Getting married brings major changes to your life. In addition to paying for your wedding and honeymoon, you and your spouse are probably combining your finances, or maybe you are going the route of separate accounts. You may be planning for the future, considering buying a home or starting a family. Regardless where you fall in the above decision tree, the bottom line is that there is a lot of change going on – especially financially.
Statistics show that financially successful couples typically follow the same game plan that takes in the following considerations.
- Consider the financial situation of yourselves as husband and wife and as individuals – the last thing you want to do is get blindsided by your spouse’s irresponsible financial past. Keep the lines of communication open so both of you know what you are getting “married” into.
- Create a budget and stick to it – As individuals you may think you’ve got your game plan figured out, but what about as a couple? Sit down periodically (don’t just set it and forget it) and go over your spending habits and see how that compares to your agreed upon family budget.
Now is a great time to look into our banking and lending services to support you and your spouse as you build your new life together.
Consider these products and services to help you along the way:
- Checking accounts to pay for household expenses
- Savings and money market accounts to save for a home or new baby
- Certificates of deposit to boost your savings with a predictable return
- Credit cards held jointly to establish credit as a couple
- Personal loans and lines of credit with competitive rates, to buy a car or pay wedding expenses or debt