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Getting married brings forth a lot of changes in life, including financial ones. Are you prepared to take the plunge? It might not seem like the most fun part of wedding planning, but it’s important to consider your finances before you exchange vows. This helps make the transition from single to married as easy and seamless as possible. Here are some important financial decisions to make before you say I do.  

Financial Decisions to Make Before You Get Married

July 24, 2017

There are a lot of financial decisions to make before you exchange wedding rings.

Getting married brings forth a lot of changes in life, including financial ones. Are you prepared to take the plunge? It might not seem like the most fun part of wedding planning, but it’s important to consider your finances before you exchange vows. This helps make the transition from single to married as easy and seamless as possible. Here are some important financial decisions to make before you say I do.

How will you set up your accounts?

This is one of the first financial questions you will need to address with your partner. Do you want to keep separate accounts, or will you combine your finances? You may decide to open a joint account for certain bills, such as housing costs, utilities, and groceries, while keeping separate accounts for purchases like gifts, clothing, and travel. Have an open, honest conversation with your soon-to-be spouse to decide which route is best for the two of you.

Who will pay what bills?

You may decide you and your spouse will divide bill payments evenly between you, or you could designate one person to take care of all the finances. Setting up automatic bill pay can help a lot when creating a budget and planning out bill payments. Make a plan together on what gets paid when and from what account, and stick to it.

Do you want to open a credit card together?

To minimize the hassle of tracking tons of credit card bills and statements, it may be a smart move to open a credit card together. This way, you can easily track all of your purchases and stay on top of your bill easier. If you have substantial credit card debt, it may be a good time to consolidate your credit cards. Opening a credit card together can also help you build up rewards faster, since all of your purchases will be placed on one card instead of multiple.

Will you combine plans, such as cell phones or insurance?

You can get quite a discount if you bundle certain things, like insurance or cell phones. Take some time to review all of your current plans, including cell phones, car insurance, and health care plans. Research or inquire with each company to see what the cost would be to add someone to your plan, then compare each option to see which one is better. You may be surprised how much you save by combining into one plan!

Should you change your beneficiary?

Review the beneficiary on all insurance and investment plans and make any changes if needed. You may have previously listed a parent or close relative as the beneficiary and may want to update the plan to list your spouse. You will also want to update insurance policies to reflect your status as married, and update any value changes if your spouse moves in with you after the wedding.

Once you’ve answered the questions above, you’ll have a better overall picture of how your finances will work after you walk down the aisle. Starting off your marriage on a sturdy financial footing will help you enjoy marital bliss even more.

Want more financial information about getting married? Find great information and resources here

Wedding Planning 101

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