Congratulations! As you continue to build a life together, it’s important to discuss the ways you will combine your finances and plan for the future.
- Review Your Credit Reports
- Know Your Account Options
- Make a Plan
Review Your Credit Reports
To get a better idea of your financial situation, review each of your credit reports together. It’s important to understand your credit situation as well as your partners, so you are prepared when the time comes to take out a loan for a vehicle or a home. Use our Home Budget Calculator to understand your household’s total expenses, inventory debts, and to create a plan to manage your bills. Talk to our Financial Wellness Counselor to better understand your joint credit situation.
Know Your Account Options
There are many different ways couples divide up their finances. Oftentimes, a newly married couple will open up a joint checking and savings account for expenses such as housing payments, vehicle payments, and other major bills. However, each person can keep their own account for separate costs that they don’t want their partner to pay for such as shopping, entertainment or student loans.
Make a Plan
It is important to have a plan in place as you combine finances and open new accounts. Here are a few suggestions for your newlywed checklist:
- Update your name and marital status.
- Review your current accounts.
- Consider the costs you will want to pay off together or separately.
- Discuss what retirement means to each of you, and make a plan to build your retirement savings together. Our Cetera Financial Networks Advisors can help create a retirement strategy. Schedule an appointment today.
- Establish or update your beneficiaries on various insurance policies.
The best way to manage your finances as a newly married couple is to discuss your future goals and make a plan. Contact us today to start this exciting journey.