Marriage and Finance

Making the decision to spend your life with one person is an extremely exciting time.   With thoughts of flowers, dresses, family and honeymoons, who wants to think about finance?   Well, before you say your I-do’s and head off on an exotic vacation, there are a few things you may want to think about.

Determine a Set of Financial Goals: Open communication is an important quality in any marriage.  Sit down with your partner and write down a list of financial goals you have.  This may include anything from saving for your honeymoon to purchasing a home.  It may even be saving for retirement.  By taking a minute to write these goals down, you will start off your marriage with an understanding of what is important to you and your partner.  

Make a Budget: Writing down all of your combined expenses, as well as your combined income will give you an initial snapshot at your savings ability and ability to reach your financial goals.

Manage Your Debt: It is okay to have debt, but it is very important to share this information with your soon to be life partner.  No one likes a surprise, especially in the form of an expense. 

Protect Your Family: If your spouse were to loose his/her job, become disabled, or loose his/her life, would you have to compromise your lifestyle?  Would you be able to afford your expenses?  Through the use of Life Insurance, Disability Insurance and Long Term Care Insurance, you can protect your family from these unexpected occurrences. By determining the potential need, you can protect yourself from disaster down the line.

These are just a few recommendations to start you off on the right financial foot.  Congratulations and Good Luck!