Congratulations on getting married! This is an exciting stage in both of your lives that you wish to share together. Joining and organizing your finances might not be the most thrilling aspect of your marriage. But don’t fret, Little Steps is here to help, check out our financial checklist for newlyweds ensuring you’re making the right steps!
If either spouse decides to change their name after getting married, there are a number of important services that you need to inform of the change of marital status:
Don't forget you will also need to apply for a new passport, you can email the Ministry of Foreign Affairs or your embassy to initiate a name change application.
Merging your financial lives is a very personal step, and every couple takes a different approach that suits their combined and individual needs.
It's essential that you have a frank conversation with one another regarding your finances and how you wish to take care of them once married. Therefore it is advised that you have this talk before the wedding, so there are no surprises.
Here are some of the options you can take:
Another vital topic for newlyweds is insurance. Anytime there is a significant change in your life, whether it is getting married, buying a house, or having a baby, it's always a good idea to check if insurance plans need changing.
When getting married, you will face new financial responsibilities, but also benefits, such as combining your health insurance that often comes at a cheaper rate.
Couples can also opt for life insurance, which is a way to help protect you or your spouse if something should happen to the household's primarily income earner. Life insurance also offers a safety net for your shared dependents.
Other types of insurance to check:
Updating your beneficiaries on your retirement savings and insurance accounts is another step married couples need to take. The easiest, most cost-efficient way to ensure that assets are passed to a spouse in the unfortunate case of an early passing is to name your spouse as the beneficiary of accounts.
Usually, this is a fairly straightforward procedure that can be done online by simply checking your account settings and looking for the “Beneficiaries” tab to change your designated recipient. If there is not such an option, a call should be sufficient.
If you have a more complex financial situation, you might want to look into creating a will, which will outline precisely how to manage your estate in the event of an early passing. Click here for The Little Steps Guide to the Top 5 Places For Making A Will And Guardianship Forms In Singapore.
As newlyweds, it's essential to know what type of assets your spouse has and what debt they owe.
These types of conversations can sometimes be uncomfortable, but you must share this information with one another before a financial emergency happens. This way, you are both prepared and ahead of any potential issues.
Assets to discuss:
Debts to discuss:
Financial transparency is a crucial element of a happy marriage. Although budgeting might not be the most exciting part of getting married, it helps avoid money-based stress.
Before you say "I do," make sure to have this conversation to understand each other's spending habits. Determine the costs of bills compared to your incomes to establish how you wish to budget and what you want to save for. Once you understand your combined monthly income and expenses, it'll be easier to create a budget that works for you.
For financial advice, check out our Little Steps article on Best Financial Planners For Families In Singapore.
Creating joint financial goals is, again, something that should be discussed before marriage. However, once wed, it is key to state your goals again and reach a joint financial agreement to work together harmoniously.
Discuss how you both will contribute towards the progression of these goals and what time frame you have in mind.
Here are some potential short and long term financial goals to discuss:
Little Steps Asia knows what families need.
Sign up for our email newsletters to get the most out of Asia!