Getting Married

 Your wedding day is filled with excitement - the promise of your new life together, and thoughts of what the future may bring for you as a family. But before you choose your invitations and plan your honeymoon, it's important to discuss the financial commitment of building your life together. For many, the responsibilities of buying a home, starting a family and meeting the financial challenges of unplanned events in their lives can seem overwhelming. Maintaining a solid financial foundation and managing your budget together can help reduce a key element of stress in many marriages. In preparing a budget for your new household, here are some important facts to consider:

How much will things cost?
How do we set-up a budget?

How much will things cost?
Here are some average costs for significant events in the lives of many married couples.

  • According to the United States Census Bureau the average price of a new home in 2009 was $270,900.
  • According to the Department of Transportation the average price of a new car in 2008 was $26,477.
  • The United States Department of Agriculture has estimated costs of raising a child from birth to age 17 to range from $111,570 to $234,780.
  • According to Kiplinger's Personal Finance Magazine four years of college can cost anywhere from $65,000 for a public state university to more than $200,000 at a private college.
  • In saving for retirement, most financial planners agree that you should have enough income to replace at least 70% of your pre-retirement income.
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How do we set up a budget?
Setting up and managing a household budget requires careful consideration of your expenditures, income, and savings goals. Major items include your mortgage loan or rent payments, monthly payments on automobile loans, and taxes. You'll also want to account for utilities, credit card payments and other daily expenses such as groceries, entertainment, health and beauty items, gas for your cars and more. It's important to save for unexpected items - from home and automobile maintenance, to replacing worn out appliances. And don't forget to set money aside for your long term goals - whether it's sending your child to college, planning for retirement, or saving for a new home. Then to complete your budget, make sure you have sufficient life insurance to cover these expenses and protect your family's financial future.

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