The LGBT Newlyweds Guide to Money, Love and Fiscal Fabulousness. Los Angeles Financial Planner walks you through the must-know tips to get on the same page financially as your spouse.  As a Gay Financial Advisor in West Hollywood and Palm Springs, I help many gay couples with their finances.

I’ve been gay my whole life, a  Fiduciary Certified Financial Planner™ for nearly two decades, coupled with my sweetheart for eleven years, and married to him for almost 7 years. From this perspective, I’d like to share a few tips for a happy, healthy, and successful marriage to my LGBT couples. While less experienced at marriage (so far), I do have a considerable background as an LA Financial Planner guiding LGBT couples to the point that it has become my specialty.

As a community, LGBT Newlyweds and our relationships face a unique set of challenges. Fortunately, lack of legal recognition is no longer a major issue (though I’m not naïve to think discrimination is finished, the tide has shifted dramatically–and permanently–in our favor). But newfound marriage equality is forcing many same-sex couples to deal with issues they may have been able to previously ignore.

At the same time, all married couples face challenges directly or indirectly related to money and finances. I would never claim to have all the answers to every marriage problem in the universe. But here are some significant ways to help reduce the likelihood of money woes bringing your relationship to an early demise.  The LGBT Guide is just the tip of the iceberg.

Here are the 7 tips I want to convey to the Happy LGBT Newlyweds to guide them towards Fiscal Fabulousness in regards to LOVE and Money.

1. LGBT NEWLYWEDS GUIDE to Financially Plan, Plan, Plan.

Capable couples communicate about money early and often. Ideally, I’d like to see you have a financial plan in place before you tie the knot. Working on (and working out) a financial plan together can preemptively diffuse monetary time bombs and future chaos. Avoiding conversations about your finances now exponentially increases your chances of some small bump in the road turning into a larger issue later. Essential topics include kids, where to live, how much to save, and credit card management.

What are your financial goals? Do you want to buy a house in Los Angeles? Are we going to have kids? When should we take Social Security?  How can we pay less in taxes? What should I do with my old retirement accounts? Common questions GAY Financial Planner LA helps gay couples answer.

2. LGBT NEWLYWEDS GUIDE to Figure Out How to Split Expenses.

Find an arrangement that works for you as a couple. Some couples work a 50-50 split while others share expenses based on the size of their incomes. The important thing is to have an arrangement that you both find fair and that works for you. Not taking this step can easily lead to resentment or fights to overspend in other areas.

3. LGBT NEWLYWEDS GUIDE to Get Your Policies and Paperwork in Order.

You are now a married couple with legally recognized rights and obligations. Make sure your beneficiaries are up to date. Obtain the proper amounts of life insurance, and consider disability and long-term care insurance. Also, remember you will now most likely be filing your taxes jointly. So be strategic with retirement plan contributions and other potential spousal benefits that may be available to you now.

4. LGBT NEWLYWEDS GUIDE to Expect the Unexpected.

Life happens, and odds are if you are together long enough, someone will get sick or laid off, a car will break down, or some other emergency will pop up. Being prepared and having an emergency fund will help keep you on track for your financial goals, reduce the odds of having to cancel the “fun” parts of your plan, and hopefully reduce the financial stress in the household. At the very least a nice financial cushion will mean that a much-needed last-minute trip to Puerto Vallarta won’t end up piling up interest on a credit card.

Do you need Earthquake Insurance?  Do you have the right amount of auto insurance? How big should your emergency fund be? Will be protected if our house burns down in a fire?

5. LGBT NEWLYWEDS Guide to Figure in the Fun. 

If you can afford it, also set aside money for the memory-making good times like vacations, adventures on your bucket list, or all-out holiday binges. Getting into the habit of saving becomes easier when you also include something fun and exciting into the mix. As essential as it is, it may be hard for you two to get excited about contributing to a retirement that could be 20 or 30 years away. But knowing you’re also saving up for a trip to Hawaii next winter might help keep things on track. (Mind you, neither one should come at the expense of the other. But you knew that right?)

6. LGBT NEWLYWEDS GUIDE to Take Action Now.

If you procrastinate and don’t act on your gay financial plan, even the best advice on the planet is irrelevant. The best advice I can give is to get your head out of the sand and start building your financial lives together now, no matter how long you’ve been together. Consider contacting a professional who can help with your specific situation and time frame. Putting a plan into place and saving for your goals means that you won’t outlive your financial resources and indeed have a shot at living happily ever after.

7. LGBT NEWLYWEDS GUIDE to Watch the Waistline Along with the Bottom Line.

All our newly married friends–gay and straight–seem to pack on a few extra pounds in their first year of marriage. Do yourself a favor and cut back a bit on the dining out and ordering in. Your waistline, your spouse, your wallet, and your svelte 90-year-old self will thank you for it. Let the good times roll for sure but keep up with the crunches too.

Until next time and as always Be Fiscally Fabulous, and remember Gay Money Matters.

You might also enjoy “How Love and Marriage will change LGBT Retirement”

DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planning specialist with DRM Wealth Management. He has been helping people reach their financial goals for over a decade. Follow him on Twitter @davidraecfp on Facebook or via his website, DavidRaeFP.com.

How the LGBT Community Can Retire Early and Fabulously