CPA Chris Gamble of the New York State Society of CPAs offered up some financial planning advice for newlyweds Monday on News 8 at Sunrise.

“Financial planning is important for everybody, but especially for newlyweds,” said Gamble. “They need to decide how they are going to combine their finances. They’re probably going to be making some significant decisions in the future, like maybe buying a home, or starting a family and it’s helpful to have the financial planning part of that change thought through.”

For starters, Gamble said establish your financial goals as a couple. “Have the conversations about how you want to handle the finances,” he said. “Set some short-term, and long-term financial goals. Examples would be saving on a down payment for a house, or a car, maybe taking a trip. Longer term examples for plans would be college savings, and even retirement savings.”

Gamble said make a list of all of the assets, of all the debts you have, your income and expenses. Create a budget. Use that to keep on track for your savings plan, and your spending plan.

When folks come together and get married, one thing that they have to decide is what they are going to do with their income and how they are going to title their accounts, and how their assets are going to be owned. “Sometimes it makes sense to make them joint,” Gamble said. “Other times, you might want to keep an asset in one person’s name. For example, if someone is looking to rebuild up their credit score, they might want to keep a credit card in their own name, make timely payments, use it wisely, and build back that credit score.”

There are health insurance and life insurance considerations for newlyweds as well. “When two people come together, it’s a good idea to review insurance and benefits,” noted Gamble. “You want to look at your life insurance. You want to look at your health insurance, your auto insurance, homeowner’s, maybe umbrella. Make sure that you’ve got adequate coverage. Also, if both spouses are employed, look at the plans that the employer provides. Figure out, compare the costs, the coverages, and make the choice that is best for the couple.”

Similarly, newlyweds must make a decision about how they want to file their income taxes going forward. “We can’t forget about the taxes,” said Gamble. “Most likely, you’re going to be filing a joint income tax return, so we would recommend that you get a projection done. Determine maybe if you want to adjust your holdings up or down, so when you do file that return, it’s not a big surprise.”

For more information on financial planning for newlyweds, visit the New York State Society of CPAs website, click here.