Budget Tips for 'young' newlyweds?

[Claire&TheBoys]

Make sure you adjust your tax withholdings. When my husband and I were newly married, there was still the "marriage penalty" in income tax, and we got bitten hard the first year - owed like $400. With a higher combined income, you'll go to a higher tax bracket, so it's always a good idea to re-visit your W-4 withholdings. There are worksheets on the W-4 that are helpful, and online calculators as well, that can tell you how much you need to have withheld from every check to make sure you don't owe Uncle Sam a big chunk at tax time.

 

[barkley]

-if they both work for employers who offer health insurance, review the plans now and at open enrollment to see which one offers a better deal for a couple (or if it's cheaper to stay on separate plans).

-buy life insurance while you are younger and it's less expensive. dh and i did this when we bought our first home, we did'nt want either of us if something should happen to the other, to also lose their home

-consider buying long term disability and long term care insurance-much cheaper when you are younger. the ltd is a godsend in the event of an injury or illness, and the long term care can be a great retirement investment.

-bundle your insurance with the same company (life, auto, renters or homeowners...) to get multi policy discounts.

-take advantage of the savings you get when you can pay for something once or twice a year vs. monthly (car insurance is a biggie). budget 1/12th of the amount into your monthly budget, and set that aside in bank account to have when the renewal comes due (i save $60 a year this way).