You have enough challenges as you plan your wedding, but it can be just as tough to prepare for the marriage – especially when it comes to finances. We want to make it a little easier for you. Use the checklist below so you can have peace of mind knowing you, your spouse and your new life together are properly protected.
1. Discuss a Budget and Savings Plan
- Here are some conversation starters to get the ball rolling:
- Are you going to combine your finances, including joint checking and savings accounts?
- How much combined debt do both of you have and how are you paying it off?
- Look closely at your combined net income. How much can you realistically save each month for rainy days and big purchases
- Who pays for what and who handles the bills?
Here are some free tools we created to help you plan:
- Spending worksheet: countryfinancial.com/spend
- Budget worksheet: countryfinancial.com/budget
- Debt payoff worksheet: countryfinancial.com/debt
2. Life Insurance
We know – it’s the last thing you ever want to talk about. But it’s one of the most thoughtful things you can do for your spouse. If something happens to you, you don’t want your spouse unable to pay the mortgage, add to the college savings or maintain their standard of living. Life insurance will never be more affordable than it is today, so talk to your insurance rep about it.
3. Home Insurance
There’s some new bling on those fingers. Did you know you can cover the rings on your home insurance policy? Talk to your rep about it.
4. Liability Insurance
Now that you’re married, you and your spouse have a combined net worth that probably exceeds your current coverage on your home and auto insurance policies. But, if there was a major accident on your property or while driving, are you sure you’re protected? Liability insurance (sometimes called “umbrella” insurance) helps answer that question.
5. Find a Pro to Help
This is so much more than how much you’ll put away in savings each month. This is where you sit down with a professional to discuss your long-term financial goals like:
- Your plans for future lifestyle, your family or career
- What significant purchases you plan to make throughout your life
- How to set up your children for future success
Financial professionals make it their business to take the complex and simplify it with a step-by-step process. The sooner you start, the better chance you have to achieve your goals.
Follow this checklist, and before you know it, you’ll be the most financially savvy newlyweds in your friend group. But forget the bragging rights – you’ll be well on your way to building a legacy and generational wealth. So long as you start these conversations today.
See more: How to Stay Afloat While Riding Through an Inflation-Impacted Reality
About the Author: Laurie Adams, CFP® is a Financial Representative in Peoria Heights and can be reached at (309) 681-8717 or laurie.adams@countryfinancial.com.
Disclosures: Auto and Home policies issued by COUNTRY Mutual Insurance Company®, COUNTRY Casualty Insurance Company® or COUNTRY Preferred Insurance Company®. Life insurance policies issued by COUNTRY Life Insurance Company® and COUNTRY Investors Life Assurance Company®. Issuing Companies located in Bloomington, Illinois.
