Valentine’s Day financial advice for couples and newlyweds

WE FINALLY DRY OUT AND SEE SUN BY NEXT WEEKEND. JENNIFER: TODAY IS VALENTINE’S DAY. NOTHING SAYS LOVE LIKE HEALTHY FINANCES. JOINING THUS MORNING, SENIOR VICE PRESIDENT OF WEALTH MANAGEMENT AT UBS FINANCIAL SERVICES, RUSSELL WEBER. GOOD MORNING. THANKS FOR JOINING US. >> MORNING, JEN. HAPPY VALENTINE’S DAY. JENNIFER: RIGHT BACK AT YOU. I SAY IT WITH A SMILE ON MY FACE IN TERMS OF NOTHING SAYS LOVE LIKE HEALTHY FINANCES. BUT IT CAN SURE START FIGHTS IF YOU DON’T HAVE ENOUGH MONEY, RIGHT? >> CERTAINLY, CERTAINLY. JENNIFER, I THINK THAT THERE ARE THREE GOOD CONVERSATIONS THAT COUPLES SHOULD HAVE TO HELP GET THEIR PERSONAL FINANCES POINTED IN THE RIGHT DIRECTION. FIRST, ONE OF THE IMPLICATIONS OF GETTING MARRIED IS SHARING ASSETS. WE WANT TO HAVE A CONVERSATION AROUND THE MECHANICS OF HOW TO ORGANIZE THOSE ASSETS. JENNIFER: IT CAN BE DIFFICULT TO GO FROM SEPARATE CHECKING ACCOUNTS TO JOINT. >> COUPLE SHOES MAKE DECISIONS ABOUT WHETHER TO COMBINE ACCOUNTS OR KEEP THEM SEPARATE. IT’S GOOD LONG-TERM IF BOTH COUPLES ARE INVOLVED IN MAKING MONEY AND INVESTMENT DECISIONS WHAT SHOULD COUPLES ESPECIALLY NEWLYWEDS TALK ABOUT IMMEDIATELY AFTER GETTING MARRIED? >> THERE’S A FEW ITEMS THAT YOU NEED TO CHECK THE BOX ON. LOOK AT INSURANCES. FOR EXAMPLE, IF BOTH SPOUSES ARE EMPLOYED AND HAVE HEALTH PLANS, DOES IT MAKE SENSE FROM A COST PERSPECTIVE TO HAVE BOTH ON ONE PLAN VERSUS THE OTHER. LOOK AT BUNDLING HOME AND AUTO INSURANCE TO CREATE COST EFFICIENCIES THERE. YOU WANT TO UPDATE BENEFICIARIES ON 401(K)s, IRAs, 403BS. TYPICALLY, PRIMARY BEEN FARE SHOULD BE YOUR SPOUSE. YOU WANT TO LOOK AT UPDATING WILLS. IF YOU DON’T HAVE ONE, IT’S A GOOD TIME TO CONSIDER GETTING ONE. LASTLY, SIT DOWN WITH A FINANCIAL ADVISER. FINANCIAL ADVISERS CAN HELP FACILITATE, FRAME, AND EVEN IN SOME CASES MEDIATE MONEY CONVERSATIONS. JENNIFER: THAT’S GOING TO HELP NOW WITH THE PANDEMIC AFFECTING SO MANY PEOPLES BOTTOM LINES. A LOT OF FOLKS HAVE TO MAKE A DECISION, WHAT GETS PAID FIRST. WHAT’S THE PRIORITY. WHAT IS SOME OF YOUR ADVICE WHEN IT COMES TO DEALING WITH THAT? >> FIRST OF ALL, I THINK YOU WANT TO SET GOOD FINANCIAL GOALS. I THINK COUPLES WANT TO MAKE SURE THEY’RE ALIGNED AND WRITE THOSE GOALS DOWN. FROM A MECHANIC STANDPOINT, ONE RECOMMENDATION IS TO HAVE A JOINT ACCOUNT WHERE YOUR INCOME FLOWS INTO EACH PAY PERIOD. YOU CAN USE IT TO PAY YOUR MONTHLY FIXED COSTS AND ALSO ALLOCATE FUNDS TO VARIOUS SAFRGS GOALS. IF THERE’S MONEY LEFT OVER, YOU CAN DIVIDE IT UP EQUALLY AMONGST THE SPOUSES TO DO WHAT THEY LIKE WITH IT. JENNIFER: RUSSELL WEBER, THANKS FOR JOINING US THIS MORNING.

Valentine’s Day financial advice for couples and newlyweds

Updated: 2:26 PM EST Feb 14, 2021

On Valentine’s Day, nothing says love more than healthy finances. Joining us is Senior Vice President of Wealth Management at UBS Financial Services, Russell Weber. He discusses some conversations spouses and newlyweds should be having regarding their finances.

On Valentine’s Day, nothing says love more than healthy finances. Joining us is Senior Vice President of Wealth Management at UBS Financial Services, Russell Weber. He discusses some conversations spouses and newlyweds should be having regarding their finances.