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
every couple.
- 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
right.)
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.
Great advice! My partner and I sat down and had a money talk early on, it was awkward at first, but honestly so worth it. Being on the same page about saving, spending, and even debt made everything way less stressful. Highly recommend having that convo before wedding planning starts!
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ReplyDeleteGreat tips! Financial transparency before marriage is key to avoiding future conflicts. Consolidating debt post-wedding, as mentioned, can also be smart. Remember to have some fun too! Take a break from financial planning with a relaxing game of Block Blast to de-stress. This article is very helpful.
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