With spring and summer upon us, the wedding season has begun. There are a million things to think about when planning your wedding: the flowers, the cake, the guest list, the seating arrangements, and of course, the honeymoon. So at this hectic time, who cares about money management? Well, you should. The significance of this major life-changing event will certainly affect your financial future – for better or for worse. The key to success, as with most things, is communication.

Money can be an uncomfortable topic of discussion no matter who you are or what the circumstances. It is crucial to work beyond any nervousness you may have about money matters. As a couple you will want to make your money work for you as efficiently and effectively as possible.

The first step is to assess your current financial personality. Identify what "money style" each of you falls under. For example, you may save every last penny while your spouse-to-be is a spendthrift. How will you deal with these opposing views on money management?

Determine the value of your assets and the sum of your debts to get a clear idea of where you stand now. Will you establish a plan to pay off your loans and begin saving together? Decide what you want to save for, and then work together to come up with a realistic plan to achieve this goal. Only through discussion can you begin to realize and plan your future financial goals and your lifetime partnership.

Marriage is also the time to review your insurance needs, existing policies and wills if you have them. You may need to change your life insurance coverage and beneficiary to include your new spouse. It is better to change your policies immediately so that you won't be left scrambling if disaster strikes. Your Last Will and Testament should be amended unless it was written with your marriage in mind. Again, sooner rather than later is the time to make your updates.

With a wedding on the way, there are so many things going on that you may wonder when you'll finish all the preparations and get to the party. Don’t hesitate to consult with a qualified financial planner to ask questions and gain clarification on some of these most important life changing financial events. Your planner cannot guarantee you ever-lasting love, but a good plan will ease the financial stress that accompanies your new life as a couple.

This is a monthly article on financial planning. Call or write to Rick Sutherland CLU, CFP, FDS, R.F.P., of Fundex Investments with your topics of interest at 798-2421 or E-mail at rick@invested-interest.ca.