Financial Tips For Newlyweds
1. Don’t blow your wedding money on a cruise or any other short-term purchase; invest it so that one day you’ll be able to use it to put a down payment on a home. If you plan to buy in the next year, keep it liquid by stashing it in a CD or a high-yield online savings account. If buying a house is three to five years away, consider investing in no-load index funds through a company such as Vanguard or Fidelity.
2. Sign up for a free online financial management program, such as Mint.com, Thrive (justthrive.com) or Quicken. These tools allow you to view all of your saving,
checking, and investment accounts, as well as student loans and other debt, in one central place.
3. Automate. Ask your HR department whether they can deposit a portion of your paycheck directly into your savings account. Whether it’s $50 a month or $500, it will add up.
4. Use the free automatic bill pay. You’ll save not only the 44c postage stamp, but also on costly late fees. This works well for fixed expenses such as rent/mortgage, cable, and Internet. For the remaining expenses (Con Ed, etc.) set up reminder e-mails to ensure you pay on time.
5. Order your free credit report every four months. Log onto www.annualcreditreport.com and order one of the three free reports every four months. Make sure there aren’t any errors and see how you can improve your credit score. A good credit score will save you thousands of dollars when you take out a car loan or a mortgage.