You’re getting married – congratulations! This is an exciting time with lots of big changes ahead. Right now, you’re probably focused on flower arrangements, hiring a band, booking your honeymoon and registering for gifts. But while you’re planning the festivities, you should be doing a little financial planning too. Here are important areas to discuss before you walk down the aisle — and regularly thereafter in the years to come.
1. Set financial priorities. Do you want to buy a house soon, have children or start a family business? At what age would you both like to retire? What are your dreams for the future — and how much money will it take to make them come true? Among all the other pre-wedding appointments you set, schedule one with your financial advisor. It’s never too early for financial planning — he or she can assess your specific situation and help ensure your financial life together starts off on the right foot.
2. Deal with debt. It’s important to talk about where each of you stands in terms of your credit card balances, student loans, car loans, mortgages or any other type of debt. Evaluate how your combined obligations stack up against your joint income and make a plan for paying them off. Money can be a significant source of marital stress, especially if existing problems only surface after the honeymoon.
3. Plan daily operations. Decide whether you want to have joint banking accounts, individual accounts or a combination. It’s also important to understand the laws of the state in which you reside pertaining to how married couples’ assets and debts are treated. Which of you will be responsible for budgeting and paying bills each month? Ideally, both of you should be involved, and having regular discussions about family finances is a great habit to establish from the start of your marriage.
4. Attend to legal matters. Consider updating your wills, powers of attorney, advanced directives, trusts and other estate and financial planning instruments to reflect your status as a married couple. This is particularly important if either partner already has children. Review your insurance policies — home, auto, health, disability, long-term care and umbrella policies. Also, don’t forget to update your beneficiaries on all your insurance policies while you’re at it.
5. Make an emergency plan. Decide as a couple how you’ll handle a financial crisis should one arise. Ideally, each of you has already set up an emergency fund for that purpose. If not, one of your first priorities should be to establish and build one up as quickly as possible. Hopefully your married life will be blessed with clear skies and calm seas, but a little preparation ahead of time can go a long way toward helping you ride out any rough waves during your journey together.
Getting married is a joyous and important milestone in life. Discussing financial planning early and honestly can help make the years ahead as bright as possible.
Perhaps you’ve lost a job, faced an illness or have been delt a family crisis that emptied out your emergency fund. What are your next steps?
You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Social Security’s financial cliff is coming closer into view. Experts project that the fund that pays for government retirement benefits through FICA taxes will be depleted within the next 15 years.
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