Life has a way of happening all at once. One minute you’re planning a wedding, and the next you’re thinking about starting a family or shopping for your first home. These milestones are exciting—and a little overwhelming. Each brings its own emotional and financial shifts, which is why having a plan can make all the difference.
Marriage: Merging Lives—and Finances
Getting married means blending more than just last names. It’s also the time to have open, honest conversations about money. Discuss how you each handle spending, saving, and debt.
Are you more of a spreadsheet budgeter, and your partner more of a “check the bank account” type? That’s okay—but understanding each other’s habits is important.
Things to consider:
- Create a joint budget and discuss shared financial goals.
- Decide whether to combine bank accounts or keep finances separate.
- Update beneficiaries on retirement accounts and insurance policies.
- Consider creating or updating estate planning documents like wills and powers of attorney.
Planning for Parenthood
Welcoming a child is one of life’s greatest joys—and one of its biggest financial responsibilities. From daycare to diapers to college savings, the costs can add up quickly.
Things to consider:
- Review your health insurance coverage and update your plan if needed.
- Set up or increase your emergency fund to cover unexpected expenses.
- Start a 529 college savings plan or explore other education savings options.
- Review (or get) a life insurance policy to help protect your growing family.
- Update your estate plan to name a guardian and include your child as a beneficiary.
Buying a Home: A Place to Grow
Buying a home is a major financial commitment—and one that can set the stage for future stability. Whether it’s your first home or a step-up home to accommodate your growing family, it’s important to look at both the emotional and financial sides of the decision.
Things to consider:
- Get pre-approved for a mortgage to understand your budget.
- Factor in all the costs—property taxes, insurance, maintenance, and HOA fees.
- Consider how your monthly mortgage fits into your long-term financial goals.
- Don’t drain your savings for the down payment—keep some liquidity for the unexpected.
Whether you’re just starting out or entering a new chapter, thoughtful financial planning can help you embrace any of these life changes with confidence.
