4 Essential Financial Tips For Newlyweds

newlyweds

Being newly married is exciting, but the transition from single life to married bliss can be a bit stressful. Marriage means combining your life, home, and budget with another person—use the following financial tips to make the transition easier.

Communicate With Your Spouse

Communication is an essential part of financial success. You don’t have to get permission from your spouse every time you buy a cup of coffee, but you do need to communicate about your general finances.

  • Decide who will be responsible for paying bills like utilities, car payments, and rent. You don’t want to miss a due-date because you thought the other person was taking care of it.
  • Talk to your spouse before making major purchases like a new computer, sofa, or big-screen TV.
  • Have a conversation about your respective incomes and liabilities. Be completely honest.
  • Talk about your spending habits. If there are major differences, work on compromises together.
  • Set financial goals together. Talk about short term goals like paying off credit cards and long term goals like owning a home, retiring, or paying for your children’s education.

 

Evaluate Every-Day Expenses

Combining your lifestyles will change your every-day expenses. Don’t count on everything simply being double what you spent before. For at least a month, track your expenses closely. Pay attention to what you spend on groceries, fuel, entertainment, eating out, clothing, and household goods. At the end of the month, sit down together and evaluate your spending. This will help you set a budget and find places to reduce expenses.

Account For All Debts

It is important to stay on top of all your payments after you are married. Talk to your spouse about your debts and make sure you both know how much is owed, then decide on a payment plan. You may end up paying debts separately, or you may be able to consolidate some payments, but either way, it is important to account for everything.

Invest In Insurance

Don’t risk going without insurance. Unexpected accidents, emergencies, or illnesses can affect anyone. Talk to your spouse about medical insurance, car insurance, life insurance, and renter’s or home insurance. It is important to know what coverage you have as an individual and as a couple. You may be able to add a spouse to your health insurance to reduce costs, or you may find you need to increase your rental coverage to account for your additional property.

Keep the above tips in mind to avoid unneeded stress and conflict in your happy new union. Communication and planning can help you and your new spouse plan a path to financial success.

It’s a new year at Heuer Insurance…. See what’s happening!

Welcome to 2015 and more importantly, welcome to the family known as Heuer Insurance Agency!  As the President of HIA, I am always on the lookout for new, fun, and social worthy events to either support or sponsor!  Most of the Agents at HIA are lifelong Nevada residents,  so you will feel instantly comfortable working with any single one of them, from our awesome receptionist Gina, to any of our Agents, to the owners of the agency, Starla, Adam and myself.  Did the Agent that wrote up your new policy explain our lucrative referral program where we draw for a $100 every month??  Don’t miss out on that one….you could be next!  As I mentioned, we are involved in Social Media and try to give back to our community often.  If you have a favorite charity, or a good idea how or where we might be of help, let me hear from you.  We like a good challenge and love working within the community.
Heuer Insurance Agency’s Referral Program!

Your referrals mean the world to us. We work hard to earn each referral with great service and appreciation for your business each and every day. As our way of saying thank you, we are revamping our referral program for 2015 so that you get instant incentive as well as a chance to win a $100 VISA Gift Card where we will have a winner EVERY month! There are two (2) types of referrals and here is how it works: 1. If YOU let us provide you with a quote on any type of insurance, we will send you a $5.00 Starbucks Gift Card. Additionally we will enter your name into the monthly $100 VISA Gift Card drawing. If you let us quote your Home, Auto and Umbrella you will be entered into the drawing three (3) times!
2.If you provide us with the name and phone number of a friend, family member, co-worker, colleague etc we will send you a $5.00 Starbucks Gift Card. Additionally we will enter your name into the $100 VISA Gift Card drawing for each line of business we get to quote! It really is that simple! All we are looking for is your trust and the opportunity to help you and the people around you. After all, It’s time Heuer Insurance took care of ALL your insurance needs!!! Our Community Involvement!

We believe in helping those who are less fortunate and have not had the same opportunities to pursue higher education like the rest of us. Adam Heuer is currently the president of the Reno South Rotary Club (2014-2015) and their focus and major community project is the Most Improved Student Scholarship Program which is a program designed to recognize high school seniors who have overcome significant challenges whether it be abuse, poverty, substance abuse etc. and have gotten themselves back on track to graduate. The Rotary Club selects 1-3 students from each area high schools and provides them with a leadership weekend and the opportunity to win a $1000-$2000 first year scholarship with the availability for 2nd and 3rd year tuition help as well. These students are selected by a judging panel after presenting their story to a group of 100+ people. The transformation we see in these kids is nothing short of inspiring. We incite you to see this program. If you are interested please call or email Adam.

The Greatest Generation is leaving us faster now than ever before, and we LOVE taking our grandson Brooks to visit Jean Lawson and her friends at Cascade of the Sierra!  These men and women are all hero’s of some type and you can’t imagine how happy they are to see a precious little boy!  It was such a moving experience for the residents, as well as for Starla and Larry Heuer, that we will be rotating which of our grandkids will go with us for a monthly visit.  We are positive as the visits go by that the grandchildren of Heuer Insurance will also gain a valuable life long experience and appreciation for the Seniors in the world.

The Pros and Cons of Reverse Mortgages

reverse mortgages
A reverse mortgage can be an excellent choice for retirees to generate extra income from the equity they’ve built up in their home over the years. It’s not a good option for everyone, so it’s always wise to consider the pros and cons of reverse mortgages before making a decision:
Pros of a Reverse Mortgage
• Funds from a reverse mortgage aren’t considered taxable income (meaning they won’t influence Social Security of Medicare)
• They are loans without any monthly payments (as long as the borrowers continue to reside in the home)—they are paid back when the house is sold, vacated, or when the borrowers are deceased.
• It can provide funding for a single purpose, such as home repairs.
• It can be used as supplemental income in retirement
Cons of a Reverse Mortgage
• High fees, including an “origination fee” which can be as much as $6,000. Other servicing and miscellaneous fees can also be added on, depending on the specific reverse mortgage.
• You must be over 62 to qualify for most reverse mortgages.
• Mortgage Insurance Premium (MIP)—an extra cost tacked on that is basically “mortgage insurance” for your reverse mortgage. If your reverse mortgage is for less than 60% of your home’s value, the MIP will be .5 percent of your home’s value. For reverse mortgages of more than 60%, it jumps to 2.5%.
• If your home loses value, then the amount it sells for may not be enough to cover the reverse mortgage, leaving you (or your family) responsible for whatever is left over.
A reverse mortgage isn’t for everyone. Other types of loans (such as a home equity loan) may be better in certain circumstances. Before taking out a reverse mortgage on your home, it’s important to talk to a mortgage specialist or qualified financial planner.
The right home insurance coverage can protect your home and your assets from a wide variety of calamities, as well as some of the risks associated with a reverse mortgage. To learn more about your home insurance options, talk to an independent agent today by calling 775.358.5554.