Planning life with a partner alters everything. The emotional and financial adjustments required in a relationship are significant and require teamwork. Couples who take time to assess their financial situations before tying the knot benefit from the honest discussions and their ability to create a strategy together. Consider these questions, preferably before you tie the knot:
Will you buy a home or rent?
- How much and what types of debt do each of you carry?
- Are you planning for children? Do you want them to attend college?
- Will you both continue to work? What will be your combined income?
- Who will manage your finances?
- When do you want to retire?
- Do you have a savings plan or emergency fund in case one of you loses a job or becomes ill?
- What are your savings goals?
Consider The Police Credit Union’s automatic savings programs to help you reach your goals, and take advantage of any employer-sponsored savings options.