Getting married is a joyous occasion, but it also comes with an assortment of questions. One of the biggest is how to handle your money. While you likely previously handled all your finances yourself, now you have to take your spouse into consideration. This can be trying especially if one of you is a “spender” and the other is a “saver”. The key is to work out a system that both of you can live with. Here are some reasons why a financial planner can help out in the early years of marriage.
Evaluate Your Financial History
Financial planners need an overview of your earning and spending habits to consult you properly. This can be humbling for some people, but it’s nothing to be embarrassed about. They can get a broad idea of your financial history and how it brought you to your current financial status.
Make Better Financial Decisions
It could turn out that you’re wasting a significant amount of money without realizing it. You might be paying a significant amount of interest on a credit card when you could transfer said debt to a low-interest loan. A financial planner will offer invaluable advice on how you could better hold onto your money.
Prepare for Large Expenses and Unexpected Events
Are you planning on buying a home or having children? If so, you definitely want to seek the counsel of a financial planner. They’ll help you outline a budget that will help you cover these expenses more easily. Should they advise you to cut back on certain expenses, you would be wise to listen. What if one of you gets laid-off? Financial planners recommend that rather than increasing your lifestyle, you try to live on one of your salaries while saving and investing the other. This way if something happens to one income, you won’t be in hot water.
Prepare for Retirement
It might seem like it’s a lifetime away, but retirement is definitely something to keep in mind. There are different types of retirement accounts to consider, including 401(k)s and Roth IRAs. If you don’t know what any of these are, speak with a financial planner. You and your spouse should be able to have a comfortable retirement together.
Life Insurance Consultation
Life insurance is a must for any married couple, as you want to ensure that you or your spouse is able to survive should one of you pass unexpectedly. With a financial planner, you can find a life insurance policy that works for you and your spouse. Be sure to look over the terms of the agreement as carefully as possible and speak up if anything concerns you.
Even if you think you know everything about money management, a financial planner can really come through for you. They’ll be able to answer questions you might otherwise be too embarrassed to ask and give you guidance for the future. When you have a good control over your finances, you can make your marriage even stronger.
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