Big life events tend to arrive with a long non-financial to-do list already attached — which is exactly why the financial steps are easy to miss. Here's a quick-reference checklist for five common ones.
Getting married
- Decide how you'll combine or keep separate finances
- Update beneficiary designations on retirement and insurance accounts
- Review health insurance options as a household
- Update your will, or create one if you don't have one
Having a child
- Add the child as a dependent on health insurance
- Consider life insurance if you don't already have adequate coverage
- Name a guardian in your will
- Look into tax-advantaged education savings accounts
Buying a home
- Confirm your emergency fund can cover the new monthly payment plus a cushion
- Compare mortgage offers from more than one lender
- Budget for closing costs and ongoing maintenance, not just the down payment
- Review how the purchase affects your broader savings goals
Mortgage Calculator
Estimate your monthly payment, PMI, and total interest before you make an offer.
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Estimate the property tax that would add to your monthly housing cost.
Changing jobs
- Decide whether to roll over your old employer's retirement plan
- Review new benefits elections, including retirement contribution match
- Reassess your budget if your income or benefits changed
Divorce or separation
- Update beneficiary designations on every account
- Revisit your will and any powers of attorney
- Separate any joint accounts and credit lines
- Reassess your financial plan and goals as an individual household
The one step people forget most often
Beneficiary designations don't update automatically. After marriage, divorce, or a new child, check every retirement account, life insurance policy, and bank account with a named beneficiary.
When to speak with an advisor
Any event that changes your household, income, or dependents is a reasonable moment to have at least one conversation with a financial advisor, even if you don't need an ongoing relationship.