You’re married, congratulations! If you followed part 1 of this series, you prepared yourself financially for the marriage. You created a budget not only for the wedding but also for life after your special day. Now that you’ve exchanged vows and are living in wedded bliss, it’s time to take care of some important financial tasks.

Consider your Health Insurance Needs

 If you both work, you likely came to the marriage with individual health insurance policies. If one spouse doesn’t work, he/she might be coming off their parents’ insurance or a marketplace policy.  Either way, this is a great time to evaluate your insurance needs and the cost. It’s typically more cost-effective to go on the same insurance plan. Compare the policies and decide which makes the most financial sense. 

Consider Other Insurance Options

If you both don’t carry life and/or disability insurance, now is a good time to discuss it. The younger and healthier you are, the lower premiums you’ll pay for life insurance. Discuss your options for term or whole life insurance, comparing premiums and benefits to decide which is right for you. We know no one likes to think about the worst happening but planning now can help offset the financial strain during an emergency. 

Update your Beneficiaries

Shortly after you’re married, review all of your accounts together and update beneficiaries. If any individually owned accounts don’t have a beneficiary named, the account will go to probate. This means it won’t go straight to your spouse should you die. Consider adding your spouse to all your individual accounts and updating any other beneficiaries you may have on the account. For example, if you lived at home you might have your parents named as your beneficiary on bank accounts or insurance policies. Update your accounts accordingly.

Create a Budget and Financial Plan

Even if you discussed your budget while engaged, sit down and revisit it now that you’re married. If you haven’t assigned ‘roles’ yet for bill paying, balancing the checkbook, and checking on your investments and/or the progress on any goals you set, do that now.  If you decide to do it together, that’s fine too. There doesn’t need to be one person ‘in charge.’ Just make sure someone is responsible for paying the bills on time and keeping you both accountable for the financial goals you set.

 Financial planning is something you’ll do together for the rest of your life. Planning ahead is always best, ensuring you have money for emergencies, financial goals, and whatever life throws your way. Getting on the same page right after getting married may help decrease the risk of unnecessary tension, keep you both on track for your financial future, and keep you both accountable.

We know it can get tricky to handle money and create plans, especially if you both have different viewpoints on how finances should be handled. If you need assistance with your finances and creating a viable plan, contact us today!