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Relationships 101: Couples That Invest Together Last

Relationships 101: Couples That Invest Together Last

The money talk between couples is sensitive and should be approached carefully; it can make or break a relationship. Dealing with finances before marriage can be easy, but when a partner comes into the picture, some changes will need to take place for you to manage certain investments. After being married for some years, both of you will probably have figured out which credit accounts and expenses to share and those that should remain separate.

Image via Shutterstock by SFIO CRACHO

When it comes to long-term, bigger-picture finance plans for the future, making decisions can be challenging. Some strategies can work well for each individual but become a whole different approach when you are together. Below are a few investment tips that you and your spouse can utilize.

Keep aside savings for retirement

As you start saving for your retirement, talk, and decide on issues concerning retirement with your spouse. They include when you would like to retire, where to travel, where to live, and if you will need to start a business so that you can be on the same page. The recommended amount of investment is 15% of your total income once you clear your debt and have a fully backed emergency fund.

Weigh different investment options

Make use of accounts like a Roth IRA and your work 401(k) that offer various tax advantages. While you can combine finances and open joint bank accounts once you’re married, you can’t open a joint IRA or 401(k); they are only for individuals. Currently, taxable joined investment accounts are available. However, only invest in them once you max out tax-advantaged accounts.

If you have a spouse that stays at home while you work, you can still save with a spousal IRA. They have the same income and contribution limits as other IRAs, but to save with it, you must file a joint tax return.

Choose an ideal healthcare plan

Health insurance is one of the most expensive household expenses. If you both have access to health insurance provided at your workplace, you can decide whether to double up under one spouse or have individual plans. You can move the entire household into a family plan or cover your children under one parent. Where one partner has strong coverage in areas like vision, and dental plans, consider the size of out-of-pocket and deductible maximums.

Consider how often you and your household seek treatment, and look for benefits in healthcare niches such as mental health care, special needs therapies, and fertility treatments. Also, include your preferred doctors in your plan.

Get life insurance to protect your loved ones

If you have a family that depends on you, life insurance will protect them in case anything happens to you. As much as you are saving for retirement, life insurance will give you and your family some peace of mind. You can both get a policy of about 15 to 20 years, worth ten to twelve times your yearly income. Once your life insurance term is over, you will be self-insured with your retirement savings.

Plan before Investing in a family home

Purchasing a home is one of the crucial steps you and your spouse will take. Before you start going over real-estate websites and organizing a list of things you’d like for your house, ask yourself the following questions.

  • Why purchase a house now? Consider if you need to buy one because you need a bigger home for your family if you want to stop renting, move to a better neighborhood, or if new constructions are coming up that you would like to invest in.
  • How much can you afford? Agree on a budget that is affordable to avoid future disagreements over excess budget costs. Visit MortgageCalculator.Org to estimate your monthly payments and figure out the amount you can qualify for.
  • How is your credit score? Request for both of your credit reports and go over them carefully. If there are any errors, you can have them fixed on time to avoid delay in mortgage approval for your dream home.

Hire an investment professional

To achieve your investment goals, hire a professional who will guide you. Poor investment decisions can cause major setbacks, financial mistakes, frustration, and tension between couples. Professionals will analyze your investment options and see you through all the processes making your work easy and more successful.

Bottom Line

To create lasting fulfillment in life and love, you need to discuss as a couple your investment options to secure your future. Save for retirement, understand the available investment options, and choose those that are favorable. Also, get life insurance, choose an ideal healthcare plan for you and your family, plan for your dream home, and hire a professional to guide you.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.

Summertime Home-Improvement Projects You’ll Love

By Guest Blogger, Diana S.

Summertime Home-Improvement Projects You’ll Love

 

If you’re thinking about home-improvement projects, the best season to do them is summer. Doing any construction or renovation project is easier then since you can avoid bad weather and huge chances that finishing all the work will be postponed. Therefore, here are some great ways to treat your home and yourself to an upgrade this summer.

Take a long bath

Summers tend to be long, hot and sticky in Australia, and whether you’re indoors or outdoors most of your days, that moment when you finally get into a bathtub for a nice, relaxing bath to wash away that horrible sweat can be the highlight of your day. That’s unless you don’t have a bathtub. So, if your bathroom is old and outdated, invest in some new bath or shower fixtures that will do their job better than the old ones, making you feel refreshed and clean. This is an investment you can enjoy not only in summer, but all year long. Plus, this type of renovation adds to your property appearance and value, in case you want to sell your house one of these days.

Cool down

When the temperatures go way up, all you want to do is crawl into a chilled corner somewhere and wait for the sun to go down. This is especially true for the big Queensland cities, due to the huge areas covered in pavement and concrete. That’s why upgrading the air conditioning in your home this summer is an amazing idea. Find reliable and professional Brisbane electricians and have them install the best air conditioning system on the market, so that you can be cool during summer and warm in winter. If a new air conditioner is too expensive, you can always opt for the second best option – a ceiling fan to make your home more comfortable in warmer weather. You can even install both, so that the ceiling fan improves the cold air circulation inside your home.

Enjoy your backyard

Your backyard is an important part of your home, a place where you can spend your summer days, entertain your friends and have barbecues. So, make sure your driveway and any other paved areas get pressure washed, that your mow your lawn regularly, and that your flowers are tended to. If possible, you should have a tree or two in your backyard, so that you can enjoy the shade they make when being in the sun becomes unbearable. If you don’t have a tree, consider the alternatives, such as various big umbrellas or custom-made awnings that can protect you not only from the sun, but also from the summer rain. Doing landscaping only takes some time, good will and a bit of skill, and it can improve your quality of life during summer, as well as the impression your home makes on your guests.

Relax on your new deck

If you haven’t built one by now, there’s no reason to wait any longer. A deck is a very useful addition to your home – one that can easily connect your living room to your backyard, creating extra space for you to sit down and sip cold lemonade or iced tea when it gets too hot. This is an upgrade that doesn’t take too much time and can be a great DIY project, if you’re one of those amazing handy people. You can benefit greatly from your deck by placing some comfortable furniture there, or even an outdoor kitchen, so that you don’t even have to be indoors when you cook. If you already have a deck, check if there are any loose boards, or if there’s anything damaged that you should fix. Also, it might need repainting, which you can do yourself, or hire a professional. And if you want your deck to be perfectly clean for this summer season, you can use a pressure washer on it, as well.

Whether you invest your time or your money in your home, you can make it look better, increase its value, and create new ways to really enjoy its benefits this summer. And since summer won’t last forever, start your home-improvement project today.

 

 Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.