getting your finances organized as a married couple

Getting Your Finances Organized as a Married Couple

As a couple combined finances are always better than one to accomplish your financial goals together.

But this also comes with its own challenges, as you now have to manage and organize your finances as a couple and we each have our own ways of doing things.

Here are some tips to help you get organized:

• Know your net worth as a couple

• Combine your finances for transparency and accountability

• Allow your partner to have some fun money within your budget

• Determine the expenses you will share and who pays for what

• Plan for your short term and long-term financial goals: emergency fund, debt repayment, home purchase, children, holidays, retirement and any large purchases or business ventures

• Review your insurance policies for health, car, life to make sure you are getting the full benefits

• Grant a trustee power of attorney to make decisions for you in the event you become incapacitated

• Make a will on how you’d like your assets to be distributed to avoid disputes

• Choose beneficiaries on your accounts if you want relatives or children outside of your marriage to be included

• Consult with a professional to take advantage of tax benefits as a couple

• Review your finances together every quarter and every year to make changes if needed and asses your progression

Remember you are on the same team and the end goal is financial peace and freedom.

Organization and proper planning are the keys to achieve this!