A financial plan for newlyweds
It’s wedding season! Time to shop for dresses, find a venue, taste test the cake options and … find a financial institution? That’s correct. Making sure you and your partner are on the same financial page is critical before walking down the aisle. Here is a list of items for newlyweds to create a financial plan:
- Open a joint checking or savings account
- Set up a monthly budget or revise a current budget for joint expenses
- Determine other financial service needs – online services, auto loan, home loan, credit card, debt consolidation, additional savings accounts such as holiday club savings and/or savings for future auto or home, etc.
- Plan for future saving or investing, and review your plan for combined investments
- Become familiar with what is and isn’t considered ‘marital property,’ and understand how to keep certain assets separate, if you wish
- If you both work, choose the best employer health insurance and other employee benefits
- Remember to update beneficiaries on employer and other forms
- Plan for transportation – buying vs. leasing, one car vs. two, etc.
- Plan for living space – buying vs. renting, combining homes, etc.
- Plan for other expenses, such as entertainment
- Understand joint credit and how to build a credit rating
- Determine a payment plan for your combined debt
- Review and/or combine auto insurance
- Plan for tax preparation – will you use a professional or do it yourself?
- Develope a will with legal assistance
Each person comes to the table with ‘stuff’ – furniture, debt, income, spending habits and long-term goals. Organizing and making decisions is critical, so find a financial institution that provides both financial and practical guidance for the complexities and decisions associated with joining two lives together.