For better or worse, marriage makes a big impact on your finances.

For many couples, just talking about money matters can be one of the most difficult parts of a marriage. Here are a few of the most important financial steps to take when you’re married.

1. Create a budget

It’s important to have a conversation about monthly budgets and where your money will go. You want to make sure you and your spouse are on the same page. This will help avoid any future misunderstandings or arguments, and help to make sure your future financial goals align.

You may have had discussions about the home you want to live in or the number of kids you want to have, but it’s also important to have a serious discussion about family finances and how you’ll achieve your goals. This means having a conversation about how to afford a down payment on a home, planning for retirement, or costs related to having children and putting them through college.

2. Establish a long-term plan

Experts recommend creating at least a 5 and 10-year plan to help prepare for your financial future. After you have determined what your goals are and have set a budget, you should prepare a general timeline of when you hope to accomplish those goals. Talk about where you want to be in 5, 10, or even 30 years. The plan can be flexible, but you should put your heads together to get a general idea of what it should look like.

3. Talk about insurance

While sometimes overlooked, talking about your insurance coverage is important for married couples. People get sick, accidents happen, and homes can be destroyed by fire or natural disaster. You want to make sure your family is covered for these risks. This includes property or renter’s insurance, auto insurance, health insurance, life and disability insurance and any additional protection.

4. Estate planning

While it may be unpleasant to think about, you need to make sure your spouse is protected if you pass. You need to make sure you have sufficient savings and insurance in place.

5. Schedule regular conversations

Financial discussions should not be a one-time event. Make sure to plan semi-regular conversations. This will keep you on the same page, allow you to adapt to your current situation and ensure that your goals remain in sight.

If you think you may need additional insurance to secure your financial future, speak to the experts at John B. Wright Insurance.