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Question From Newly Engaged

This question was submitted by member jjasinsk in our Ask Savvy group.


My question is in regards to a life event that just happened for me — getting engaged.  My fiance and I are pretty young (he is 25 and I am 22) and we will get married in 2010.  We feel like we are in a unique position to start saving money early for the things we would like to have (house, new car, etc), but are not well-versed in finance in general. Should we consider making an appointment with a financial advisor, and if so, what type?

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aukdh aukdh 6 years
I have been married for three years and can't tell you how much it has helped my husband and I to go into our marriage with a financial plan. As a "happy engagement" gift a friend of mine gave us a set of Dave Ramsey cds that we listened to and used to make our monthly budget. He is VERY conservative (like no debt at all and faith based). Personally I think it was a good for us to not have to worry about a credit card bill or car payments. Now is the time in life, because you are young, no one will think it is odd if you live in a tiny little place and drive old crappy cars. Take advantage of that and pile up that $! This is the form we used to make our monthly budget (make sure our rent in on par, how much to put aside for things). Best wishes on your marriage. Use things and love people, don't get the two confused and you'll do great :)
jjasinsk jjasinsk 7 years
Thank you everyone for your wonderful and very helpful comments!
graduatedsqueaks graduatedsqueaks 7 years
Some books I highly recommend for getting started: "The Wealthy Barber" by David Chilton, "I Will Teach You To Be Rich" by Ramit Sethi, and "Young, Fabulous & Broke" by Suze Orman. I also think there are some pretty great websites (both standalone sites and blogs) that go into this type of stuff. Start with a search for personal finance, and see what you find. And you can always search for the certain topics you're interested in (buying a house, setting up a budget, etc.), and you'll get some pretty good information. There's even quite a big collection of 20-somethings writing personal finance blogs (including me!), and so those are good sites to check out as well.
supercoolnat supercoolnat 7 years
Definitely don't spend the money on a financial advisor! Your finances are probably so straightfoward at this point, it's just a matter of discussing goals and setting a budget. And it's easy to start educating yourselves on finance without paying someone. The internet is a great resource, especially websites of money magazines, such as Kiplinger. Also, the library might have books that could be useful.
lauren lauren 7 years
I recently got married and rather than spend on money on a financial advisor, we sat down and discussed what was important to us. Whether it be retirement, house, new car, vacation, etc. Once we decided we started saving what we thought was appropriate for each item. We use ING for our savings since it easy to connect! Good luck and congratulations on your engagement!
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