Your invitations, the cake, your wedding reception. You’ve done a lot of planning together. Before you head down the aisle, discuss your personal financial planning goals from paying credit card debt to buying your first house.
Talking about personal finances may not be the most romantic way to start your life together but you may need to talk about:
- Premarital agreement
- Combine your assets/keep separate
- Student loans/existing debt
- Existing life insurance
Personal financial planning can help you base your marriage on both love and a strong financial foundation.
That coffee shop cappuccino your new spouse buys every morning takes on more importance if a large amount of debt comes along with your marriage certificate.
Keeping separate bank accounts or pooling your resources is a personal decision. A joint account could be used for family expenses while separate personal accounts could be for guilt-free discretionary spending, like that morning cappuccino.
Budgeting for personal finances may include:
- Existing/new debt
- Rent or mortgage
- Personal spending
Keep the lines of communication open.
Taking a break from writing thank-you notes may be the perfect time to talk about your life together.
- What would happen if you or your spouse suddenly weren’t there? Do you own life insurance?
- What if an illness or injury prevents one of you from working? Do you have disability insurance?
Now is the time for personal financial planning to create a safety net for emergencies and tragedies.
It may seem early to talk about your retirement plan but you need to plan for both of your needs. Knowing what benefits each of your employers offers (401k plans, pensions) will help you fill in the holes in your retirement planning. Don’t worry if you can only contribute a small amount.
Include retirement planning in your personal financial planning to establish a pattern to save for your future together.
Personal financial planning includes protection and savings. With access to life insurance, disability insurance, and investment products, Northwestern Mutual can help get your personal financial planning on the right track and grow with you as you start your new life together.