Before you get married, take care of these tasks.
If you’ve just gotten engaged, then your head is probably buzzing with wedding plans. However, before you get too sucked into color schemes and flower arrangements, it’s important that you and your partner handle your finances. Here are some of the financial matters to take care of before you get married.
- Discuss Your Financial Responsibilities
To avoid future arguments or misunderstandings, you should determine your spending and saving habits now. You should also decide if you are going to open a joint checking account, who will handle paying the bills, and how you will handle major purchasing decisions. By having a clear plan, you and your partner will be far more likely to manage your money wisely.
- Contribute to an Emergency Savings Fund
You never know what life has in store for you. This is why you and your partner should both prepare for the worst. A good rule of thumb is having at least six months’ worth of income in a savings account or money market fund, so you are prepared for unexpected situations.
- Write Your Wills
While you may hate to think about it, there’s a possibility that you may die young. To ensure that you have a say in how your estate and assets are managed after your death, you should create or update your will. Include your future spouse as a beneficiary and decide together if you will give them power of attorney, which would give them the authority to manage your affairs after your death.
These are some of the financial responsibilities that you and your partner should take care of before getting married. Do you need help securing the right life insurance? If so, then contact the experts at Patterson & Associates in Richardson, Texas. We are ready to get you the coverage that you need today.