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Love, Marriage and Merging Your Finances
Is it possible to combine your finances and keep the peace at the same time?
You've looked forward to this day for a long time. Now that you've taken vows to become one, combining your finances can cause unnecessary stress if not handled with care. Is it possible to combine your finances and keep the peace at the same time?
Marriage brings up many financial issues, from the titling of assets to figuring out which healthcare plan to use - hers or his? And what are your home-buying plans in the near future? Do you plan to start a family right away?
Though it's difficult to consider all these issues at once, we believe that with the right planning and some guidance from your financial advisor, it's possible to achieve your financial goals.
The Big Picture
Take it one step at a time. Before you think long-term, make sure the critical things are covered. The first thing to do is to make sure you account for the amount you need for daily expenses. Then, make sure you have an emergency reserve with at least three months of income savings for cases of emergency. Next, it's important to make sure that both of your assets are covered by adequate insurance so there are no surprises.
Once you have those immediate needs taken care of, it's smart to start looking toward some of the goals you both share. Though you are just starting your lives together, it won't be long before you start facing large financial needs. It's very important not to put retirement on the back burner as these needs arise. Investing, even if only a small amount in the beginning, can help you reach your long-term goals. You never know, with the right savings and investment plan, you might even be able to retire early together! That's the power of time in the market, and it's always best to start as early as possible.
When you get married, don't forget to make sure that you're saving for both of your short- and long-term goals. Learn more about how Edward Jones approaches your needs. Then contact Mark Grooters: Edward Jones - Financial Advisor at (616) 281-9026 or visit https://www.edwardjones.com/
Edward Jones: Mark Grooters - Financial Advisor