After the party is over and the thank you notes have been sent out, it is time to settle into your day-to-day life with your husband or wife. However, there are at least five important issues that you should discuss with each other in order to plan a better future.
- Discuss your goals. You may have done this prior to your marriage; however, sit down with your spouse, share your plans for the future, and don’t forget to write everything down. For example, do you want children? Do you want to purchase a new home? Once you have everything written down, you are ready for the next step.
- Plan how you are going to get there. If you know what you want, but don’t have a plan detailing how you are going to get it, you have little more than a pipe dream. Make your goals specific, and set a realistic timeline. For example, instead of saying that you want to purchase a house someday, say that you want you buy a house three years from now. While it may be difficult to plan for tomorrow in today’s money, you should write down the percentage of your income that would be in your comfort zone as far as a mortgage payment is concerned.
- Set up a will and power of attorney. You may be young and healthy now, but you never know what the future may hold. No one likes to think about the prospect of illness or death; unfortunately, either could happen when you least expect. Unless you would rather have the state determine the manner in which your assets are distributed, your best bet is to consult an attorney, who will be able to best advise you.
- Discuss how you will handle your money. Will you combine funds, or will you keep separate accounts? Who will be responsible for certain bills? What amount will come out of each paycheck in order to cover monthly expenses? It is best to discuss these things early on in order to avoid any misunderstandings.
- Protect your income. This is last in the list, but it is certainly not least. Life insurance is an integral part of any plan for the future. If you should pass unexpectedly, you would want to know that your husband or wife would be protected regarding expenses involved with funeral and burial. Consult an insurance professional who will be able to advise you as to what policy would suit you best and start comparing life insurance quotes to see which policy will best fit your budget.
Of course, your circumstances may differ; however, these five items are a good start for those newly married and beginning their lives together.