Simple Steps to Financially Prepare for Marriage
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Choose a location, a caterer, a florist, a wedding photographer, and… a bank? In the hustle and bustle of wedding planning, setting up a financial foundation for your future can often get lost in the weeds. Here are a few key things engaged couples should do to financially prepare for marriage.
3 Things You Should Do to Financially Prepare for Marriage
- Determine a system and partnership for budgeting, paying bills and determining discretionary income. How much will be coming in each month? Who will be in charge of paying the bills? How much will you allot to savings, an emergency fund, retirement planning, etc.?
- Choose a home bank or credit union, if you’re going to be combining accounts. If you’ve decided to open a joint account, it’s time to determine which bank you’re going to use. Are each of you happy with the institution you’re currently banking at? If not, it’s time to research and look for a new home bank or credit union.
- Talk about money, money habits and money history with your future spouse. Ask these five important financial questions and have a discussion over each.
Most importantly, enjoy the start of this new adventure! While the checklists get long and the to-dos may seem overwhelming, it’s important to relish each step in the process and be intentional about setting your financial future up for longterm success.