After Marriage!

Now that I am married we’ve been talking a lot more about life insurance, wills and combining accounts. We tackled combining our accounts long before we were married, but we didn’t make it official until after we were married.

I’ve come to the realization that it’s not all about me anymore and that I can’t just do what I want with my, I mean our money. Although I think I have handled my money pretty well over the years and hubby has handled his money well also, we still had to come together to figure out what works best for the both of us. We didn’t manage our money the exact same way when we were single, I mean who really does the exact same thing as anyone else when it comes to money. The good thing is we had and still have similar goals, so that makes it much easier to come together.

We decided we’re going to try the envelope system. I’ve been using the envelope system for years and it has worked extremely well for me. For those of you who are not familiar with the envelope system, it is where you separate your expenses in envelopes. For example, after we’ve completed our monthly budget we withdraw cash for things such as grocery, clothing, gas, car repairs,  spending money etc. Since we would have already done a budget at this point, we know roughly how much each of these things are going to cost. We put the cash in each envelope and label the envelope accordingly. When it’s time to get gas, or go grocery shopping we do so with the appropriate envelope.

The first few times you may not get the amounts bang on. The first month we were off by $20 on our grocery budget, so I took money out of my spending money envelope to cover it. Next month we should be right on. Since we just got back from our honeymoon, we didn’t have much food in the house, so we bought more than we would normally buy in a normal month.

We haven’t changed the beneficiaries on our life insurance, investments or made changes to our wills yet. We are both planning on increasing our life insurance amounts to take care of future kids down the road. I’ve heard that we should have 10 times our annual income in life insurance. I think that’s a bit much, but we’re going to consult with a life insurance agent to get some advice.

What about you? How much life insurance do you have?


  1. It sounds like you guys are making financial plans together….and that is all that matters!

    We each have $250K and another 20K through work.

  2. Converting to USD, I have about $340K and hubby has less than that. We should be at $500K. We have some pension funds and passive income which I pray is sufficient. I never heard of the 10X. Sounds extravagant. More than $1.6M in our case. I love how you are dealing with combined finances. When I got married I didnt even know what I was doing with my finances.

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