15 Dec Wedding Planning for your Future
Getting engaged can be such an exciting time in your life. There are so many things to think about when planning your wedding, for example, the venue, floral arrangements, picking your wedding party, etc., but what about planning your financial future together? This topic might not be covered in your “ultimate wedding planning checklist”, but it’s definitely one of the more important topics that should be covered. Here are a few ideas to help get your financial future in the right place:
Talk to each other about finding a place to store all of your key financial information so that both you and your partner will know where all your information is in the event that one of you passes early on. Documents like birth certificates, title for the car, jewelry, and financial information such as checking & savings accounts, mortgages, insurance, etc. should be easily located for both of you.
Life Insurance is extremely important for you and your spouse’s future. You always want to prepare for the unknown and be sure that you and your family are always covered in case of anything happening to you. For example, if you or your partner pass away earlier on in life and your mortgage isn’t yet paid off, you or your partner will have to continue paying the bills. What if you are no longer here and your partner doesn’t have a job or can’t afford paying the bills on one salary? These are very important thoughts that need to get addressed before anything happens.
What about disability insurance? Having this type of insurance ensures that you or your spouse will continue to receive a part of your salary until you can finally return to work. If you opt out on having this type of insurance and something happens, you may struggle to pay your mortgage or other bills.
Communication is key, especially during marriage. However, before you make the commitment of spending your lives together, talk to each other about one another’s spending habits. Many arguments happen later on whe one of you spends more on things you don’t need, than saving the money for things you do need. Talk about whether you want to open a joint checking account together, or figure out who will be responsible for paying the bills every month. Planning this out ahead of time will help avoid any frustration down the road.
Another topic that should be considered is putting in place a will. You never know when something will happen and you want to be prepared in the event that one of you passes away unexpectedly. This way, all of your possessions and anything under your name can be given to anyone you designated as a trustee.
Make a “rainy day” account together. This doesn’t have to be a priority but if you’d like to find a way to save some money together to keep for a future mini vacation or to hold the money aside for any emergency that may arise. Anyone’s life can change overnight; emergencies happen, so having a rainy day fund can help take away the burden of a financial struggle you might run into later on.
These steps are here to help you feel safe, secure, and happy when you begin a new chapter in your life with your partner. Don’t let this make you feel less excited about wedding planning; this is just to make sure you are prepared for anything that may come your way. You and your loved one will be glad to have a plan for your future together.