Congratulations! You’ve just had the wedding of your dreams (hopefully) and are ready to ride off into the sunset. Whether you’ve been together for several years or several weeks, here are a few things to consider when making plans for your joint future as newlyweds.
Finance – Things for Newlyweds to Think About
Financial security
Talking about your combined financial future is an important conversation to have—and to keep having throughout your relationship, as financial status and financial goals can change. Even couples who have been together for years could benefit from reassessing their finances at such a pivotal time, especially as you may be filing taxes jointly and are combining incomes.
While having a conversation about your finances can seem less than thrilling, it does not have to be stressful. You might want to be prepared with a full list of your account information, any debts, income information, and financial goals. Now may also be a good time to talk about items related to your joint finances and future. What are your financial priorities? How do you prefer to manage your money? Would it make sense to have joint bank account? Would it be better to be on the same health insurance? Do you both have life insurance to replace lost income if one of you passed away unexpectedly? Do you need to add your spouse as your beneficiary? Asking questions like this can help you get on the same page.
Where you want to live
Deciding where you want to settle down might be one of the most daunting tasks to embark on as newlyweds; it is also potentially one of the important conversations to have. A good starting point might be to list your priorities and must-haves in a home and then work toward a shared list. Perhaps one of you wants to live in a big city while the other would prefer an acre or two of land—maybe you can compromise on a house within commuting distance to the city. If you are planning to grow your family, you might also want to search for homes in certain school districts or close to your emotional support system.
Future plans
Just after you get married is a great time to go over your long-term goals. Discussing your future plans means you can be on the same page and support each other as you work toward your goals. While it might not be as fun as cake testing (but potentially more fun than picking out the table settings), future planning is an important step. Depending on both your short and long-term plans, some topics to consider might include career goals, where you want to travel, or when you might want to buy a house.
Checking in with each other
What you want out of life is constantly evolving. Just because you decided something when you were a twenty-something does not mean you have to stick with it forever. Goals shift and you can’t always do things on your original timeline. It is important to continue to check in with each other to make sure you are still happy with your plans and comfortable with the path you are on together.
