When a newly married couple comes to a financial planner, there are always five different areas that seem to matter the most. They are starry eyed of course, thus putting these financial musts in front of them is of extreme importance. These are basically: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making a budget, and 5. deciding who is going to act as accountant for the couple.

First, they need to look at what they own or have invested in. For instance, the worth of investments, life insurance policies if they have any, general savings that make some sort of income, cars and the like. Impressing the couple that they need to be conservative when estimating the worth of these items needs to be stressed. For instance, an old computer that they paid dearly for 5 years ago is basically worthless now.

The couple should discuss one of the major assets that most people own: their vehicles. Couples should discuss how long they each plan on hanging on to the vehicle and what happens when it is time to replace one. They also need to discuss what the appropriate expenditure would be for a vehicle as this is very important.

Couples also need to understand how much money each partner brings in. Things such as income from working, annuity payments and interest payment should be discussed so that the couple understands how much total money is coming into the house.

Debt is such a big item that many couples have canceled weddings because one partner wasn’t completely honest about the amount of debt they were in. So be honest about how much student loan debt, credit card debt, mortgage debt, car debt, or any other debt you are in. Then the couple can begin to formulate a plan for deciding how to get out of debt.

If a couple owns a home already or is going to buy one, then they need to understand and discuss the financial aspect of the home. If they already own one, they need to know how much they owe versus how much they own. If they are going to buy a home then they need to figure out how much they can afford to spend on one.

The couple also needs to find a financial consultant who can help them achieve their financial goals. Opening up a bank account together is the first step in joining lives together. The couple should be sure to open a joint account that specifies “or” not “and”; otherwise they will both have to be present anytime one wants to get money out of the bank.

Retirement accounts need to be changed too, so that the newly acquired spouse is now the beneficiary. If the couple does not have life insurance or disability insurance, they should be counseled as to the importance of acquiring some at this juncture.

Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement.

Dorthy Weatherbush didn’t have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple’s first home.