Getting married is one of the most exciting times of your life. It opens a new chapter in your journey, yet brings on new financial challenges. Sunset Bank understands that the new financial challenges can be one of the biggest obstacles in a new marriage, so we are focusing on bringing you a financial checklist for newlyweds in today’s blog.
Financial checklist for newlyweds:
- Decide how to set up your accounts. Will you have a shared savings and separate checking? Or will all accounts be shared? Deciding how to set up your accounts is extremely important to starting off life as a married couple. You can always keep them separate until you and your spouse feel the time is right to mesh the accounts. Whatever you decide, keep an open channel of communication about the subject.
- Set financial goals as a couple. Set aside time to talk about each of your financial goals. Don’t worry if you have different financial goals than your spouse. It is important to keep your own financial goals alive, even when you are married. Whether it be traveling, buying a home or paying off debts, talk about your financial goals with each other. Work towards each of your goals, it may take more time, but it will leave both of you happy with reaching each other’s goals.
- Meet regularly about money. Set up a time each month to talk about money, where it’s going and how much is coming in. Living with a duel income is a completely different situation then balancing it all on your own. Designate one spouse to pay the bills, but make sure the other person is always in the know about where and when money is leaving your account.
Sunset Bank wishes you the most success in your marriage. If you and your spouse have plans to buy your first home, congratulations! We are