Personal Finances

Handling Your Finances


Income Tax
Income Tax is deducted at source as PAYEE. You have to let the tax office of your marriage because tax is calculated on your joint income. If you are not sure contact the tax office who will be able to direct you.
Pensions
If you both make small contributions to these funds, this allows you then to claim on the fund at a later date in the future. This will help you provide for your retirement, you will be part of your employers pension if you are in a permanent job. You can also pay into the government pension scheme or choose a private plan.
Life Insurance
Life insurance is important, it safeguards your family if something happens to you. The insurance should cover your salary, so that bills and the mortgage can be paid. Both of you should be covered, especially if you are both working, if something happens to either of you, the income of the household will be greatly reduced. Although nobody likes to think of the loss of a partner, it is a good idea to ensure that your family is provided for financially if a tragedy strikes. Ensuring that money is available at the right time is the most responsible and caring step you can take. Nowadays there are several types of protection plans available, ranging from basic life insurance through to critical illness cover and income replacement.
*Types of Life Insurance*
	*Life Insurance* Offers a cash lump sum, which is paid to your family on your death, to provide them with freedom of any financial worries. It can be invested to generate an income to partially or completely replace that of a lost breadwinner if the sum is large enough, or debts may be cleared leaving savings in tack.
	*Critical illness* Cover gives financial protection if you suffer from a serious illness. A cash sum is usually paid out when you are diagnosed of all terminal illness as well as a range of other conditions such as cancer, heart attack paralysis, etc. If you are unable to work due to sickness, this insurance pays you a sum in replacement of your income. The income only stops when you recover, go back to work, when the plan expires, or if you die, whichever comes first.
Making a Will
Once you get married and especially if you have children, you should make a will. A will make sure that the property is divided after your death. A solicitor will be able to draw up a will for you at a reasonable cost.
Credit Agreements
Any credit agreements that you may have can still be held in your maiden name.
REMEMBER! There are many types of financial plans available to suit your needs, it is recommended that you speak to the financial advisor at your bank to help you make the right decisions. Always REMEMBER to read the small print when dealing with anything covering money.