Wedding bells and bank accounts
Now that you’ve found the person you want to spend your life with, figuring out your financial future together can lay the foundation for a happy union.
To share or not to share finances
The way you and your spouse approach your finances is a personal decision. Knowing the implications of a shared account vs. keeping separate accounts will help you weigh your options and decide what's best for you.
Pros of combining finances
- Full transparency in spending habits and simplified finances for family planning.
- Ability to boost a partner's credit score which will be beneficial when you're ready to apply for a credit card, get an auto loan or a home loan.
- You can work towards a shared financial goal and communicate as you work towards that goal together.
Cons of combining finances
- Possible friction if partners do not have the same views on how to spend and save money.
- Partners may feel a loss of financial independence.
- Purchasing gifts from the same account can get tricky.
Managing money in your marriage
Before you say "I do"
Marital bliss can be tarnished without financial foresight. Before you walk down the aisle, set aside time to discuss the following questions with your partner.
- Financial standing. Discuss debts, financial obligations, and assets you have.
- Savings. Determine how much you will contribute to savings and what you will use the funds for.
- Goals. Make a list of goals you want to accomplish together. Account for retirement planning.
- Budget. Decide how you will handle bill payments, shared expenses, and discretionary spending.
- Prenuptial agreement. Explore whether or not you will have a prenuptial agreement and what terms will be outlined.
Explore more milestones
Buying your first home
Homeownership is a milestone to celebrate. Before you can open the door to your new life as a first-time homeowner, you'll need to prepare for the home-buying process.
Remodeling your home
Few things are as satisfying as a successful home improvement project. Before starting, it’s a good idea to educate yourself on potential pitfalls and learn to be a budget master.
Planning for your expanding family
Thinking about expanding your family? Some financial prep now can bring you some comfort and peace of mind for when your newest family member arrives.