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Getting married

As you begin a new life together, your financial outlook, goals and priorities change. Combining savings and income with a new partner creates the perfect opportunity to formulate goals, determine time-horizons and establish retirement savings and investment programs.

Getting married is an exciting time but, with so many things to think about, it can be easy to put off thinking about how you will manage your money together after your wedding day.  Taking time before you say “I do” to agree on how you will deal with your finances as a married couple will pay off in the long run.

These 4 tips will help start your marriage on solid financial footing!

With the two of you sitting at the kitchen table, write down the answers to these questions. When you’re done, exchange answers.

1. ORGANISE YOUR FINANCES

  • Work out who is going to pay which bills.
  • Some couples prefer to keep their own separate bank accounts and transfer a set amount each payday into a joint account to cover shared bills. This can be a good option if you have very different incomes or if you just want your own spending money.
  • Some people simply keep their own separate bank accounts and work out who is responsible for each type of payment, rather than setting up a joint account. Every couple is different, so talk to each other about which system will work best for you.

2. DISCUSS YOUR FINANCIAL GOALS

  • What are your financial goals and how are they prioritized? How will you work toward these goals?
  • Work together to create a realistic budget for both of you
  • Focus on your retirement and other long-term goals

3. ORGANISE YOUR WILL, INSURANCE

  • Review your life, health, and disability insurance and make any necessary changes in coverage and beneficiaries as soon as you are married

4. DISCUSS DEBT

  • Reduce or eliminate bad debt such as high interest credit card debt.

From bank accounts to budgeting to babies, it’s important to get organized as you prepare to chart your financial future together.

Once we’ve fully understood your situation and requirements, we can make personalised recommendations on many aspects of your financial life – from protecting your family to passing on your wealth.

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