Text by Krista A. Brown

Marriage unites two people in important ways, and this includes their finances. By now you should know if you have compatible saving and spending habits. If you haven't already, decide who will have day-to-day financial responsibility and be sure to make big decisions jointly. Both spouses should be well informed and capable of handling financial matters if the need arises.

Other matters to consider include:

• Whether to have a joint bank account(s)
• Use of the same medical benefits policies
• The terms of your will
• Changing beneficiaries on retirement and life insurance policies
• If you do not already have life insurance, you may want to consider buying a policy to protect your spouse should anything happen to you.
• It is also a good idea to obtain insurance for your engagement and wedding rings. This can be done by updating your renter or homeowner's policy.
• Look into combining your auto insurance coverage; it will probably result in lower rates.

Take a deep breath and relax. This is supposed to be a dream come true, a day you'll both remember for the rest of your lives. And it will be. Formal or informal, big or small, any wedding is a bit of a production. While preparation is key to having your big day go off without a hitch, remember to keep things in perspective. And, if you stick to your budget and avoid handling all of the preparations alone, you can keep your stress level down and enjoy the planning process as much as the wedding.

Why you need a financial profile
1. Are you going to have enough money to fund your retirement?
2. Your children’s college education?
3. Are you paying more than you have to in taxes?
4. Are you accounting for the bite that inflation will take out of your savings and investments?
5. If you become disabled, will you have enough income to support your lifestyle?
6. If you die a premature death, will your survivors have enough to live on?
7. Do you know where you stand financially, and where you are going?

Basic Financial Tips
Having a sound financial plan in place can have an important impact on your future quality of life. As you begin your life together there will be many decisions that need to be made about finances. Here are some basics.

1. Know where you want to go.
Make a list of your financial goals and distinguish between those that must be met and those you want to achieve. Identify which goals need top priority and then calculate the number of years you have before you need t reach each goal.
2. Know what your assets and liabilities are.
Write down the current value to the best of your knowledge of what you own and what you owe.
3. Know your (and your spouse’s/fiancé’s) benefit programs and how they work for retirement, disability, severance and death.
In most cases an employer can provide information on company benefit plans and option available. Information on government programs such as Social Security and Veteran’s benefits can also be obtained.
4. Learn to understand the impact of time, inflation and interest rates on building wealth.
These three factors can work for you or against you in wealth growth. Ask your financial professional for informational materials that explain and demonstrate the effects of these components for your program.
5. Educate yourself.
There are numerous resources for gaining financial expertise at every level and in a variety of formats including print materials, the internet, government publications plus seminars and workshops. If this is new for you, there are a variety of materials for first time investors and financial planning. Above all-don’t allow yourself to be intimidated. Becoming financially educated is like any skill-start with the basics and builds on that knowledge.
6. Choose a financial professional you trust and with whom you can communicate.
A good financial professional will show you choices to implement your plan, not theirs.
7. Include strategies for possible changes in lifestyle and responsibilities such as marriage, divorce, widowhood, disability, childcare an elder care.
Know where you would stand financially if you would become widowed or divorced in the future so financial stress is not added to emotional stress. If there is a possibility that you will be responsible for care of parents, children and grandchildren find out about planning options.
8. Plan for income that will last your entire life span whatever it may be.
On the average women live approximately 6 years longer than men and women make up the majority of persons over the age of 100. That means many women will spend as man years retired as they did in the workplace.
9. Be aware of other people’s financial strategies that may affect you in the future.
When you are married, your spouse’s program can have a direct effect on your plan.
Inheritances and joint investments can also impact future moneys.
10. Ask a lot of questions.
There is an old saying that the only foolish question is the one not asked. This is your future! ASK!