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Talk Money Before Marriage

Different approaches to money
People often have very different approaches to money. Some people are disciplined, saving regularly and planning for the future. Some people spend money as soon as they get it. Some people have that spending urge, but can keep it in check if they get the right financial advice. Marriage is a process of discovering one another and discoveries about money shouldn't be nasty ones.

Trying to reach a compromise that works in your marriage can be a sensitive process. At the very minimum, you and your intended should sit down together to talk about any debts you may have and your approach to day-to-day financial matters such as paying bills and using credit cards.

Set goals together
A more comprehensive approach would be to meet with a financial advisor to talk about the basics. Young couples can start working out their financial goals right from the beginning. A life insurance advisor can help them decide on their need for life insurance.

Saving for a home or for retirement are important steps in building a life together. An advisor can also help you decide whether you need legal documents to cover some portions of your financial planning. Does either partner have a will? See Preparing for your death. Is either partner owner of an inheritance or partner in a business? Do you need a marriage contract? These are important questions to settle before the exchange of vows.

“You cannot avoid risk, but you can manage it.”

Raymond E. Jackson

Simon J. Jackson, CFP, CPCA
Senior Financial Advisor,
Life Insurance Advisor
Manulife Securities Incorporated,
Manulife Securities Insurance Inc.

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Stocks, bonds and mutual funds are offered through Manulife Securities Incorporated. Jackson Financial Planning Group is a trade name used for dealer business only. Insurance products and services are offered through Manulife Securities Insurance Inc. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada, additional disclosure information will be provided upon referral.

* Manulife Securities related companies are 100% owned by The Manufactures Life Insurance Company (MLI) which is 100% owned by the Manulife Financial Corporation a publicly traded company. Details regarding all affiliated companies of MLI can be found on the Manulife Securities website www.manulifesecurities.ca. Please confirm with your advisor which company you are dealing with for each of your products and services.