4 Fundamental Finances to Consider After Getting Married
Getting Married
Marriage is a wonderful union that brings two people together, allowing them the opportunity to share their joys, their hopes, and their financial opportunities.
Though it may be the farthest thing from your mind after you get married, it is important to plan for your fundamental finances in order to get the head-start you need for your future together.
Keep some of these financial goals in mind for your future with your spouse.
Review your Combined Income
Take a look at your combined income and expenses and see where you can make some changes.
You may need to adjust your budget to account for your new financial situation.
This will also involve combining your finances in a concrete way to better plan for the future.
You can combine your finances by opening a joint checking account and then merging your assets.
This will make it easier to track your spending and save money.
Create Your Budget Together
Work together to create a budget that fits both of your needs.
Be realistic about what you can afford and make sure to include savings goals in your plan.
Talk about your financial goals as a couple and come up with a plan to achieve them.
This may include saving for a down payment on a house or investing for retirement.
Review Your Insurance Policies
Now that you are married, you may have additional insurance options to work with.
Review your insurance policies to make sure you have the right coverage for your new family.
You may need to add life insurance or add a spouse to your health insurance policy.
It can also be a good idea to talk about your debt load at this time.
If necessary, come up with a plan to pay it down. You may need to make some changes to your budget or find new ways to bring in extra income.
Discuss Real Estate Planning Goals
Discuss your estate planning goals and come up with a plan to achieve them. This may include setting up a will or trust.
It can also be a good idea to speak with a mortgage broker, as you will want to figure out financing for your real estate options.
Whether you need to refinance your existing mortgage or plan for future homeownership, a real estate broker can be a tremendous help.
Though it may feel overwhelming to get started, remember to tackle your goals one step at a time.
Create a list and work toward managing your finances carefully and efficiently.
Category: Family Finances
