Congratulations! You’ve just embarked on one of the most exciting adventures of your life. As we often learn, marriage comes with its ups and downs. Make smart financial choices early on and you can make sure arguments are restricted to (at worst) “who hid the T.V. remote?” Here are some of our tips for a financially successful and secure future with your new spouse.
Discuss financial goals.
Before you even get married, you should learn your significant other’s spending and saving habits. Since money habits stem from a very young age, it’s important to talk about how financial matters were handled in their family so you can understand your partner’s approach to making, spending, and saving money. If you and your partner are not on the same page regarding appropriate uses of funds, it will be a constant source of tension throughout your marriage. For this reason, make sure both people are part of money-making decisions. You should both know where all the money is, where all the money goes, and have a clear understanding of all aspects of your finances. You never want to be completely lost if the finance-knowledgeable spouse suddenly can’t advise you for any reason.
Consider living off one income.
Using this approach, couples are able to save plenty of money for retirement and investing. While it’s not always feasible for all couples, when it is possible, it affords couples the opportunity to set aside money for the things they really need—keeping funds safe from being spent on unnecessary items. To avoid overspending, put together monthly budgets for the household and stick to them. In order to start your marriage off on the right foot, it’s always a good idea to show regular and consistent commitment to the well-being of your financial safety and security.
Discuss how you’ll help friends or family in need of money.
This may be one of the more sensitive subjects you’ll have to discuss as a married couple. Nevertheless, you should certainly talk to your spouse about how to handle friends and family who ask for money. This is a serious point of contention in many marriages, so it’s better to address your game plan early rather than sweep it under the rug because it’s uncomfortable.
Buy life insurance.
If you haven’t already, taking out a life insurance policy for you and your spouse is a great way to achieve some peace of mind. Even if this is the last thing you want to be thinking about as a newly married couple, it’s usually a must-have for protecting your family should something happen to either of you. Talk to your insurance provider to learn more about your options.
Meet with an advisor.
Now that you’re officially starting a life together, meeting with a financial advisor together is a great idea. A registered financial advisor will ask all the right questions so you can get a comprehensive understanding of your finances and financial plan as a married couple. You’ll also both build a relationship with this individual so you can feel comfortable turning to them as a resource whenever necessary.
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