5 Financial Conversations to Have After the Honeymoon
Getting married is a thrilling milestone. Before the big day, it’s common to gather information about your partner, including their financial situation and goals. After the wedding, though, it’s time to put those plans into action, especially when it comes to living together and managing money. If you’re still enjoying the newlywed bliss, here are five financial topics to discuss with your spouse once the honeymoon wraps up.
1. Assigning Bill Payment Duties:
What’s important is that bills are paid on time, not necessarily who handles them. By now, you should have an idea of whether you’ll combine your finances, which will help you decide who manages monthly bill payments. If one of you is better with money management, perhaps they should take the lead. Alternatively, if one of you has more free time after work, they might take on this task. My partner and I divide the responsibility by assigning specific bills to each of us. Whatever method you choose, keep communication open to avoid any misunderstandings or late fees.
2. Updating Insurance Policies:
Getting married often means you need to update your insurance policies or even think about canceling some if you decide to combine health plans. Make sure you have enough coverage for your home, cars, and more. It’s also a good idea to update your life insurance policy to make your spouse the beneficiary. Don’t forget to set up a living will and a healthcare power of attorney. These might not be fun tasks, but they’re important parts of managing finances as a couple.
3. Planning Savings:
With marriage and a bigger household, you may want to increase your emergency fund or other savings. Talk about how much you want to save and make sure it’s a comfortable amount. Consider your debts and think about how much you’d need if one of you lost your job, then set a deadline to boost your savings. If you’ve agreed to save for a big purchase, decide how much to put away each month and where to keep the money.
4. Handling Budget Overruns:
You probably have a monthly budget, but have you planned for what to do if you overspend or face unexpected costs? While saving more is great, some couples forget to decide under what circumstances they’ll dip into savings. It’s important to prepare for financial hiccups and understand how poor money management might affect your relationship. Agree on what counts as an emergency too.
5. Discussing Your 10-year Plan:
You might have talked about your five-year plan before getting married, but it’s also important to think about your long-term goals. Your future plans likely involve money, so discuss your career paths, expected incomes, retirement plans, possible children’s education, vacations, or other priorities. Talking about these topics early helps set realistic expectations and avoids future money-related conflicts.
Keep an open mind and be ready to compromise when discussing finances. With patience and understanding, you’ll navigate this initial hectic phase, appreciating that your spouse’s perspective is just as important as yours. Have you talked about these financial matters with your spouse yet? Are there other topics you’d like to explore?