8 Financial Must-Dos for honeymooners

My wife and I went tandem bungee jumping together on our honeymoon. There is something about an adrenaline rush like that makes you think about the bigger picture. And as a financial planner for honeymooners, it made me think about planning, we had in place and have a conversation about what our future goals alike.

First, just talking is not the greatest. Open communication between you and your new spouse about your joint financial goals is one of the most important things you can do so that you can avoid financial surprises down the road. Once you know where you stand and where you want to go, you can take the appropriate steps to get there. Here's what we learned.

1. Set up a joint checking account: Even if you plan to keep your finances somewhat apart, it is very useful to have a joint checking account you both access to

2 .. Establish a budget: Make sure you are on the same page about how much you save and expenses on a monthly basis. You will also want to assess the debt you each and implement the plan in your monthly budget to first pay off the debt at higher interest rates.

3. Coordinate benefits at work: FIG join if medical or dental plan of the joint offer better coverage and / or price than what you currently have. Also make sure you are both taking advantage of the company match in your retirement plans.

4. Re-evaluate your overall investment allocation: Now that you have common goals, you must ensure that your investments are not opposing one another. You want to make sure you do not take unnecessary risk by being too overweight to some area.

5. Protection Plans: Someone else now relies on you and your income. Make sure you have the appropriate amount of disability insurance and life insurance in place, so if something terrible does happen, it will not be financially ruin another.

6. Beneficiaries and titling of accounts: Most of your accounts and pension insurance will never go through a will if you die. This is the same with joint accounts. They go directly to the designated beneficiary or the holder of a joint account. Because of this, make sure they are all set up the way you want.

7. Name change: If you change your name, make sure that you update and inform the IRS, social security, credit card companies, DMV , banks, etc.

8. Emergency Fund: Make sure you have enough money readily available in case of emergency. This might be three months to one year of your salary, depending on the degree of security your work and how volatile your income is.

There can be a daunting task to coordinate finances with your new spouse, but it is very important. Once completed, all these steps will help you move smoothly forward financially with your new spouse.

This article is intended only for information purposes and should not be construed as a recommendation to buy or sell securities or securities product. Matt Hoesly is an investment advisor with 1 resources, and a registered representative of Ceros Financial Services, Inc., member FINRA / SIPC. (Resource 1 and Ceros are not affiliated entities). The securities offered by Ceros Financial Services, (not affiliated with Resource 1, Inc.). 1445 Research Boulevard, Suite 530, Rockville, MD 20850. (866) 842-3356 Member FINRA / SIPC