PHILADELPHIA, PA, August 27, 2013 /24-7PressRelease/
-- Juan Carlos Bertini
, a financial planner and business professional, understands that marriage is one of the most important steps in a person's life -- that, and becoming financially stable. According to a recent article
on NDTV, financial security and management is a contributing factor to a marriage's success.
"People alone have enough trouble with handling money," Juan Carlos Bertini says. "When you and your spouse are equally responsible for financial matter, things become more complicated. I recommend new spouses, business owners, CFOs, college grads, and everyone else with an income to ask for advice from financial planners to ensure continued stability."
The article says the first thing a couple should do -- and often already knows -- is to see how compatible their spending patterns are. Conservative, money-minded people are good at paying bills and saving, whereas aggressive spenders are more apt to buy things without planning. It is important for spouses to communicate and make shared decisions; by working together, there is an innate checks-and-balances money relationship between couples.
After people say their vows, it is helpful to make sure all of their records are updated and on file. This includes changing address if spouses moved, changing surnames, nominees and beneficiaries, and wills. Address changes are important for bank statements, tax reasons, investments, insurance policies, and other financial matters.
For new families, financial planners recommend couples should develop a family budget. Living as a couple is easier to handle when paying for children's schooling, clothes, and food. Take into account while forming a budget shared incomes, expenses, and savings. Having an emergency fund is critical for financial stability in case a car dies, a house needs repairs, or any number or other incidents happen.
"Budgeting is tough for new families," Juan Carlo Bertini says. "Often, spouses have to work together to decide what is important to buy and how much to save."
Insurance is another vital aspect of financial stability. Without dependents, individuals can handle insurance easily enough. But with children, spouses, mortgages, and different types of insurance, it is important to decide what to protect. Life insurance is a priority; the article recommends term insurance as opposed to ULIPs.
Few couples do not have debt. Living alone, it is simple enough to pretend debt payments are a natural thing. In a spousal relationship, however, both parties assume responsibility for one another's debts. Create a debt payoff plan that is flexible and makes sizable progress on paying off debts before kids, mortgages, and other expenses become a concern.
The article also recommends new couples to develop financial goals and plans. When people start families, there is no better time to think ahead to retirement. Also, when it comes to trips, entertainment costs, travel, and other avoidable expenses, families should plan well in advance in order to minimize financial burdens. Financial plans, according to Juan Carlos Bertini, are great ways to reach financial goals that match projected incomes and find investment potential.
Juan Carlos Bertini
has become a well-renowned financial planner over the past 14 years. He has worked for many different companies and clients in this position, but he understands that planning on a smaller scale is just as important. Aside from financial planning, Bertini enjoys hiking, skiing, and photography.