Valentine's Day Proposals: What would you advise a newly engaged couple?

Valentine's Day is only two days away and plenty of people will be preparing to get down on one knee and pop the question.

We asked IFAs for their top five pieces of financial advice for newly engaged couples:

Kevin Anderson, associate director, Budge and Company

Start saving for a house deposit

Buy a home not a house...stretch yourself as far as you can with a view to not moving for 10 years

Be honest on money issues... no hidden loans or credit cards

Start the discipline of saving together

Don't spend a small fortune on a wedding..... I know it a big day but there is so much more you can do with the money

Kevin Bailey, managing director, Wessex Investment Management

Get to know each other's financial situation better than before and possibly consider a pre-nuptial agreement

Consider saving for the big day by making good use of personal allowances if not already started

Consider whether you should continue with separate accounts and/or have a joint account

Decide how finances will be maintained and agree who will control expenditure and how any financial decisions will be made

Plan for other potential big events such as joint house purchase, starting a family or holidays

Mark Woods, partner, Watermark Financial Solutions

Don't do it!

If you really must, then keep separate bank accounts and a joint account for paying your bills.

If you buy property, ensure that you purchase as Tenants in Common so that you each own the right percentage based on the amount you put into the deal.  Also ensure you have your own investments and pensions. This all makes it easier to unwind when/if it goes wrong!

Seek legal advice and write your Wills in contemplation of the impending marriage.

Ensure you enjoy the evening with a romantic dinner and a nice bottle of bubbly

Martin Bamford, managing director, Informed Choice

Talk about money. Set aside some time to have a proper discussion about how you will handle the household finances once you are married. With all of the excitement of planning a wedding, sitting down to chat about personal finances is likely to be low of your list of priorities, yet time spent now will be a good investment in your relationship for the future.

Accept you might have different views about money. Simply because you are compatible as a married couple, it is not always the case that you will both share the same views about money, how it should be allocated and how it should be invested. If you have differing views that is fine, as long as you are aware of these and construct your financial plan accordingly.

Don't make one person solely responsible for the finances. It can be a lonely job, being in sole charge of managing the household budget and your joint personal finance decisions. One spouse is likely to take the lead, as a result of time or expertise, but make sure you are both involved, particularly when making important decisions.

Review your life assurance requirements. Once you get married, you have new financial responsibilities and it is important you have sufficient financial protection in place, should you die or be unable to work due to accident or sickness. Look at your existing protection arrangements and make sure they remain fit for purpose.

Make a plan!Once you have had these discussions about money and made some decisions about how you will structure things once married, write it down in a formal financial plan. If you need help creating this, arrange to meet with an IFA who will complete a thorough review of your personal finance position, goals and objectives. Once the plan is created, keep it under regular review and adjust your goals as things change.