Sweet-talk your sweetie into checking off these financial to-dos when getting engaged.
If you’ve recently gotten engaged (congratulations!), you may already be planning the wedding. From the flowers to the centerpieces to the venue to the dress, there’s a lot to think about. But, don’t forget an important element of your new life together means getting your financial lives in sync. Talking about finances with your new fiancé may not seem like the most romantic topic, but it’s important that you cover a few details before you embark your lifelong journey. For serious couples, there are some financial to-dos when getting engaged.
Have the talk.
Tell each other where your key financial information and valuables are located. It’s important to understand each other’s financial dreams and plans so that you can both support them. If an unforeseen circumstance arises, it’s best to know where important documents and funds are located.
Take on joint financial responsibility.
While you may have electric chemistry, it’s important to take steps to make sure your finances are meshed well together, too. Perhaps you’ll decide to open a joint bank account or split the bills evenly – it’s only important that there is clear communication with one another.
Get life insurance.
When you’re about to marry someone, that means you have someone who depends on you financially. You may think that you’re safe because your work provides life insurance. However, it may only provide coverage that’s one or two times your salary. While that may sound like a lot, think of what would happen to your spouse financially if you faced sudden death. They would be left to pay the mortgage, car, and bills on just one salary. Talk to your insurance agent to determine the right coverage.