You have met that special someone in your life and determined that they are the right one for you. After saying “I do”, it is time plan for your future. What is just as important as planning to have kids is planning how to handle your finances. Living under one roof, for most people means that your household income has nearly doubled. Instead of going half on your bills and finding ways to “blow” the rest of your money, it is necessary to do some financial planning that will benefit your family and the generations to follow.
One of the biggest responsibilities is purchasing a home. Some people make major cuts, when it comes to purchasing your first home. Buying a new home is huge investment, so some people will reduce the amount they invest in their retirement fund. This isn’t a hug issue, but it is best to not reduce your retirement for a long period of time. You can easily forget about the changes that were made and recognize the deduction once you start receiving your retirement and it is too late to change.
With two incomes coming in for most couples, it is best to improve your savings with the additional cash your family will have. You can do this my maxing out your contributions to your 401K. It is also good to re-balance your portfolio, so that it matches what you intend to have when you retire. Along with managing your balances together, it is important to open a bank account that provides the resources that you need. Take advantage of online banking, which allows you to monitor your bank account on a regular basis.
Also, make the necessary changes in your life’s investment. You should update the life insurance policies that you currently have. Focus on revising the coverage of the life insurance plan and adding your new beneficiaries.