Planning on tying the knot?

Joining financial forces sooner rather than later will help you establish strong financial foundations and values to last a lifetime.

While you’ve probably been consumed thinking of invitation fonts, reception venues, and where to place your great aunt on the seating plan, building your financial life together should be on the top of your to-do’s.

Here’s our list of key financial tasks you should turn your mind to and tick off once you say “I do”.

The Joint Account

If you haven’t already done so, creating a joint bank account is a simple way to manage your spending and savings as a team. Make sure you are both on the same page with what you’re contributing and withdrawing to avoid awkward conversations or surprises down the track.

Review your long-term goals

If you each have personal savings goals, it’s a good idea to talk about what these are and why they’re important to you. This will help you to establish new goals as a couple, such as buying a home or investment property, or moving overseas.

Review your budget and savings plan

Post-honeymoon is a great time to regroup and review how well you stuck to your budget, put plans in place for any unexpected costs that arose, and look toward the future so you can balance your cash flow while working towards long term goals.

Explore alternative options for your savings

If you already have some accumulated savings, there are a host of investment options you might like to consider beyond leaving cash at the bank, such as investing in shares, or perhaps you’re turning your mind to property. We can help you choose the investment option that’s right for you.

Implement or update personal insurances

If you’re thinking about starting a family, considering a big purchase as a couple, or you’re combining existing debt, we can help you to review your personal insurances including income protection, life, and trauma insurances to ensure you and your partner are fully protected.

Update your superannuation

Now that you’re married you should review and update your superannuation beneficiaries, explore whether you or your partner should consider making additional contributions, and consider how you could use your superannuation for life insurance and estate planning.

Implement a Will to reflect your new circumstances

Now that you’re married, you and your partner should each create an estate plan to ensure your assets pass to the right people at the right time. We work with you, your partner, your accountant and a solicitor to create an estate plan that will provide your family with funds in a tax effective manner and considers asset protection as a priority.

We can help you to plan your partnership to financial freedom together.
Contact us to book a complimentary consultation or visit our website to find out more.