Keep these financial tasks in mind when you get engaged.
Valentine’s Day is right around the corner. If you’ve just gotten engaged or are about to, then you may want to listen to some financial advice. Although finances may be the last thing on your mind, it’s worth having a frank discussion with your beloved to ensure you’re on the same page before the big day. Here’s how to get started.
Tell each other where your key financial information and non-financial information (such as birth certificates, jewelry, safe deposit keys) are stored. Being on the same page financially helps you both to understand dreams and plans.
Join financial forces
Whether you’ll open a joint checking account or the responsibility of paying the bills will fall to one person, it’s important to know what is happening and be comfortable with it. Clear communication is key. Think about joining forces and merging your insurance policies, opening a joint bank account, and handling bills together to make sure your finances mesh well together.
Contribute to an emergency savings fund
Ideally, you should have at least six months’ worth of income in a savings account which can help to pay for the unexpected, whatever that may be. If that amount seems too impractical, try to stash away as much as you reasonably can.
When you get engaged, it pays to sit down with an insurance agent and discuss your new needs. Save time by allowing our professional team to handle your insurance needs. Contact Reata Insurance Group.