Tips for managing finances after “I do.”
Congrats on tying the knot! While planning the wedding is over, planning your financial future is just getting started. Money and finances can be a significant source of stress in any relationship, but with the help of our financial checklist questions, you can begin the important conversation of money matters with your spouse.
In this blog article, we'll explore how to manage finances as a newlywed couple to help you and your partner build a strong and secure financial foundation together.
1. Where do I change my name?
First thing’s first on our financial checklist! If you're planning on taking your spouse's last name, you’ll surely want to update it everywhere. But where do you even start? From updating your social security card to changing your credit cards, this article from Brides will show you how to change your name in 14 steps.
2. Joint or separate accounts?
Do you plan to combine your finances or keep them separate? There’s no one-size-fits-all answer to this question, as it depends on your individual circumstances and preferences. As long as you and your spouse are on the same page with how to manage finances, having a joint account can be helpful in handling day to day money matters.
Similarly, you’ll want to determine who’ll be responsible for managing finances. Maybe you’ll equally manage your money together or one of you will take the lead. Regardless, you’ll want to establish the financial responsibilities as a couple.
3. What’s our budget and financial goals?
Next on our financial checklist is to determine your budget as a couple. If you combine finances, it’s important to understand each other’s money habits including spending, saving, and budgeting. Together, you may even want to create a monthly budget as a couple. You can easily create this budget using Money Management, our free budgeting tool available in digital banking.
We’re sure you also have big financial goals, too! Maybe you hope to buy your first home together, start a family, or even take an amazing international trip for your 1st anniversary. No matter your goal, we have a savings solution to help you get there, such as savings certificates, money markets, and even club accounts.
4. How often should we reflect on our plan?
It’s important to set aside time to discuss your finances, budget, and goals. As you continue throughout married life, you budget and goals will inevitably change, and it’s important to reflect and adapt your finances to these changes. This will also help prevent any potential misunderstandings and surprises.
Keep in mind that having an open and honest line of communication is the cornerstone of a successful financial partnership in marriage. Financial discussions should not be taboo or reserved for special occasion. Instead, they should be a regular part of your married life. If you haven’t already had an open conversation yet, here are some tips on how to talk about money with your partner.