Getting married means starting a new chapter of your lives together. Your aspirations for the future as well as your financial past can bring about new challenges to your relationship.
Before the big day comes, it’s a good idea to start planning your joint finances. Our wealth planners can help reduce the stress of getting married by helping you create a plan that works for you and your partner.
Setting your financial goals
When thinking about your financial future together, it’s important to discuss your situation openly and choose a plan that works for both of you. Whether you are looking to save money to buy a property or invest for retirement, we’ll work with you to assess what you can afford, how you would like to save or invest your money and a realistic timeframe.
You may decide that you would like to ‘join forces’ and create a joint financial plan, or you may wish to keep finances separate and save for individual goals. If you do want to merge your finances, you may have to address more technical issues such as adding and removing names to accounts or loans.
There’s no real right or wrong way to approach finance as a married couple. But we are here to smooth the process and help put together a plan for you.
Planning for married life
Planning in advance is crucial because weddings today can be expensive and many couples worry about ending up in debt. We can help you put in place a plan so that you are able to pay off any wedding costs as soon as possible.
When thinking about your life together, it is no longer just your own finances you need to think about. Issues to consider alongside wedding costs include mortgages and any current or future dependents. It’s important to put insurance policies in place to ensure neither of you is financially exposed if anything unexpected happens.
Working with Sanlam can ease the pressure by ensuring you and your partner remain financially secure no matter what. To protect yourselves, it’s important to build up some sort of emergency fund that you can both access. We can help you set up insurance policies that safeguard a future income if one of you dies or falls ill and is unable to work – including whole of life cover, fixed term life cover, critical illness cover and disability income protection.
Thinking about your financial future
Merging your finances is a big step and it’s important to seek professional and impartial advice about how to move forwards with your financial future together. We can guide you through a step-by-step process, allowing you to test the water before jumping in to share everything.
You may wish to start by opening a joint account in which you can each deposit a small amount every month to be used for household bills and other joint expenses. As time goes by we will be on hand to help review your situations with you and find ways to share more or less responsibility as a couple.
Getting married is a time for a new start and a time for you to rethink your approach to your finances. Daunting as this may be, our advisers will be here to help you every step of the way, easing you through stressful and difficult decisions so that you can focus on your new life together.