Just tied the knot?
Congratulations, you’re now married! Your big day was probably months (if not years) in the planning. You might even have been more organised with budget and spreadsheets than ever before.
It might be time for a change of heart
Once the wedding’s over and the photographs are back, the honeymoon enjoyed and the wedding presents received, you might be thinking ’so, now what?’ Well, rest assured – there’s still plenty to do, and we’ve laid it all out for you in a handy newlywed’s checklist.
Financial must-dos for newlyweds
- Joint accounts
Are you going to have a joint account? It’s a big decision and not one that should be taken lightly. You’ve joined lives with your partner; will you be merging finances too? We know it isn’t romantic, but money rarely is. There are pros and cons when opening a joint account and it’s not for us to advise you on what to do, but it’s definitely something to think about.
Now that you’re married, you might be discussing how to harness your combined budgeting powers and save a little bit more for the future. This can be a tough one, especially since people save in so many different ways. The most important thing is to make sure that you and your partner are on the same page when it comes to saving and spending.
- Finding out who’s in the red
They say that honesty’s the best policy, and we certainly agree with that. As a newly married couple, you’ll probably need to evaluate the debt that each of you have and come up with a plan to repay it in a manageable way. Hopefully, you know quite a bit about each other by now and there won’t be any surprises.
- Work benefits
What benefits do you receive as part of your employment contract? Do you receive medical cover, or are you entitled to receive it through your partner’s workplace scheme? Outlining who’s entitled to what and evaluating outgoings will help clarify things.
- Pension benefits
Although your workplace pension might fall into the above category, we have (unsurprisingly) deemed it so important that it deserves a category all of its own. You should both, as individuals, be taking full advantage of your workplace pensions. In addition, you might have lost track of your various pensions over the years. Bringing them all together might be a way for you to stay on top of them and save money.
- Investments that complement one another
Do you have any investments outside your pension? Now’s the time to have a look at them and their performance. Remember, a financial adviser will be able to help you with this, and if you have any questions or are at all unsure about your investments, it’s important that you seek advice.
Although unpleasant to think about, especially as newlyweds, it really is important and something that is all too often overlooked by couples enjoying marital bliss.
Would you be able to pay your mortgage if you partner died? Would they be able to manage financially without your income? Make sure you have the proper amounts of life insurance in place so if something terrible does happen it won’t financially ruin the person you love. What’s a few quid a month in the grand scheme of things?
- Where there’s a will, there’s a way
Similarly to above, we know it’s a morbid topic, so let’s keep it brief. It’s imperative that you revisit your will as a married couple.
- Insurance products
On a more positive note, as a married couple, you and your partner might be considered more reliable now that you’re hitched. Old-fashioned as it sounds, it’s worth letting your home and car insurance suppliers know. After all, a reduction in that annual bill would be lovely, wouldn’t it?
Remember, in order to do many of these things, you’ll need to submit certified proof of marriage. At Aegon, we need a certified marriage certificate as proof of your recent nuptials.
Congratulations and happy planning!