likely have a zillion things going through your mind. Regardless if your mind is on diapers or you’re concerned about childcare costs, below is a list to aid you in preparing for the arrival of your little bundle.

 

Review Your Health Insurance

You’ll need to put your new addition to your health insurance policy. Therefore, take the time to examine your policy now, while everything is a little calm. If you’re presently covered through your job, you can find out how by talking to your insurance company or calling human resources. Also, keep in mind that even with health insurance, you may be responsible for some out-of-pocket expenses when it comes to family coverage plans and childbirth. By looking at your insurance policy beforehand, you will have more time to ask questions and begin saving.

 

Create a Baby Account

Not only do babies need lots of stuff, like formula and diapers, but you’ll also be looking at larger expenses like childcare, car seats, and furniture. It’s an excellent idea to begin saving as early as possible. Create a separate savings account where you can begin putting money in right now. You could also set up automatic transfers from your checking account to your savings account after every paycheck to aid you in building your savings without having to think about it. When the baby is here, you’ll be prepared for the additional costs.

 

Create a New Account

If you’re pondering how to prepare for a baby financially, begin putting your budget together sooner instead of later. First, talk to your partner or spouse regarding any huge changes that may impact your finances. For instance, if one of you is considering staying home after the baby comes, now is a great time to plan for living on one income. Examine your present budget. Try to discover some wiggle room in your savings and income. Usually, this is where you’ll discover the money to pay for your new baby expenses.

The Financial Advantages and Disadvantages of Seniors Getting Married (Part II)

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There’s a lot to discuss when you marry later in life. 

Key Takeaways

Two people who want to marry later in life have to discuss assets, finances, housing, retirement, and more before tying the knot.

When linking finances, it’s best to be open about everything from your degree of indebtedness to retirement plans and investment strategies.

Be sure to decide your filing status, update your tax information, and update your name and benefit status with Social Security.

Do estate planning to see that your families’ financial needs are satisfied after you die, and update beneficiary information for life insurance policies and wills.

Combining Finances After a Marriage

Older couples have had more time to get accustomed to their own money management styles and personal habits. They’ve also had more time to garter significant assets. This can make it difficult to merge finances, particularly when one partner is thrifty and the other likes to spend. Or, when one partner has way more resources than the other.

If either partner has young children from another relationship, this will also introduce issues to discuss like the receipt or payment of child support and probably alimony. Even when there are adult children, there are problems of inheritance to make clear.

Some smart planning can help you simplify this transition. Below are some suggestions you can use before walking down the aisle:

  • Discuss each other’s credit histories by looking at credit scores and reports and scores.
  • Decide each partner’s indebtedness and your personal comfort levels with debt.
  • Reach an agreement about how to share bills, savings, and paychecks.
  • Create one joint banking account and an individual account for each partner
  • Decide who will be the primary breadwinner or if you will both be contributing more or less equally.
  • Discuss investment styles and strategies like whether you are conservative or aggressive.
  • Figure out what savings level you’ll want to have as a couple.
  • Discuss what you vision for retirement if you aren’t already retired.
  • Talk about where you plan to live, present and the future.