In the last post, Her did a good job of listing the emergency/insurance financial aspects of being newlyweds. In addition to those tasks, we also have many money management issues that need to be worked out. They are as follows:
- With the very large student loan payment gift, we’re now left with how we should tackle the remaining loans.
- We haven’t contributed to any non-employee sponsored retirement plans this year. Maybe we should change that?
- What are we going to do with the cash we have saved?
- Since we’re not saving for a wedding anymore, how should we divert the extra cash we have on hand?
- Taxes! We’re definitely going to have to change our withholding and maybe have to take some last minute financial actions to avoid paying hefty taxes this year. I think I messed up my earlier estimate of our tax situation. We’re also unsure about the large gift we did receive and its tax implications. We’re definitely going to have to see a tax guy.
- What are our short (1 year), intermediate (5 year), and long term (10+ years) financial goals?
Ugh, lots to think about. We’ve already been answering some of these questions, but need to make some final decisions. I’ll be posting about the details of each decision in the next few weeks.