Discovery of Core Values

Define the purpose of your money and decision-making responsibilities together Discuss legacy intentions, impact goals, and children's education funding plans Clarify retirement vision and real estate ownership preferences by location Identify major purchases planned for the next three to five years Ensure goals align with your shared values and long-term objectives

Use structured five-step framework to create comprehensive financial plan together Have explicit conversations about values, goals, and money decision-making responsibilities Set SMART goals for multiple timeframes and update for major milestones Create joint budgets, combine accounts, and update beneficiaries after marriage Adjust insurance coverage and estate planning when having children

Managing Finances as a Married Couple

Curated by: Rubric Advisors

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Financial Planning Framework Overview

Use five-step planning process to illuminate uncertainty and opacity areas
Perform values discovery to understand what matters most to both partners
Collaborate on setting SMART goals for multiple time horizons together
Gather data and analyze current financial situation with cash flow projections
Monitor progress and follow up on outstanding planning items regularly

Setting SMART Financial Goals

Create specific, measurable, attainable, realistic, time-bound goals for multiple timeframes
Set financial targets like home purchases with specific amounts and dates
Establish education funding goals for children's college expenses by freshman year
Include non-financial goals like estate planning and insurance protection steps
Plan insurance coverage reviews and disability protection by specific quarters

Marriage Financial Milestone Planning

Combine finances by opening joint accounts and closing unnecessary individual accounts
Review insurance coverage and compare employer plans for better costs
Create shared budget and determine expense splitting methodology between spouses
Update beneficiaries on all accounts and insurance policies to include spouse
Plan estate documents including wills, trusts, and power of attorney designations

Having Children Financial Adjustments

Update life insurance policies for adequate family coverage and consider disability
Review wills and estate planning documents to provide for children properly
Open tax-advantaged education savings accounts and explore family member contributions
Create budget accommodating increased childcare, medical, and education costs expenses
Evaluate work-life balance changes and potential flexible work arrangement needs

Key Takeaways

Use structured five-step framework to create comprehensive financial plan together
Have explicit conversations about values, goals, and money decision-making responsibilities
Set SMART goals for multiple timeframes and update for major milestones
Create joint budgets, combine accounts, and update beneficiaries after marriage
Adjust insurance coverage and estate planning when having children

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Financial Planning Framework Overview

Discovery of Core Values

Setting SMART Financial Goals

Marriage Financial Milestone Planning

Having Children Financial Adjustments

Key Takeaways

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Financial Planning Framework Overview

Discovery of Core Values

Setting SMART Financial Goals

Marriage Financial Milestone Planning

Having Children Financial Adjustments

Key Takeaways

Related Topics

Financial Planning for New Parents

Do Tech Employees Need a Financial Advisor?

Navigating Life Transitions as a Working Professional