Balancing Work & Life
Blending your finances is not an easy task and by no means is it the most romantic topic to discuss either. On the other hand, it is vital to keep your new marriage open and honest. Here are some helpful strategies to make this topic a little simpler:
- Be open about each other’s financial history – This may reveal your partner’s spending habits, how much debt may be owed, and any other money blocks.
- Create a budget – While there is no “right way” to split bills, it does help when there is a mutual agreement. Discuss keeping your respective individual accounts open but also the possibility of contributing to a joint account for groceries or emergency funds.
- Update your beneficiary information – Make sure your spouse will get taken care of if something happens to you by updating life insurance policies and beneficiary info.
- Set up goals – It will keep both of you accountable for all your wants and needs. These could include buying a house, small home improvements, or family planning.
These strategies will create a lasting foundation in your new marriage. Keep the conversation and ideas flowing and think about speaking to a financial advisory team like us to help keep your life goals on the same page.
* Any opinions are those of the author and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
