Find out what you need to know about merging your finances when getting married.
Getting married is an exciting time in your life. Part of the excitement comes when you and your spouse learn to meld your lifestyles together. Perhaps one of the more challenging components of a new marriage is money. As you get married, it’s important to think about how you’re going to combine your finances. Here are a few tips to help you through the process.
Lay it All Out on the Table.
Open, honest communication is key when it comes to starting your marriage. Talk about your financial past with each other. That way you know what each person is bringing into the marriage. You need to know where you stand in terms of debt and assets so that you can plan your future together. Stay on the same page so that you can move forward together.
Sit Down and Write Out a Plan.
It’s important that you’re cognizant about your finances. That way you’re able to determine how much you can spend and how much you need to save to achieve your financial goals. Whether you’re looking to pay off student debt, save for a house, or plan for retirement, it’s important that you manage your money as a team. Sit down and create a financial plan together. That way you can set a budget and savings goal so that you develop good money habits together.
When it comes to getting married, ensure that you have the necessary tools to combine your finances. When it comes to sorting out your finances and insurance coverage, get help from the experts. The professionals at Phocus Insurance can find you the best policies for your needs. Located in Phoenix, Arizona, we serve all your personal and commercial insurance needs. Contact us for more information.
