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Managing Your Finances Once Married

It’s important to plan for your financial future beforehand so you have an idea of what to expect. Below is a list of 4 easy steps to take when determining your financial future with your special someone.

Step 1 - Determine your net worth 

Net worth is the difference between assets and liabilities. Make a list to figure out your net worth by making a list of all the things that you own and assign approximate values to each one. Then make a list of all your debts. Subtract these two numbers and you will have your net worth. 

Step 2- Family accounting

You will need to decide who is going to manage the accounting in the household. Is one partner going to manage the finances or will this be a share responsibility? Are you going to choose to handle the finances independently? If not, you should create a system of who is going to pay the bills. 

Step 3- Set goals 

Set goals and start saving for your future today. Create short-term goals, mid-term goals and long-term goals and start planning how to achieve them, or you may approach a financial planner to help you map out the steps needed to achieve them. Make sure that when you are setting your goals, that you are actually striving for them to happen so they should be adjusted to your spending lifestyle. 

Step 4 - Plan for adjusting your finances once married 

Many couples get married without having a financial plan in mind. It's very important to discuss your financial situation before tying the knot, that way everything is out in the open. If you don't want to deal with thinking of financial strategies, you may get help from a financial planner for any needed advice.

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