Marriage is an important step in anyone’s life and brings many challenges with it. One of those challenges is the management of your finances as a couple. The money decisions you make now as a couple can have a lasting impact on your financial future together. Careful planning of your finances can ensure that together, you achieve financial success.
Here are some questions to get you started:
Do you have any debt?
Marrying someone with debt doesn’t necessarily mean you are taking on that person’s responsibility to pay it off. But knowing the debt and the plan to pay it off is important for planning a household budget.
How will we budget?
Everyone has his or her own way of budgeting, but as a couple you need one method. Having one person in charge of the monthly budget can help create consistency.
What is our approach to checking accounts?
Deciding to have individual or joint checking accounts is a good place to start when it comes to banking as a married couple. There’s no wrong way to do it, as long as you both agree and it works for you situation.
What is your credit score?
Having good credit will be necessary when it comes to buying a house, taking out loans, or buying a car. Pull your credit scores for free from here and work together to take care of any issues.
How will we save?
Developing a savings plan before getting married will ensure you are working towards your financial goals from the start.
Do you prefer to buy things with cash or credit?
Understanding how your fiancé uses credit and how he or she approaches paying off the monthly bill will allow you to budget properly and keep on top of credit.
How will your taxes changes?
One of the first things you should do after getting married is adjust the withholding allowances you claim on your W-4 form. Allowances are used to help your employer calculate the amount of income tax to withhold from your paycheck based on income, deductions and marital status. Speak with your Tax Consultant to discuss other options to save.
Do you have any plans for investing?
When it comes to investing, meeting with a professional might be a good idea. Having a professional go through your options can make the conversation easier and more focused.
What are you saving for?
Kids, vacations, new house, cars… the list can go on. Having savings goals can determine the approach. If you have multiple goals, maybe multiple savings accounts is the way to go - we can help!
We're here to help!
As your hometown bank, we look forward to helping you through the many stages of life, from your checking account to your retirement account. We've helped generations of families buy their first home, finance their vehicles, and plan for the future. Let us put our experience to work for you and your family.