You’ve said your vows and, hopefully, had some time to recover from all the excitement that comes with planning and enjoying a wedding. But before you settle into your new life together, there are some financial tasks you should tackle. As we tell our Yuba City insurance clients, newlyweds are wise to take a look at their finances from a fresh perspective now that they are striving for shared goals with their partner.

Making a Plan for Financial Success

If you and your new spouse talked about your finances even before you got married, good for you! If not, don’t worry. It’s easy to follow the tips below to get your financial “house” in order. Here are some things you should do:

  • Start a dialogue. It’s easy for financial decisions to get pushed to the back burner. But it’s much better to take action now while you’re thinking about it and check that box of your To Do list.
  • Set a household budget. Create a list of your expenses that includes everything from food and housing costs to loans to entertainment and compare it to your joint income to determine how you’ll allocate your paychecks. Of course, as far as debt goes, it’s always best to pay off high interest obligations first.
  • Start an emergency fund. It’s important to have three months or more of your combined income available as cash in case you become unemployed or some large unexpected expense is incurred.
  • Open a joint checking account. While you might prefer to retain a division of your finances to a degree, there are many instances where it will be handy for you both to have access to the same account.
  • Ensure you are adequately protected. If you have disability insurance and life insurance, check to see that the benefit amounts are appropriate for your new circumstances. If you don’t have those types of policies, it’s something you should consider.
  • Compare work benefits. If you are both working, compare the benefits provided by your employers to determine how best to utilize them. And, be sure you are taking advantage of an employer match in your retirement plan if one is offered.
  • Review account beneficiaries. Be sure that you have the appropriate beneficiaries listed on any of your financial accounts.

Tying Up Loose Ends after You Tie the Knot

It takes a little bit of time and effort to ensure that you’re headed down the right financial path after you get married, but it is well worth it. At our Yuba City life insurance agency, we’re happy to share our insights if we can be of service. Give us a call at 530-751-1212.

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