Tying the knotGetting married means a dual income for most. Discover how to make the best of it.
          personal financial planning and advice life stages married

          Financial Focus

          Learning to deal with a dual income is not as simple as it may seem. You and your spouse will both have medical aids and insurance policies that you may want to revise or consolidate. You may also be on the look out for a new job and are probably contemplating a family. It is around about now that risk management also becomes a focus.

          Financial plan

          No matter what your life stage or financial needs you need a financial plan and a budget. Both of these will change as your life circumstances change. If you need help please visit financial planning & advice for tips on how to manage your finances.

          Emergency savings plan

          It is important to put aside an amount each month to cater for life’s little emergencies. This should be done through a bank account or lower-risk investment that offers you competitive interest rates and easy access to your money.

          In the event of a major emergency you could also consider an access bond – but that should be a last resort.

          Bank accounts

          When you get married you need to discuss whether or not to have a joint bank account or to keep your finances separate while contributing equally to the household expenses. While this is largely a personal preference contact your bank to discuss which options are ideal for you.

          Saving for a goal

          You and your spouse will have combined and separate goals such as holidays, perhaps extra education or a new entertainment centre. All of these are major financial outlays and require careful planning. There are a variety of products that will help you invest and save towards attaining your goals and dreams.


          You may be shopping for a larger home or you may simply want to ensure that you have the best mortgage option available.

          Short-term insurance

          You have worked hard to achieve your goals and for your possessions. So, whether it is a car or a hi-fi you should consider protecting your assets and possessions with a good short-term insurance product that suits your specific requirements.


          If you haven’t started planning for retirement yet, start now or continue to build on your existing retirement plan. Perhaps consider supplementing your employer’s pension plan with a retirement annuity of your own.

          Proper retirement planning could mean the difference between being able to retire and having to work in your old age.

          Risk protection: death and disability

          Now that you are married you have to worry about what will happen to your spouse if something happens to prevent you from working – either temporarily or permanently. Old Mutual’s Greenlight range offers a comprehensive selection of life and disability protection products to alleviate your concerns.

          Retrenchment/changing jobs

          If you have a dual income your household expenses probably depend on both spouses salaries. If you are retrenched it could impact on your ability to meet your monthly expenses and obligations.

          Protect yourself against loss of income with Old Mutual’s Greenlight range of risk protection products.

          Medical Aid

          Your employer will most likely insist that you join their medical aid scheme unless you are registered as a dependent on that of your spouse's. If you are both on staff medical schemes examine which best suits you both in terms of cost and benefits as it may be best to have one medical aid with a primary member and a dependent.


          You are now at a time in your life when you should really bolster your investment portfolio. Old Mutual offers a range of investment and savings products that can be an ideal and affordable way to structure an investment portfolio – offering investment options for all types of risk profiles and appetites.

          Funeral plan

          Funerals are costly and complicated to arrange. Ensure that, should you die, you have removed these burdens from your spouse by investing in comprehensive funeral cover.

          Estate planning

          You now have your spouse to consider if you die. You also need to think about how your assets will be distributed and in the most tax efficient way. Old Mutual offers an estate planning service that will help you draft your will, conduct a tax-efficiency analysis and set up any trust. Old Mutual also offers trustee and executorship services.


          Contact an Old Mutual financial adviser today to help you develop a financial plan that suits your current circumstances and financial position.

          Other life stages to explore