If you recently got married or are getting married soon, congratulations! What an exciting time for you and your partner.
Married life is not just a new chapter in your everyday life, it is also a new chapter in your financial life. Thinking about money and finances amidst the excitement of getting married may not be as fun and glamorous, but it is important to consider the financial opportunities and challenges that come with marriage.
Here are some suggestions for getting your finances in order when you’re engaged or a newlywed:
- Deciding on having joint or separate accounts
- Consider debt consolidation
- Set long-term financial goals and plans
- Set up payment plans for bills
- Set a budget in line with your financial goals
- Agree on financial roles
- Think about if a ‘prenup’ is right for you
- Set up your will and Power of Attorney
- Consider saving for an emergency funds
Talking about these matters with your significant other and making decisions even before getting married or early on in the marriage can help prevent unexpected situations in the future. As your broker, I am here to help you to get your finances in order and make informed decisions.
Money doesn’t buy happiness, but having sound financial habits and plans in place can contribute to living happily ever after.
Get in touch today and we can work through it together