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Engaged? Here are 8 Financial To-Dos

Little & Sons Insurance Group / Blog  / Engaged? Here are 8 Financial To-Dos
Financial To-Dos for Newlyweds

Engaged? Here are 8 Financial To-Dos

Money Most-Dos as a Newly Engaged Couple

 Did you just get engaged or are you thinking about proposing? If so, congratulations! Fun times are ahead. While you and your loved one are still swooning in each other’s arms, it’s important not to forget about your future financial prospects. After all, a great way to show your commitment to each other is to be open and honest about your financial goals. Here are a few financial to-dos as a newly engaged couple.

  • Share Information

When someone relies on your income to maintain their quality of life, it’s wise to be clear and open about finances. Talk to each other about your accounts, debts, and ensure each other know where all bank accounts, investments, and more are held. You should also know where non-financial paperwork is kept, such as insurance policies, birth certificates, and other important documents.

  • Insure the Rings

It’s likely that the engagement ring is worth a couple (or a few) months of income. With such a valuable and meaningful purchase comes the need to insure the investment. Remember to insure the engagement and both wedding rings so that they are properly protected. Talk to your homeowners insurance agent who can help.

  • Consider Joining Insurance Forces

As you couple up, it’s worth considering making the most of your insurance policies. If you both have separate auto insurance, for example, consider joining policies under one insurer and you may be able to save money. What’s more, it will make renewal time a snap.

  • Make the Most of Employee Benefits

Find out whether your employee benefits package covers your spouse’s health care expenses. You can also sign up for a health savings account or flexible spending account and use that money tax-free for your spouse’s medical bills.

  • Adjust Your Tax Withholding

One of the best financial to-dos for newlyweds is adjusting the money your employer withholds from your paychecks for taxes. Check out the IRS tax withholding page or talk to a tax professional to determine how many withholding allowances you can claim.

You can file a joint tax return to enjoy higher income thresholds for retirement contributions, tax deductions, and student loan interest deductions. Make sure to use your combined income, deductions, adjustments, credits, and exemptions when filing a joint tax return.

  • Discuss Joint Financial Goals

To effectively manage finances as a couple, discuss your short-term and long-term financial goals, including higher education, home purchase or renovation, vacation, children and childcare, new business, retirement and emergency savings, etc. Determining and prioritizing joint financial goals help you plan your monthly budget accordingly.

  • Combine Finances

Combining your finances, such as your credit cards and bank accounts, can be convenient, allowing you to pay bills from one combined pool of money.

  • Update Beneficiaries

Once married, make sure to add your spouse as a beneficiary to your life insurance policy, IRAs, and other retirement plans, so that they can benefit from them.

For all of your insurance needs as a couple, talk to the professionals at Little & Sons Insurance Services, serving Banning and neighboring cities in California.

Little & Sons Insurance Services

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Little and Sons Insurance Services is your complete insurance resource. Since we were established in 1922, we assist individuals and business owners with all of their insurance needs, whether it be for auto, home, or commercial insurance. As an independent, full-service insurance agency, our duty is to our clients’ best interests.

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After 23 Years of serving our clients at our location in Beaumont, CA it is with a heavy heart that we are consolidating our operations to our Banning Office. We will be available all the same hours and will work to make this transition as smooth as possible. Thank you for your continued business and we look forward continuing to serve your insurance needs. Our contact information will stay the same so feel free to contact us.

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