When you get married, you tie an emotional and financial knot that you have to keep strong throughout your lives together. Here are 7 tips for getting your finances organized to ensure stability and security in your future.
It has long been said that money is the number one cause of stress in relationships and financial arguments can take their toll on even the happiest of couples. To ensure that your finances don’t hurt your new marriage, you must make sure to:
- start planning your financial goals early, be it home ownership, building a family, or saving for retirement
- start clearing away debt and creating a contingency fund
- keep track of both your expenses and spending and create a new household budget that suits both of your lifestyles
- consider term life insurance to protect your spouse in case of your illness, severe injury, or death
Flexible Term Insurance To Protect The Ones You Love
With a new home and dreams of starting a family, we understand that newlyweds need cost-effective protection for their growing family. 20/20 offers affordable and flexible term life insurance to financially protect your loved ones in case of an accident or unfortunate event.
Just Married? 7 Tips For Getting Your Finances Organised
If you didn’t take the time to talk seriously about how you and your partner will manage money together before you get married, now is the time to start. What you have, what you owe, what you spend, and your investment goals, should all be part of the conversation.
In other words: there should be NO financial secrets. Doing so will ensure that you and your spouse will create long-term financial stability and a stress-free, happy future for your growing family.
Here are 7 tips for newlyweds on how to get their finances organized:
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Make a list of your shared assets. Include all the credit cards and loans that you each bring into the marriage. Having a clearer understanding of this will allow you to create a more informed and realistic financial budget.
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Decide how you will own assets. Now that you are married, are you going to own things jointly or individually? Some couples prefer a yours, mine, and ours arrangement. Whatever your preference, you must make it clear early in the marriage.
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Undo your debt. It’s very common for one spouse to enter the marriage with more debt. Tackle these decisions together and develop a strategy to best pay off the debt and save for your future goals.
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Update your paperwork. If your marriage involves a name change, you’ll need to update your driver’s license, passport, social security card, and credit cards. You’ll also need to update your beneficiaries on certain investments (such as if you have full or term life insurance).
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Decide if you want to consolidate. Once you’re married, it may make sense to combine certain accounts. Some couples prefer the convenience of having all their accounts at one financial institution and on one financial statement, but you should work together with your new spouse to determine what works best for the both of you.
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Plan spending and saving together. If you have different lifestyles and different ideas of spending, then you must make agreements upfront about day-to-day spending as well as big item purchases.
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Start a budget. Budgeting isn’t especially romantic but it can make a HUGE difference to the future financial stability of your growing family. List all income sources, day-to-day expenses, and discretionary expenses and list all your goals when creating a budget. Don’t forget to set some money aside for an emergency fund!
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One of the first steps towards creating a strong financial future for your family is by investing in term insurance. Our licensed agents can help develop the right policy for you and your spouse so you can rest assured that your loved ones will always be financially secure in case something should happen to you.
To find out more about our term life insurance, contact our agents at 1-844-974-2020 or fill in our online contact form.
