Getting married is such a whirlwind of excitement! I personally got married a couple years ago and I remember it quite vividly. There are so many things that need to be planned and paid for that it can leave your financial plan on the back burner. Yet, taking time for financial planning before getting married can be a meaningful gift to yourselves. Having a shared financial plan is very important for the health of your new marriage. We’ve created a checklist to start your new journey off right.
Communication
If you’re open to financial planning before getting married, communication is the starting place. Set a time to talk and put aside all distractions, including the TV and cell phones. Openly and honestly discuss all your current financials. What bank accounts, investment accounts and debts do each of you have? What are your dreams and goals for the future? You want to go into your marriage knowing that you can support each other in your goals and are unified in your approach.
Bank Accounts
Discuss if you want joint or separate bank accounts. There is no right or wrong way, as long as you make this decision together. If you are going to have separate bank accounts, discuss dividing and conquering payments that need to be made. If you are going to have Joint Accounts, remember after you are married to go to your bank and make the necessary changes.
Name Changes
Is someone changing their last name? This is a big and exciting change to make. The first step is a new Social Security Card. Once you have your marriage license you can request a new social security card. Once you have your new Social Security Card, you can get a new driver’s license. Then, when you have your new Social Security Card and your new Driver’s License, you can update your name with your employer, bank, financial advisor, insurance agent, credit providers and more.
The Key To Financial Planning Before Getting Married: Talk About Debt
If you have debt going into your marriage, it will impact your spouse. It is important tp come up with a plan to work together to successfully eliminate debt. It’s also important to start saving, even if you have debt. You don’t have to start big, but get in the habit of saving every month. Build up an emergency reserve in your Savings, start a Roth IRA, and then open a Taxable Investment Account.
Go Into Your Marriage With A Strong Financial Plan
A Du Charme Wealth Management Advisor can help you and your fiancé discuss your current finances and goals. Your advisor will work with you to come up with a financial plan to work towards achieving your goals and dreams.
Contact us when you are ready to start planning your future together!