Money Moves to Make Before Marriage
Valentine’s Day is right around the corner – Are you planning on popping the question to your loved one? Perhaps you got engaged over the holidays. Either way, congratulations! While newly engaged couples are often in an eternal state of bliss, it’s worth sparing a moment to think about finances. Although it’s not the most interesting topic to talk about with your fiancé, it’s important that you do. Take a look at these three important financial tasks to take care of when you get engaged.
- Contribute to an emergency savings fund
A financial rainy day is never in the forecast, so it’s important to always have at least six months’ worth of income in a savings account which can help pay for the unexpected. If that seems too steep, both try to stash away as much as you can.
- Combine insurance
If you haven’t already, it’s worth thinking about combining your insurance policies. Auto insurance is incredibly easy to combine with your partner’s policy, and can entitle you to some discounts, too!
- Get life insurance
If you have someone who depends on you financially, you need life insurance. You may have some life insurance coverage through work, and that’s a nice benefit to have, but it may not always be enough. If something were to happen to you, you don’t want to leave all the bills and expenses to your partner. That’s where a life insurance policy can step in to help.
If you recently got engaged, congratulations! If you have questions about insurance coverage and how to stay protected as a newly engaged couple, contact the team at Hoffman Brown Company. We are happy to help.