First Year Finances

Newlywed Finances by the Book

Continued (page 2 of 2)

So how does Kendall feel about the richer/poorer question? "We're certainly not made of money," he says. "We're both conscientious about not wasting money on things we don't really need so that we can have money to spend on things we value."

An Expert Weighs In

Kaiser says the Burgemeisters are on the right track but need to refine their direction. "Kendall saying our goal is to pay off student loans in two years is great," she says. "But what tools are they using to make sure that goal is a reality?" What's key here is having a plan in addition to a goal. "A goal is a goal," Kaiser says simply. "A plan is a path to action." Snyder takes this a step further: "Depending on the interest rate of the student debts, it may make more sense to put money towards paying these off rather than putting funds into savings."

When it comes time to purchase Ashley's new vehicle, Snyder also has a recommendation. "Consider obtaining a home equity line rather than an auto loan for the purchase as the interest on the former is tax-deductible and the latter is not."

 
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