Financial Preparedness When Getting Engaged
Valentine’s Day is right around the corner. If you’re engaged or thinking of getting engaged, congratulations! As you both begin your new life together, it’s important to get your financial lives in synch, too. Talking about finances isn’t exactly how you want to start engaged life, but what better way is there to show your loved one how committed you are to a lifetime of happiness together?
Talk it out.
Tell each other where your key financial information (like checking, savings, and investment accounts, mortgage, insurance, etc.) and important non-financial information such as birth certificates and safe deposit keys are located. It’s important to map out this important information so that you can both be prepared and on the same page.
Contribute to an emergency savings fund together
It’s wise to have at least six months’ worth of income in a savings account which can pay for the unexpected. If that seems impractical, stash away as much as you can comfortably.
Get life insurance
When you have someone who depends on you financially, it’s worth taking out a life insurance policy. Life insurance can help your loved ones financially when you are no longer around to do so. From remaining debt to funeral expenses to covering everyday living costs, life cover helps your spouse grieve without worrying about money.
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