Use your gift money wisely. Instead of spending it all right away, think long-term. You can put some of it into an investment account that you can eventually use for a house. It’s never too early to start planning for retirement, so consider stashing some cash in a retirement savings program. Also, life happens, so it’s always smart to have enough savings to cover three to four months of expenses. If you don’t already have an emergency fund, now is the perfect time to set some money aside in a cash investment program.
Sit down & create a spreadsheet comparing both of your medical insurance plans. This way, you can see which one offers the best coverage for your needs. Maybe one has lower premiums, but the other has better benefits. Take the time to figure out what works best for you as a couple.
Once you’re officially married, make sure to add your spouse’s name to your medical & life insurance policies. It’s one of those small but crucial details that can easily be overlooked in all the post-wedding excitement.
If your spouse isn’t already listed as a beneficiary on your life insurance policy, take care of that right away. It’s an easy update but an important one to ensure they’re financially protected.
Get a will drawn up. It might not be the most romantic thing to do after getting married, but it’s essential. A will makes sure your assets go where you want them to & helps avoid any unnecessary legal stress for your loved ones in the future.
If you want to maintain financial independence, keep your credit cards & bank accounts in separate names. This allows both of you to build or continue having individual lines of credit. But if you prefer to merge everything, that’s okay too. The key is to have an open conversation about what works best for both of you.
Decide how much each of you will contribute to a joint savings account. Take into account your individual incomes, monthly expenses & future goals. Maybe one of you earns more & can contribute a little extra, or maybe you prefer to split things evenly. The most important thing is to communicate openly & come up with a financial plan that feels fair for both of you.
Marriage is about teamwork, & that includes finances. The more you plan ahead, the smoother things will be down the road!
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