Marriage and Money

Getting Your Financial House in Order as A Newlywed

There is much to organize before you get married and something that should top your list is finances. Before you take that walk down the aisle, you may want to be sure you and your spouse have a strong financial plan in place.

Newlyweds and Money

Financial To-Do List

From where you're going to live to what wall the couch should go on, the first year of marriage is full of decisions. But before you get too settled in, be sure to get your “financial house” in order. Sure, we understand that choosing the right insurance isn't as fun as choosing a new paint color for the kitchen, but it's an important financial step to take as you begin your marriage and new life together.

To help you get started, here are a few financial “to-dos” that you should consider putting on your “just married” checklist:

  • Get life insurance.

    If you both depend on each other's income to pay the bills, now's the time to get life insurance coverage so that you have some protection in place. Income replacement can be just as important for a stay-at-home spouse/parent. Things like childcare, meal preparation, transportation, and housework keep a home running. When you quantify what it would cost to hire others to perform those tasks, the financial importance of a stay-at-home spouse becomes very clear.

  • Establish an emergency fund.

    Money can be tight when you first tie the knot. But it can get even tighter and cause a lot more stress if you don't have the available cash in the form of an emergency fund to cover an unexpected vehicle repair bill or other necessary expense.

  • Create a budget.

    Making a budget isn't as complicated as you might think. It's basically a way of calculating how much money comes into your new joint household and where it all needs to go. By understanding where your income is spent each month, you can better evaluate expenses that could (or should) be trimmed. It can also show you how much money you may be able put away each month in a savings account or to help build your emergency fund.

  • Coordinate any employer-sponsored health plans.

    Now is a good time to review any health plans that you and your new spouse may have through work to determine if you may be better off with one or the other. Begin by comparing plans and pricing to see where you'll get the right coverage at an affordable price. Also, by having one plan, you may have only one family deductible to meet every year for medical and dental coverage, saving you even more money.

  • Update your beneficiaries.

    If you have retirement accounts (either through work or directly with a financial institution) it's important that you update them now that you're married. If something were to happen to you and you want the benefits paid to your spouse, you'll want to be sure that your beneficiary designations are set up accordingly.

These are just a few financial tips that we hope will help you get a healthy financial start to your new marriage and life together. If you're looking for more helpful money and budget information as a couple, be sure to visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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