Before you can map out your financial future, you have to establish your starting point. That means full disclosure: Sit down together and tally up all of your assets and savings, as well as your debts.
Get The Lay of The Land
Find Out Your Credit Scores
Take a deep breath and get your credit scores from a reputable agency. If it’s lower than you expected, talk to a New York Life agent about responsible financial planning.
Set Up Bank Accounts
Have a heart to heart about the future. Whether you’re planning for a down payment on a house in five years or a college fund for your future children in 20, prioritize savings goals with your partner so you can calculate how to best get there.
There’s no hard-and-fast rule about whether couples should have joint or single accounts — or a mix. Setting goals and keeping regular check-ins (maybe before date night?) will help you decide on the right option for your relationship.
Make a Budget
Establish which numbers are and aren’t negotiable to meet your expenses and your savings goals, and how much wiggle room you have with the help of New York Life. As with every other aspect of your marriage, it’s all about compromise.
If you think making a will or taking out a life insurance policy is for your twilight years, think again. If the worst should happen, this is how you and your partner can ensure that your financial wishes are protected. It’s also easier than ever with the help of New York Life’s legacy planning tools.