02/11/2025
Review these essential money strategies before taking one of these four steps.
Getting Married?
Talk about money. Discussing finances before the big day can help prevent misunderstandings in the future. Start your marriage with a tone of openness about money.
Get specific. Create a budget, discuss how to pay down outstanding debt, discuss long- and short-term savings goals, like saving for a home, vacation, and retirement. Couples who make money decisions together are more confident about their financial future.1
Protect each other. No one wants to think about what would happen in the event of tragedy or loss, but when you are married, it is important to discuss your plans if something unexpected happened. Your new spouse may depend on your income even if he or she earns as much or more than you do. While nothing can replace a spouse, a term life insurance policy is a good way to protect another financially.
Having a Baby?
Speak to a licensed life insurance agent about your life insurance needs. Ask your life-licensed Primerica Representative for a complimentary Financial Needs Analysis (FNA) to assess whether your family is properly protected.
Prepare a will. It is important to legally name a guardian for your children in the event of your death. Without a named guardian, the state could appoint the guardian for your children.
Save for college. Between 1980 and 2020, the average price of tuition, fees, and room and board for an undergraduate degree increased 180%.2 The sooner you begin saving ā even $100 a month ā the more you will have for your childās future.
Preparing for College?
Be smart about student loans. As a rule of thumb, try to keep student loan debt at 50% or less than the studentās expected starting salary. Considering a parent PLUS loan? Try not to borrow more than you can repay within 10 years or by retirement, whichever is first.3 Hands off that 401(k)!
Discuss money management. High school graduates may not know how to budget or avoid banking or credit card fees. Set them up for success by discussing money matters in advance.
Graduate on time. Budgeting for a four-year stay? Recent data show 62% of students in the United States complete their college program within six years.4 Make sure your student carries the maximum course load (not just the minimum for full-time enrollment). Otherwise youāll wind up paying for an extra year, and the average is currently $29,150 for public and $41,540 private.5
Thinking of Retiring?
Clarify your definition of retirement. To make sure you can truly support the lifestyle you have in mind, estimate your retirement income, then live on it for a year. If you need to adjust, work longer and avoid debt. According to a new study, 30% of older Americans who carry a balance on credit cards month to month report a balance of $10,000 or more, and 12% say their balance is $20,000 or more.6
Stay healthy. It may sound like a no-brainer, but investing in your health now adds up to big dividends in the future.
Consider long-term care costs. Even the most well-funded retirement savings account could be wiped out in a matter of months if you require a nursing home stay or round-the-clock home health care.
Before taking any big step, it makes sense to review your finances. Please DM meT for a complimentary Financial Needs Analysis (FNA). Have you already had an FNA done? It might be time to update it.
