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Set financial goals Buying a home, starting a family, sending the kids to college and retiring are all exciting life goals — but they’re also expensive. As a couple, talk about what you want in life and determine which financial steps you must take in order to get there. Create a budget together To ensure the financial success of your relationship, it’s important to set a spending plan. It will be difficult to save for your future if you don’t have a clear idea of your current finances and how you’re spending your money. Whether you use a software program or a sheet of paper, figure out what you earn and what you spend. Then, see where you can cut back if need be. Agree on what role each of you will play in keeping your finances on the right track. Determine who’s in charge of paying the bills, monitoring investments, filing paperwork and executing other financial tasks. Pay off debt Weddings, buying a home and having a baby are all life-changing events. You may have turned to credit cards to help pay for these. Whether you have a serious shopping compulsion or student loans, it’s time for full debt disclosure in your relationship. Talk honestly and openly about your debt and decide on a repayment plan. Take a vow to forsake all other debt, except for your home mortgage, as long as you both shall live. Discuss your financial tolerance Are you a spender while your spouse is a saver? Does your spouse want to invest in bonds, but you’re interested in stocks? Get to know each other’s personal finance personality and tolerance for financial risk. You may also want to set some financial ground rules like determining a spending limit without first obtaining your spouse’s consent. Update your beneficiaries and wills Contact your company’s human resources department or your insurance agent to update or verify the beneficiary on your disability and life insurance. Make sure your will has been updated. Don’t forget to do the same for your 401(k), bank accounts, etc. Start an emergency savings fund In a troubled economy, many companies are cutting back on jobs. Whether or not your jobs are in jeopardy, now is the time to set up an emergency savings fund. You’ll also want to be prepared if and when the car needs new tires or the roof over your home springs a leak. By setting aside money each month, you’ll accrue savings for surprise situations. Most CPAs agree that your emergency cash fund should be equal to six months of income. Plan for retirement As a family, it may be difficult to save for both your retirement and your children’s education, but it’s important not to ignore your retirement needs. Keep in mind that student loans are available to pay for college tuition — but there’s no such thing as a retirement loan. Take advantage of your company’s 401(k) plan, particularly if your employer matches your contribution. Seek additional resources The VSCPA provides a financial compatibility quiz on its consumer website, www.FinancialFitness.org. Here you’ll also find budgeting worksheets, financial articles, tax resources and more. There are many simple ways to make good money management part of your relationship. Ask your CPA for advice on the steps necessary to make a real difference in your financial future. ATTENTION NEWS MEDIA: CPAs are available for interview on any tax or financial planning topics. Please contact VSCPA Public Relations Specialist Shawnte Reynolds at sreynolds@vscpa.com or (804) 612-9424 to set up an interview with a CPA in your geographic region. The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association dedicated to enhancing the success of CPAs. Founded in 1909, the VSCPA has 8,900 members who work in public accounting, industry, government and education. For general information, please visit the Press Room on the VSCPA website at www.vscpa.com, e-mail vscpa@vscpa.com or call (804) 612-9424. To search for a CPA in your geographic region, visit www.FinancialFitness.org and click on “Find a CPA.” Subscribe to our FREE Ezine and be eligible for Health News, discounted products/services and coupons related to your Health. We publish 24/7. HealthNewsDigest.com We videotape Press Conferences, produce Satellite MediaTour's, B-rolls, PSA's, - all with distribution: HealthyTelevisionProductionstvmike13@healthnewsdigest.com Top of Page 
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