Starting on the right track financially

  • By
  • Published
  • Updated
  • 2 mins read

Starting on the right track financially

Dear Fran,

My fiancé and I are getting married soon, and we want to start our relationship on a strong financial footing. What advice would you give us for setting a solid financial foundation?

Sincerely, Future Newlyweds

Dear Future Newlyweds,

Congratulations on your upcoming marriage! Here are some tips for building a strong financial foundation:

  1. Open communication: Discuss your financial goals, values, and expectations openly and honestly.
    1. Create a joint budget: Develop a budget together to track your income and expenses and set financial goals.
    2. Consolidate debt: If you have any outstanding debt, consider consolidating it into a single loan with a lower interest rate.
  • Avoid unnecessary new debt. 
  1. Emergency fund: Build an emergency fund to cover unexpected expenses.
  2. Retirement planning: Start saving for retirement early, even if it’s a small amount.
  3. Insurance coverage: Ensure you have adequate insurance coverage, including health, life, and property insurance.
  4. Premarital agreement: Consider a premarital agreement to outline your financial arrangements in case of divorce or death.                                                                   Building a strong financial foundation takes commitment. By working together and communicating openly, you can prepare yourselves for a successful future together.

Best wishes, 
Fran