As your wedding approaches it is easy to get carried away with the emotions associated with marriage. You are also preoccupied with planning the ceremony and reception. Don’t lose sight of other important decisions to be made.
Financial concerns may not carry the same sentimental attachments of the wedding planning, but it is of vital long-term importance. You must take time to prepare for your new life as a couple. This means understanding and preparing your finances.
The checklist below will help you prepare for your married life.
Discuss Your Finances
Before you are married you should have an open, honest discussion about your individual finances. Let your partner know about any outstanding debts you have. Share the details of your retirement and personal savings. You should work together to come up with a budget that will work for both people. Create a plan for dealing with substantial debts.
Decide Between Joint And Separate Accounts
There are advantages to each. A joint account often makes budgeting easier and keeps each person accountable for individual spending. Separate accounts may be beneficial in cases where one spouse is receiving tuition reimbursements or child support. If you use separate accounts, decide early which spouse will be responsible for which bills on regular basis.
Quote Life Insurance
Get copies of your individual credit reports. Knowing your credit will help you plan for the future. You will be prepared to take out loans for buying a home or a new car. Both credit scores should be over 750. If one or both are not, take credit building steps. Make sure you have separate credit card accounts, which are used and paid off regularly. This will help build credit for the future.
Get Your Credit Reports
Get copies of your individual credit reports. Knowing your credit will help you plan for the future. You will be prepared to take out loans for buying a home or a new car. Both credit scores should be over 750. If one or both are not, take credit building steps. Make sure you have separate credit card accounts, which are used and paid off regularly. This will help build credit for the future.
Plan A Realistic Wedding
Your dream wedding may call for champagne fountains and a solid gold Rolls-Royce, but that might not fit your financial reality. Plan for a wedding you can afford. Don’t think of it as sacrificing your dreams. Use it as a way to focus on what is really important: the love you share with your future spouse. You may discover that it is the simple things you remember the most anyway.
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