3 Important Financial Plans Every Newlywed Couple Should Have

3 Important Financial Plans Every Newlywed Couple Should Have
  • Opening Intro -

    Marriage isn't just an emotional commitment – it's a financial commitment.

    You and your spouse will share in each other's financial successes and failures, which is why you need open communication.

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Once the honeymoon’s over, it’s time to put all your cards on the table. Communicate your financial goals and be honest and upfront about any debts you may have.

Financial planning is smart for everyone, but when you’re married, it’s important to make those plans together. There are three financial plans in particular that newlyweds should focus on.

A Monthly Budget

Your most immediate concern should be your monthly budget. You and your spouse should list how much money you’ll each be making per month and what your bills will be, along with how much both of you intend to save.

By setting a monthly budget that each of you stick to, you’ll start your marriage on the right foot financially. It’s also wise to go over your bills to decide how you’re going to split these and who will pay each bill. You don’t want to miss a payment because you and your spouse weren’t on the same page.

Retirement

Retirement may seem like it’s a long way from now, but the sooner you plan for it, the better. Your retirement savings can grow substantially through compound interest, if you start saving early enough. This doesn’t mean saving from childhood, but it does mean not putting it off any longer.

When you and your spouse contribute as much as possible to your retirement plans, it’s also a tax benefit. It will reduce your taxable income, and your marriage will do the same. This means you and your spouse can pay far less in taxes every year while saving for retirement.

Death of a Spouse

Obviously, no one likes to think about the death of a spouse, but you should be prepared for it all the same. The two of you should set up wills after getting married, or update your wills, if you had them already. One or both of you may also want to set up a trust.

Life insurance plans can also ensure that if one of you dies, the other doesn’t need to immediately downgrade their lifestyle. Although life insurance tends to be affordable, you may get an even better deal if it’s available through your employer.

Financial planning isn’t going to be the most exciting part of your marriage, but it is something you need to do. Get it out of the way early on and the two of you will be better prepared for the future.

Consumer Tips reference:

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