Marriage Finances Part 2

Just a short followup to Monday’s piece about marriage finances. I forgot to add a few small things that me and “P” did as well and wanted people to be aware of what’s up.

Gift Cards for Cash

For our wedding, P and I got many gift cards to many stores. It’s very important to note that stores will give customers cash back for gift cards but they need customers to specifically ask for it. So if for instance, you don’t need anything from Macy because you generally don’t shop there, you can go to the customer service desk and ask for cash in exchange for the gift card.

Many people feel guilty doing this because when someone buys you a present, you almost feel obligated to use it. What I have come to terms with is that the nature of why people give newlyweds presents is to help them get on their feet and get a jumpstart in life. Once you have received the present you are free to do whatever you want with it, and the “gifter” will generally be happy with whatever you decide.

You may ask, why wouldn’t everyone just give cash and let the bride/groom decide. I think most people want to be original and give something that the bride and groom will remember them by. Cash is very general.

Till next time.

Marriage Finances

Marriage Update

I just got married to the love of my life, we’ll call her “P”, and P is literally the best thing to ever happen to me.  That being said, P and I needed to spend time working out our finances as soon as we got married because we got handed so many checks at our wedding. After the wedding, we sat together and drew up a few key pointers that we felt were crucial to setting up our financial future together. Here are a few key pointers we came up with.

Living off one Salary

Thankfully both me and my wife work and make very respectable incomes. I work in I.T. and my wife works in Early Development. We decided that we could afford to live off one of our salaries and dedicate the other persons salary toward buying a home, investments, and savings. Once we came to that conclusion we decided to set up our bank accounts in a strategic way to build toward our goals.

Joint Checking

Keeping a joint checking account was crucial because we decided to have all of our automatic bill pay come out of one account. The salary we chose to live off of, would be deposited into that account and luckily our rent, bills, internet and credit cards all point to that account. We also kept a small savings account connected to that account such that we would have a rainy day fund in case “X” happened.

Avoiding Banking Penalties

The other salary would go to a different set of checking/savings accounts for a very simple but odd reason. The US government tracks how many banking transactions consumers make on their accounts. A consumer with a checking account is limited to six transactions between checking/savings each month. For each transaction above six, the consumer is required to pay a penalty. Me and my wife wanted to avoid having to transfer money from one checking to another and then to a savings which would result in an 2 transactions per month and cost us unnecessary charges.

Investment Accounts

My wife is less risky as me and does not invest her money in retirement accounts, I happen to have a large chunk in investments all across the spectrum, from real estate, to stocks, to mutual funds, to retirement funds. I had to spend a large amount of time writing my wife in as the beneficiary of all the accounts. It’s very important to do so once you get married because banks will charge penalties if they need to go searching for beneficiaries.

Tax Exemptions

I had to do some math to see if it made sense for either of us to claim exceptions on our taxes and file joint or separately. I will touch on this in a later discussion, but in the end I claimed an exception on her the entire year since we had set a date on our wedding. Thankfully my wife agreed!

Gift Cards

Who am I kidding, I gave my wife, P all the Amazon, Macys, Bed Bath & Beyond, etc etc etc so that she could properly use them as she pleased. Our registry/wish list was almost fully bought out so I figured all extra things that she felt we needed could be used by gift cards.

All I asked her was for an IHome so that I could play music as an alarm clock!

Marriage life is definitely the best but it’s very important to make sure you’re both set up properly for financial purposes.

Carnival for Financial Planning

Once again we are here with more exciting articles revolving around financial planning. I love financial planning especially now that I am married and have to make a budget with the wife!

Hope all the readers enjoy and as always stay above water :)

 

BUDGETING AND ECONOMICS

j @ Modest Money writes 5 Reasons to Trade Binary Options Online with Nadex – You should trade Binary Options online with Nadex because nadex is legal for US residents, it offers hourly, daily and weekly expirations that allow you to take a view on market developments in the short term, one benefit from volatility even in flat markets, it protects from market spikes and clients funds are segregated.

Gretchen @ Retired by 40 writes August & September Goals Udpate – Take a peek at how my goals came along in August, and what I’m setting for myself in September!

Jon @ Penny Thots writes Fun Activities That Do Not Require Money – Are you living a limited budget? It doesn’t mean that you cannot have a great time. I share with you fun activities that do not involve any money.

Mario @ Debt BLAG writes The free app that lets you download FREE, unlimited ebooks and audiobooks — OverDrive – If your library has signed up, you can download unlimited ebooks and audiobooks through the OverDrive app; here’s how

BFT @ Budgeting For Travel writes Using Credit Cards To Earn Reward Points – One of my most favorite ways to travel for cheap is by using credit cards to earn credit card rewards points.

GenY @ Gen Y Finances writes How Much Should You Spend On Your Next Home? – Whether you are buying your very first home or your forever home, buying a home is probably the biggest purchase you will ever make. Because of this, I’m sure you have several questions on your mind.

Alexis @ FITnancials writes How I Save Money On Groceries + What I Eat – My budget is extremely tight and I try not to spend any money at all unless absolutely necessary. I try to spend less than $60 bucks a week for myself not including going out to any restaurants (which I rarely do at all since I moved to Chicago).

Maria @ The Money Principle writes Five useful tips to get the best holiday value for your money – I’ve never thought of us as rich. We are a middle class family, we have above average income and a healthy net worth. But rich we are not.

Alexa @ Single Moms Income writes Amazon FBA: Finding Products to Sell – Even with a whole store of stuff to go through I found it pretty hard to find really profitable products that Amazon themselves weren’t selling.

Larry @ KrantCents writes Are You Tough Enough for Success? – Success is for anybody who is tough enough to withstand the ups and downs!

Natalie @ Debt and The Girl writes Charity Begins At Home – For the past year and half, I have been donating every month to a certain charity that helped women who had been victims of sex slavery.

Justin @ iPlugin writes Apple Was Just Granted a Patent for a Smart Watch – Electronics giant Apple started a new round of rumors when they were granted a patent for a smart watch design.

Justin @ Edward Antrobus writes Adult Children Refuse to Leave the Nest – Not too long ago if an adult was to say to someone that they just met ‘I live with my parents’, it typically would have set them up for quite a bit of ridicule and disdain.

Marissa @ Finance Triggers writes Using Social Media to Improve the Job Search – 1 in 10 young job hunters are now rejected because of their social media use.

Katie @ IRA Basics writes When and How to Start IRA Withdrawals – Hopefully, when you went to open an IRA, you did so with the intention of using it for long term retirement needs.

Bob @ Dwindling Debt writes How to find the right solicitor or conveyancer – for YOU – in 4 steps! – As the property market starts to pick up once again, more people will be looking for a conveyancing expert to help them as they either buy or sell their home.

Hadley @ Epic Finances writes When’s the best time to make your first investment? – Not surprisingly, first-time investors usually have a little bit of anxiety about when the best time is to make their first stock purchase.

Amy @ Money Mishaps writes This is Why People Hate the Airlines – Most people really love to travel but really hate airlines.

Matt @ Budget Snob writes Financial Support for Single Parents – If you are a single parent, you already know how difficult it can be to make ends meet with just one income coming into the home.

Jay @ Daily Fuel Economy Tip writes Fuel Saving Questions and Answers for Summer Travel – Gas prices have remained relatively stable, which means to say that they’ve remained at their high price but haven’t gone much higher.

Daniel @ Make Money Make Cents writes How Online Trading Platforms Work – If you’re taking your very first steps as an online trader then you’ve probably already come across trading platforms, but you may be wondering exactly what they are and how they work.

Gretchen @ Retired by 40 writes Must Do’s Before Listing a Rental – Must Do’s Before Listing a Rental

Erastus @ Wise Dollar writes How to Remodel on a Budget – It is possible to remodel on a budget. I share some tips that help you save big money on your next remodel job without sacrificing on the quality at all.

 

CAREER AND INCOME

Lance Bandley @ Healthy Wealthy Income writes Yes I Admit It, I Have a Problem With Your Success in Life – Handing the success of others as they achieve amazing things in life.

Michelle @ Diversified Finances writes Out Of New Ideas For Articles and Blog Posts? – In this post I include my tips to keep the ideas and posts flowing whether you are a brand new writer or you have been writing for years.

Erastus @ Sprout Wealth writes You Can’t Cut Your Way to Wealth – Cutting your expenses is always on top of every personal finance bloggers list. Unfortunately, cutting expenses only gets you so far. You miss the rest.

 

INVESTING AND SAVING

Jay @ Thinking Wealthy writes Explaining Different Kinds of REITs – Self explantory

 

RISK MANAGEMENT AND INSURANCE

Aaron @ Aaron Hung writes Paying Off Student Loans? Here’s What You Need to Know – When you consider that nearly 60% of the graduating class of 2011/12 have over $26,000 apiece in student loan debt, you begin to realize the depth of the student loan crisis in the United States.

 

REAL ESTATE AND PROPERTY

Little House @ Little House in the Valley writes What My Housing Budget Will Get Me Right Now – I’ve budgeted a reasonable amount for a “starter” home and am hoping to snag one for under $410,000. First, let me list my requirements:

 

RETIREMENT AND TAXATION

Mel @ brokeGIRLrich writes Should You DIY Your Will? – Is it legal to DIY your will? Is it difficult? Will it hold up in court? Let’s find out!