Before you say “I do”:
- Have a frank discussion about money. Be
up front about all income and debt and discuss your spending styles and habits.
- Decide if you are going to pool your
finances, keep them separate or find a middle ground. No one method works for
- Decide who will be responsible for
paying bills and managing finances—or divvy up the responsibility.
- Talk about a spending limit—a “safe” amount
one of you is free to spend without consulting the other.
After you are married:
- Don’t forget to change your name on
accounts and credit cards and update your social security card.
- If you both have existing loans, look
at interest rates and consider consolidating them.
- Make sure your health, property, life,
automobile, casualty, and other types of insurance are set up properly and that
insurance companies have been made aware of your change in marital status.
- Change the beneficiaries on your insurance
policies, bank accounts, retirement plans and investment accounts. (For some types
of accounts spouses automatically become beneficiaries unless they waive that
Spending a little time communicating about money early in your relationship—as well as on
an ongoing basis—can help ensure a happier financial future for you both!
Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for managing your finances before and after getting married on Fox 11's Living with Amy.