Anyone who finds their life partner should be commended. It's not easy to find that one person that you want to spend the rest of your life with and who appreciates your unique quirks. Now that you've made that commitment in front of family and friends and hopefully had a nice honeymoon, there's some business to attend to.
The idea of being married and actually settling down into life as a married couple are two very different things. While you'll still enjoy evenings out and plenty of good times, living as a married couple requires some planning. Here are just a few things you'll need to take care of as you merge from two people who are dating into a family that is building a future together.
The Legal Matters
A few technical items need attending to before anything else. Your marriage isn't even official to most banks and government agencies until your marriage license is officially filed at your county office. You'll need a copy of this official license for things like a name change, new driver's license or passport, and a joint bank account.
Budgeting for Family Finances
Speaking of bank accounts, now is the time to sit down together and decide how the family's finances will be handled. Putting this off will make it more difficult and more awkward in the future. Make a list of your monthly bills and decide who will pay which ones, with a monthly budget. Decide whether or not you are going to merge your bank and credit card accounts or keep them separate.
Saving for the Future
When you have the conversation about budgeting, make sure that you are also keeping the future in mind. Not only do you want to have a savings account for emergencies and fun things like vacations, but you also need to start saving for things like purchasing a home and starting a family.
Planning for Retirement and the Unexpected
One of the biggest financial items that you need to tackle as a couple is estate and retirement planning. It might be difficult to think about retirement or even death when you're young, but planning early pays off. Not planning at all can be disastrous for families.
Discuss how you will save for retirement, such as the contributions that you commit to make to your respective 401(k) plans. Also, wills need to be drawn up or updated to reflect your new family status so that the beneficiary of assets is correct in case something unexpected happens.
Unexpected events do happen, which is why purchasing a life insurance policy is an important part of responsible financial planning. Even young couples can be blindsided by illness or accidents that can leave the survivors without the means to replace income or even pay burial expenses. A simple and affordable term life insurance policy can cover these items and is the best way to protect your family's financial future.
As you discuss your financial plans for the future, include a term life insurance policy in that discussion. Contact us to complete a simple needs assessment or use our term life calculator to get started now.
Knowledge is power. The more you know, the easier it is to make an intelligent choice. Everyday life, as well as certain events and circumstances, require you to make choices. And peace of mind is gained when you feel good about the decisions you make.
When it comes to life insurance, IntelliQuote is there for you to make the intelligent, well-informed choice. From term life insurance to universal life insurance and final expense insurance, we make it easy for you to compare, shop and save. Get multiple quotes now and make the intelligent decision for Life.