PLANNING FOR NEWLY WEDS

I’m getting married at the end of the year and want to integrate my investments with those of my partner and draw up a shared budget. Do you have any tips?

Name withheld

Magdeleen Cornelissen, a financial adviser at PSG Wealth in Menlyn, responds: It’s important to check whether your and your partner’s views are aligned when it comes to the long-term financial visions you have for yourselves as individuals and as a family unit.

Working with a financial adviser to help you formulate a joint financial plan is a great step to take together and the perfect place to start. In addition to budgeting for short-term or day-to-day expenses, discuss your individual investment goals, estate planning and income protection needs, as well as how you want to approach these as a couple. Consider some updates that will be needed, such as to your wills, changing of beneficiaries on policies and reviewing medical scheme and short-term insurance cover.

Once you are married and have a financial plan in place, you need to make sure you stay on track. Having a meeting two or three times a year where you check in with each other and discuss expenses, debts and investments is highly recommended.

You should also meet with your financial adviser at least once a year and notify him or her if your circumstances have changed. Typical life changes, such as having a baby, changing jobs and moving to a new house, can have a significant impact on your financial situation and any policies you may have.