Newlyweds need new $ tracks

You probably don’t want to leave everything to mom and dad now that you’re married. Review them again when you have kids.

2. Update your life insurance.

This coverage is designed to replace income lost due to death, so make sure the benefits go to your new spouse who’s now dependent upon your income. It’s also a good time to make sure the coverage is sufficient for your new needs.

3. Revisit your retirement savings plans.

If you have individual retirement accounts, update the beneficiary designations here, too.

Don’t forget your workplace retirement plans. Does your employer match your contributions, but your spouse’s company doesn’t? You might want to maximise contributions to the matching plan to take advantage of what is basically free money, says Eric Tyson, author of "Personal Finance for Dummies."

Remember, however, that should you eventually split up, the spouse who didn’t maximise company savings account options could be at a nest-egg disadvantage.

4. Implement a savings strategy.

Some couples like joint accounts; others prefer to have each partner salt away money separately. It doesn’t matter. Just start saving. Ruth Hayden, author of For Richer, Not Poorer: The Money Book for Couples, says that couples who get into the savings habit at the beginning of their relationships "will never regret it."

5. Use your annual tax return as a financial yardstick. It’s a fabulous measuring tool, says one analyst. "If young newlyweds do this, it will make them feel good and help them stay on track."