The Long Road to Financial Unity: Planning a Life That Grows With You

Pursuing your financial goals isn’t about reaching a single endpoint—it’s about committing to steady progress along a path that’s often unpredictable. As you and your spouse continue building a beautiful life for your blended families, the road to financial success is rarely going to follow a straight line. Instead, it’s filled with unexpected turns, challenges, and opportunities. Your financial plan should act as your GPS, guiding you forward in the right direction while adapting to the changes your family will encounter along the way.

When it comes to your financial future, it’s easy to get hung up on the plan. But the truth is, a financial plan is just a snapshot built on assumptions that, over time, may no longer hold true.

That’s why the real value lies in planning. It’s an ongoing process, not a one-time event. Planning gives you and your spouse space to regularly revisit what you want, check your assumptions, and make small course corrections as life unfolds—because over 30 years, even a few degrees off course can send you in a completely different direction. But with continuous planning, you’re able to stay aligned, stay flexible, and keep moving forward—together.

Below, we’re exploring practical strategies for navigating your financial journey with confidence, staying flexible, and maintaining progress toward your family’s long-term goals.

First, Flexibility Is Key

Take a moment and look around you. Find something nearby—a coffee mug, your laptop, a photo on your desk. Notice how easily you can describe it in detail: its colors, texture, and shape. Now, glance out the window at something farther away—a tree across the street, a house down the block. How clearly can you describe it? Likely, the farther the object, the fuzzier the details.

Planning for the future works the same way. Near-term plans—next year’s expenses, vacations, school events—feel tangible and detailed. But looking 30 years ahead? It’s much harder to define. The picture is broader, the outcomes less certain.

That’s why continuous planning matters. Each year, like taking a step closer to that distant object, your vision sharpens. Priorities shift, new realities emerge, and your financial plan must adjust to stay on course.

Think back to where you were three months ago, three years ago, or even a decade ago. Were you married to your current spouse? Were all your kids under the same roof? Were you focused on different financial priorities as a single parent?

As two families blend into one, your goals, ambitions, and circumstances naturally evolve. And beyond personal changes, broader economic shifts, like market cycles or inflation, can also impact your family’s financial well-being. Staying flexible and staying focused on your long-term vision instead of short-term noise is essential to building a life of clarity, balance, and shared success.

Check In with Your Finances Regularly

When two people choose to bring their families together, there may be some unique and complex financial hurdles to address: managing separate college savings, ex-spousal and child support payments, combining accounts, updating beneficiary designations, etc. As time goes on and you both continue growing your savings and supporting your children, more discussions will need to take place to ensure your family stays in financial alignment.

Regular check-ins will help you prioritize both your separate and combined goals as you adapt to new circumstances. Without them, it’s easy to drift off course, which could put your family’s financial progress at risk. 

In terms of your financial life, this could mean:

• Missing out on key investment opportunities
• Falling short of long-term savings goals (like retiring)
• Overlooking steps to protect your family or estate
• Paying more than necessary in taxes
• Accruing high-interest debt
• Exposing too much (or too little) of your portfolio to risk

While transitioning to your family’s new normal, regular check-ins help you and your partner stay in control, assess your progress, set guardrails, and make proactive adjustments to keep you moving toward your goals.

If you struggle to talk candidly about your finances (or perhaps finances are a sensitive subject following a contentious divorce), try to remember that these check-ins aren’t just about recalibrating your financial plan. Use them as an opportunity to celebrate the progress you’ve made individually and as a couple and recognize how far you’ve come on your journey as a family.

Rebalance Your Portfolio

Whether you choose to manage your assets together or separately, just make sure you’re both comfortable with your decision and create a system for transparency.

In either case, part of your planning journey will be keeping your portfolio in line with your evolving needs and appetite for risk. Generally speaking, the closer you move towards your goals (like retirement), the more conservative you’ll want your portfolio to be.

Over time, the performance of individual assets within your or your spouse’s portfolio tends to shift its overall allocation, potentially increasing risk or misaligning with those greater goals. Even if your portfolio was initially built with the proper mix of asset classes (for example, 60% stocks and 40% bonds), market fluctuations can cause these percentages to drift.

For example, let’s say your stock holdings performed exceptionally well last year. While growth is exciting, this imbalance could leave you exposed to more risk than is suitable for your new financial circumstances and goals.

This is where rebalancing comes into play. Just like a road trip, you occasionally need to pull over, check the map, and make sure you’re still headed in the right direction. Rebalancing helps keep your portfolio on track, realigning it with your risk tolerance and long-term strategy so you can continue moving steadily toward your destination. 

Since rebalancing involves decisions about asset allocation, diversification, and even potential tax implications, it’s often beneficial to work with a financial advisor. They can guide you both through this process and help you make well-informed adjustments. If you’re unsure whether to combine portfolios or leave them separate, an advisor can also help guide these important decisions. 

Create (or Boost) Your Emergency Fund

Did you know that only about 53% of adults have enough savings to cover three months’ worth of expenses? [1] 

It’s not unusual for a spouse to go through their emergency savings in the years following a divorce. From paying legal fees to buying a new home, or just managing expenses as a single parent, it’s not unusual for at least one spouse to come to the marriage with a fairly exhausted emergency fund.

If you haven’t yet set aside dedicated savings for your family’s unexpected expenses (medical bills, car repairs, house repairs, or a sudden job layoff), consider making this a top financial priority.

While the exact amount will vary depending on your circumstances, a good rule of thumb is to save between three to six months’ worth of essential expenses. However, factors like your family situation and job security may call for adjustments:

• If you’re self-employed or work in a career with unpredictable income or the risk of sudden unemployment (like start-ups), consider saving closer to a year’s worth of expenses to account for potential income fluctuations.
• If you have multiple children or dependents coming together from both sides of the family, you might need a larger cushion to cover unexpected costs.
• If both you and your spouse have steady incomes, you may feel comfortable with a smaller fund, around three months’ worth of expenses.

Keep in mind that setting too much cash aside in a low-interest savings account can mean missing out on opportunities for growth. A financial advisor can help you determine the right balance to maintain security while still working toward your long-term financial goals.

Remember, You Don’t Have to Go It Alone

Your road to reaching your financial goals is rarely straightforward, especially when you’re blending two families into one. Different histories, priorities, and perspectives can add complexity. But with a trusted guide by your side, it doesn’t have to feel overwhelming.

As you move forward, remember the importance of staying flexible, regularly checking in on your progress, and adapting your plan as your circumstances and priorities evolve. These small, consistent actions help ensure you remain on a path that aligns with your goals and needs.

If you’re ready to take the next step, our team is here to help. Schedule a time to connect with us today, and let’s work together to create a strategy that supports your long-term financial success.

Sources:
1 https://www.federalreserve.gov/publications/files/2023-report-economic-well-being-us-households-202405.pdf

This article was originally published here and is republished on Wealthtender with permission.

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