What I Learned About Merging Finances with Paris

As you guys know, Paris and I are planning our wedding, but more importantly we’re planning for a life together. We’ve taken our time in planning the big day because we want everything to be perfect, but we also want to set ourselves up for financial success as we start out our marriage. Today I’m sharing some of the steps we’re taking before we say, “I do,” and what we’ve recently learned from working with Northwestern Mutual.

FINANCIAL PLANNING 101

According to a survey by The Knot and Northwestern Mutual, 40% of couples feel anxious when they think about financial planning together and for us, it was never something we really thought about. Talking about finances is not the most romantic topic, but it’s essential for any couple that is serious about taking the next step. As we prepare to start our lives together, including eventually starting a family and purchasing property, we wanted to get our money right and be transparent with each other about our financial goals. Paris and I are open and comfortable with each other, but even so, when it comes to finances you sometimes don’t know where to start or what questions to ask your significant other. It can get uncomfortable! Meeting with a Northwestern Mutual financial advisor was a great first step because she asked us all the right questions and worked as a buffer — I was able to learn a lot about Paris’ financial situation and aspirations just by listening. Being together with our advisor was crazy valuable and provided us the opportunity to plan for what we both want now, and in the future.

WHAT TO EXPECT

Paris and I have been together for a while – we share an apartment and our lives are already quite intertwined. So, while we weren’t too nervous about starting this process together, the idea of revealing our current financial situation to someone else was quite terrifying. Nobody wants to feel like they’re being judged for how they spend and save their money or like they’re not as prepared for the future as they think they should be, and those anxious and nervous feelings are totally normal! Be proud of yourselves for taking the first step towards better preparing for your future together, and know the process is a safe space. Be open with your advisor, ask them anything and everything, and don’t be intimidated – they’re there to help YOU! Our advisor was kind, understanding and willing to walk us through the whole process no matter how basic a question seemed. The more open and honest you can be with your advisor and your partner, the more you’ll get out of it. Facts.

GETTING STARTED

Financial Planning isn’t always at the top of the list. We get it. If you don’t know where to start, set up a session with an advisor at Northwestern Mutual. Within the first thirty minutes of our first session, our advisor asked us about our current financial situation and our short- and long-term goals. She helped us put a plan in action by setting us up with a budget and educating us on investments, stocks, insurance, expenses and more. Who knew? We left our meeting feeling relieved, educated, heard and energized! Overall, we had a wonderful experience working with a financial advisor. Since our first meeting we’ve already made some major changes to how we manage our finances and have had more open and honest conversations about our financial future. We’re now working towards some of our short-term goals such as purchasing property, all while saving for a wedding and continuing to budget for our future. There isn’t a right or wrong time to begin working with a financial advisor, but if you’re starting a new chapter like marriage, moving or starting a family, consider this transition as a time to get your money right!

Major thanks to Northwestern Mutual for partnering with us and letting us share our story! I hope it inspired you to take the next steps towards a brighter financial future. Join us?