Financial Planning for Couples Steps 3 & 4: Make Wish Lists & Investigate Insurance

After you've gotten a good picture of where you're at financially and discussed your major purchases, it's time for the fun part! Both you and your spouse should enjoy step 3 before you need to move on to more serious matters in step 4.

Step 3 - Make Wish Lists

The next step is to share your wish list with your mate. If you have expendable income, what are the top five things that you would want to save for? This is your personal wish list, so it doesn't have to be something that your spouse would want as well. Be realistic and include approximate prices. There's no point to include exorbitant expenses like "a seat on the next flight to the moon" if they will never become a reality for you. Don't assume you're going to win the lottery when you're making your list!

Share your wish list with your spouse. Make sure not to criticize each other's choices or make an argument that your choices are "better." You may learn something about your spouse that you didn't know before, or you may realize that many purchases you would like are not things that your spouse has on his or her list.

Make a plan to save for your wish list items. If there is an item found on both of your lists, think about how long it will take you to save for that item. Set an approximate purchase date so that you can have a concrete goal to look forward to. If you both have vastly different wish lists, come up with a system to save up your expendable income so you both can spend equally. For example, maybe your spouse's first priority is a new stereo system. Save up for the stereo system, and then save up for the new guitar that you've been coveting.

Step 4 - Investigate Insurance

In many U.S. states nowadays, auto insurance and health insurance are mandatory. If you are new to the insurance field, you and your spouse may need to some background research to make sure you're getting good value coverage for your money. With funeral costs rising, you may also want to invest in life insurance to save your family from unexpected expense in the case of an untimely death. Dealing with a loss in the family is difficult enough without trying to juggle finances.

Even if you're young, make sure you have each voiced your wishes for funeral or memorial arrangements. Research and add up the costs of the type of service you envision. It's better to be shocked about the high costs of funerals now than when you've grieving over a loved one. Make an appointment to talk to an insurance advisor to see what type of insurance is right for you. Factor your premium costs into your budget if you haven't already.