Staying financially secure before the wedding

Image source: moneyunder30.com 
It’s good to see that couples are tying the knot even with the COVID-19 pandemic in full swing. Though wedding plans for countless couples have changed drastically, they’ve still found a way to make the most out of their big day.

Here are some useful financial tips for couples about to walk down the aisle in 2021. Steve Sorensen Embezzlement.

Deposit cash gifts.

At almost every wedding, newlyweds are given cash gifts by family and loved ones to celebrate the milestone. Often, couples end up with a huge amount of money. Financial experts recommend using a large percentage of this to pay off any existing debt between the couple. Steve Sorensen Embezzlement.

Decide to go for investments together.

Image source: soundmindinvesting.com

Even before the wedding, couples can already plan to set specific investment goals and the actions necessary to achieve them. Many financial consultants have advised couples about to tie the knot to consider saving for retirement and reducing income tax. Reducing income tax can be made by taking advantage of tax-favored programs like IRAs and 401(k) plans. Steve Sorensen Embezzlement.

Keep individual bank accounts.

While it’s a good move to have a joint bank account, couples are also encouraged to keep individual bank accounts for themselves. This acts as a safety net for potential financial disputes in case of divorce. It also strengthens a person’s own financial know-how. Steve Sorensen Embezzlement.

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