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12 Financial Tips After Getting Married

June 12, 2014 by Lois Szydlowski

Wedding rings on the background of moneyWhen I got married many years ago, no one gave me this list and I wished they had. While there are so many other things to do when you are getting married while still maintaining your current job and looking for a place to live, planning how your finances are going to be handled is also so important.

  1. Sit down with your spouse and list your combined debt (credit cards, car payments, prior child care) and determine how you plan to eliminate it over the years.
  2. Have you both talked of your goals and priorities? Life insurance, vacations, retirement, home purchase, children?
  3. Are you prepared to live on a budget and what is it?
  4. Do you both know your credit scores and how you can  either raise them or maintain them.
  5. Will you be having any joint accounts to pay bills from or are you maintaining separate ones and splitting the bills?
  6. Is establishing an Emergency fund important to you, especially if your income is flexible.
  7. Have you filed for new Social Security Cards if there are name changes involved, Driver Licenses if you have moved.
  8. If you already have insurance, have you changed the beneficiary on those accounts?
  9. Who is going to be paying the bills each month?
  10. Do you have a filing system set up for all your finanacial and legal documents and who will be in charge of this?
  11. Will you need to open a safe deposit box to store valuables and important documents?
  12. Will you both work when you have children and how will that work for you both? How tied are you both to your financial income?