Starting a life together is an exciting new adventure, and it can be fun thinking about spending the rest of your life with your new partner. If you’re Newlyweds, you’ve likely already thought about choosing the perfect dream house and making plans for how you’ll live that life, which might include starting a family. That means you’ll need to be prepared for anything that might come your way. From discussing finances and getting life insurance to creating a will and setting boundaries, you can take steps to set yourself up for success.
Here are four things newlyweds should do right away.
1. Talk About Finances
Living together as newlyweds means your finances are undoubtedly going to come up now and then. Couples often fight about money (which isn’t healthy), and that’s why it can help to talk about your finances as soon as possible. For example, talk about how you’ll file your taxes (jointly or individually) and discuss whether one will claim the other. You should also talk about whether to put all of your money into a joint account together or if each of you had separate bank accounts. Please talk about your financial goals and how you’re going to work toward achieving them so that you’re both on the same page.
2. Get Life Insurance
Getting life insurance is one of the most important things you can do as you embark on this new journey together because you never know what might happen. Life insurance is an excellent way to ensure your new spouse and family are protected. Another reason to get life insurance is that funerals are expensive — sometimes upwards of $10,000. Life insurance can help you cover the funeral and burial cost, or it can be used to pay off debt, replace an income, or leave a legacy. USAA offers life insurance coverage for as little as $12 a month.
3. Discuss Boundaries
If you’ve never lived together before marriage, it can help to discuss the boundaries you have. Do your best to respect your partner’s boundaries so that you can live in a mutually respectful environment. If you’re not sure about how your partner feels about something, don’t be afraid to ask. Let each other know that you’re open to communicating and considering each other’s feelings and desires in the best ways your know-how. Talk about your expectations of each other as early as possible so that you both have an idea of how you both want the relationship.
4. Create a Will
Just as crucial as getting life insurance, creating a will or updating yours can ensure things go smoothly when someone passes away. Add your spouse and your children (when you have them) as beneficiaries to your estate. To create your will, you’ll need to create the document, designate an executor, appoint a guardian, name the beneficiaries, designate the assets, and then ask your witnesses to sign it. Once it’s approved, store it in a safe place like a safety deposit box or a safe and make sure your executor knows where it is.
Protecting Your Family and Planning for the Future
Planning the rest of your life together can be fun, but it can also be messy if you don’t plan properly and protect yourself from the inevitable. That’s why it’s essential that you get life insurance, talk about your finances, discuss boundaries, and create a will. Once you get all of the tough stuff out of the way, you can go about living your life without worry or fear. You can rest assured, knowing you and your family will be protected when an emergency or death occurs.