As newlyweds, you and your spouse will most likely be making important financial decisions and investments, many of these for the first time. As unromantic as it may sound, finances can play a huge role in how successful and happy your marriage will be. It’s no secret that arguing over money puts a huge strain on a relationship, but understanding how to protect these big purchases can help start your marriage off on the right foot. Here are four investments that newlyweds should protect along with a few tips on how to do so.
Your new engagement/wedding ring(s)
An engagement ring is a special, yet expensive investment. Putting an insurance policy on your beloved symbol of love may sound unromantic, but it’s important to make sure that your ring is protected forever. While the sentiment behind your ring is priceless, jewelry insurance will allow you to replace your ring in the event that something happens to it. Keep in mind that just because you may already have a homeowner’s or renter’s insurance policy doesn’t mean that all of your jewelry is automatically covered, so be sure to look into insurance options shortly after the ring is purchased. If you’re not sure where to start, talk to your jeweler. Many online jewelers, including Blue Nile, not only offer an extraordinary collection of engagement rings, but also provide information on how to insure jewelry directly on their website.
Your honeymoon
Your honeymoon is a once-in-a-lifetime trip filled with everlasting memories with your new spouse, but it’s also a huge financial investment. It’s important to plan ahead for a big trip like a honeymoon, but more time before a trip also means more time in which something can go wrong. While travel insurance can’t stop unpredictable events from disrupting your honeymoon, it can protect your investment. Medical emergencies, lost baggage, and tropical storms are just a few occurrences that can be protected by travel insurance. While planning your honeymoon, be sure to explore travel insurance options to see what is covered and help make your planning process less stressful.
Your HOME
Many newlywed couples look forward to buying their first home together shortly after walking down the aisle. From finding the perfect house to picking out decor and doing renovations, there is so much that goes into making your new house feel like home. If you and your spouse are buying a house or have already made the big purchase, consider investing in a home security system. Homes without security systems are 2.7 times more likely to be targeted by burglars. This shows that the mere presence of an alarm system is enough, in most cases, to protect your home and its occupants from a break-in. On top of that, homeowners typically receive a 10-20% discount on their homeowner’s insurance by having a functioning home alarm system installed. Companies like SimpliSafe, offer easy to install wireless home security systems that allow you to keep a close eye on your home no matter where you are.
SHARED bank account
While this isn’t necessarily a purchase, many newlywed couples choose to combine their finances after saying “I do.” This can simplify the process of paying your bills and allows you to have a better idea of your current financial situation. For many, this is the first time sharing a bank account with another person so it’s important to talk with your partner to define your financial goals and create a plan before merging your accounts. Each partner should come prepared with a list of their accounts, debts, and a copy of his/her credit score. Make it a habit to repeat this every few months. Rather than one partner taking the lead on handling the money, both partners should know exactly what’s going on financially to stay on top of bills and paying off debt.