Women and Investing

 Money matters to address before the big day

 Six financial fundamentals that could help you get closer to your financial happily ever after.

09 Feb 2023

3 minutes

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As you prepare to take the next step in your relationship and say, "I do", it's important to consider how you will manage your finances as a married couple. While every marriage is different, there are steps couples can take to increase their chances of managing their money effectively.

Here are some important topics to consider before tying the knot:

1 Debt and credit scores

Do you each have any outstanding debts? It's important to be transparent about these and to discuss how you plan to pay them off. Discuss any outstanding debts, such as student loans, credit card balances, or car loans, and create a plan to pay them off as soon as possible. Your credit scores can also impact your ability to secure a bond, so take the time to review and understand each other's credit reports.

2 Budgeting and spending habits

How do you both approach budgeting and spending? Do you prefer to save for a rainy day, or do you enjoy splurging on big purchases? Establishing a shared understanding of each other's spending habits can help you avoid any misunderstandings down the road. Establish a joint budget that accounts for your combined income, expenses, and savings goals.

3 Savings and financial goals

What are your long-term financial goals, for example, buying a house, saving for retirement, or starting a family? Having a shared vision of your financial future can help you make decisions that are aligned with your goals. Consider setting aside funds for future expenses, such as a down payment on a home or a family emergency fund.

4 Retirement

Make sure you have a plan in place for your retirement years, whether that's through individual retirement accounts, employer-sponsored plans, or a combination of both. It is important to start saving early and consistently, as compound interest over time can have a significant impact on the size of your retirement nest egg. Regularly review your retirement plan, considering changes in income, expenses, and financial goals. Consulting a financial advisor can be helpful in creating and managing a retirement savings plan.

5 Insurance

Review your current insurance coverage, including health, life, and property insurance, and make any necessary changes to ensure that you and the family are fully protected. Having adequate insurance coverage is an important aspect of financial planning. It helps to protect your assets and provide for your loved ones in case of unexpected events such as death, illness, or damage to your property. Consult with an insurance professional if you have questions or need guidance in selecting the right coverage for you and your family.

6 Estate planning

Getting married is a legal process. It's key to focus on estate planning before you get married and throughout your lifetime. You also need to have a will in place and keep it up to date, to ensure that your assets are distributed according to your wishes in the event of your death. Obtaining sound legal and financial advice is important for this next step in your life.

By taking the time to discuss these important considerations before you say,"I do," you can help ensure that you are both working towards a secure financial future together. If you need financial planning assistance or have any money questions, reach out to your financial advisor. A financial advisor can help you create long-term wealth so that you can retire comfortably. Find a financial advisor using our free tool.

Our Women and Investing hub contains a wealth of information, including planning for retirement and the value of financial advice.

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