When you get engaged, the next few months of your life can often seem like a blur as you plan for the wedding and reception. While taking the time to pick the proper venue, band, and caterer is important, considering what will happen after the event is over is also important. Many couples do not take the time to go into their marriage with a proper financial plan in place. The guide below walks you through a few ways a financial planner can help you establish a great financial plan to ensure that you and your future spouse can start out on the best financial foot possible.
Help Determine Both of Your Debts
Finances are often a touchy subject for many couples because one of the members of the relationship is often the "spender" and the other member is often the "saver." Combining the two can be very difficult for couples to do on their own. The financial planner will be able to help you and your future spouse be upfront and honest about the debt that you will each bring to the relationship. There are many times when couples make the mistake of assuming that their partner has minimal or zero debt when the person actually owes thousands of dollars to lenders. The financial planner will be able to look up both of your credit histories to determine if there is any debt that either of you forgot or did not know that you still owe, as well.
Establish a Plan for Monthly Spending
Next, the planner will discuss with you and your future spouse how much you will need to pay in bills each month. He or she will calculate in gas, food, and incidental costs into your monthly budget, as well. It will be essential for you and your spouse to stick to the exact amounts that the planner set for each month if you want to be able to live a debt-free lifestyle as soon as you can.
Make a Plan for a Solid Nest Egg
Once your monthly debt is determined, the planner will be able to establish how much money you should be putting away for savings in order to have enough money in saving to cover a few months of your bills. This is to ensure that you and your spouse can pay the bills even if one of you were to lose your job or be injured. The planner will tell you the best way to save the money and how much you should be investing in savings each month.
Establishing a plan before you are even married will ensure that you both know what to expect when you enter the marriage. Having a plan will also help to decrease the fights that you have about money in the future because you will both be on the same page when it comes to your finances. For more information on financial planning, talk with companies in your area.