Marriage Finance 101

Marriage is a wonderful thing, but planning the wedding is a difficult task. The coming together leaves many things as an afterthought to the wedding. Each has their own credit cards, checking accounts, and utility bills. Hopefully, neither has a lot of debt.

Most people do not think about finances when they are getting married. It takes the romance out of it. But it is necessary to make some sort of arrangements, or at least a plan of how to get things consolidated.

Let’s start with checking accounts. There are a couple ways to go about it. Many financial experts believe that you should keep your individual accounts. It will be easier to manage and keep track of transactions with only one hand in the cookie jar.

Open up a joint account for your expenditures. Each should deposit a certain percent into the joint account to cover your allotted expenditure budget. What is left over can be deposited into your separate accounts and savings account.

Credit cards are a different story. Each of you will probably have numerous cards of your own. Take an evening and call all of the issuing banks. Tell them that you just got married and are eliminating some of your accounts. Whichever card issuers give you the best rates are the ones you keep. They will add your spouse onto the account with a phone call and send out your new cards.

Settling your accounts is easy it just takes a little time. It is best to take care of these matters quickly, as time will not make it any easier. Some of the institutions may ask for your marriage license, and be prepared to send it. They will send it back if you provide a self addressed stamped envelope.



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Managing Your Finance Once You Are Married

It's important to plan for your financial future beforehand so you have idea of what to expect. Once you get married, most newlyweds' open a joint checking/saving accounts

Below is a list of 4 easy steps to take when determining your financial future.

Step 1-Determine your net worth

Net worth is the difference between assets and liabilities. Make a list to figure out your net worth, make a list of all the things that you own and assign approximate values to each one. Then make a list of all your debts. Subtract these two numbers and you will have your net worth.

Step 2- Family accounting

You will need to decide who is going to manage your accounting. Is one partner going to manage the finances or will this be a shared responsibility? Are you going to choose to handle the finances independently, if not you will need to create a system of whose going to pay the bills.

Step 3- Set goals

Statistics are showing that 95% of senior citizens can't afford to retire. Set goals and start saving for your future today. Create short-term goals and long-term goals. Make sure when you set your goals that you are actually striving for them so they should be adjusted to your spending lifestyle

Step 4- Plan for adjusting your finances once married

Many couples get married without having a financial plan in mind. It's very important to discuss your financial situation before tying the knot that way everything is out in the open. If you don't want to deal with thinking of financial strategies get help from a financial planner for any needed advice.
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Written by: Kelly Kennedy