2 Helpful Financial Tips for Newlyweds

Getting married is one of the most exciting times in your life; one that comes with an endless amount of newfound adventures and responsibilities that will now be shared between two loving people. While planning for the big day may have seemed like an everlasting ordeal, it certainly pales in comparison to the amount of planning needed for maintaining a fun, carefree life together for hopefully many, many years to come.

Experts agree that you shouldn’t wait very long at all into the “Honeymoon Period,” to have the necessary, and sometimes challenging, discussions that are required to fully map out a financial future together. There is much to do, from getting your documentation squared away to setting aside money for that dream retirement vacation.

Here are two helpful financial tips that are sure to help any set of newlyweds better prepare for the happily ever after ending they deserve.

1. Come Together Legally and Financially- A big part of taking that first step towards a successful life together is getting organized with your legal paperwork and financial responsibilities. After the big day is finally over, make sure you update all of your necessary social security cards, licenses, credit cards, passports, policies, and permits to reflect any name changes you or your spouse may have undergone. Do this sooner rather than later to avoid gaps in service or coverage. Next, lay your debt on the table and see what makes the most sense in terms of utilizing some of your (hopefully large) wedding gift funds; pay off the debts with the most interest first and be sure to look into using a portion to pay against the principle of your house too! You’ll also want to discuss your mutual assets to get a realistic look into the financial landscape of your relationship as well. There are going to be plenty of expenses coming your way, and it is important to come together in an organized fashion as quickly as possible to not only know where you truly stand, but also what you can actually afford in the coming years. Remember, something as easy as over-extending yourself while buying the furniture for your first home can have serious repercussions; the only way to be smart with your money is to be honest with yourselves about what’s possible in the now and what may be a future luxury if all goes to plan.
2. Plan Ahead…For Anything and Everything- The time is now to start saving for everything from college educations and Disney vacations to retirement, so you and your partner will want to start setting aside certain financial plans together. You should figure out which type of bank account configuration works best for you, as well as agree on what percentage of each of your paychecks goes where when payday comes around. Additionally, make sure you are fully taking advantage of company benefit packages, 401k, and retirement plans; remember, most employers these days match a certain portion of your contributions, so make sure you don’t leave any money on the table at all. On a more serious note, part of being in a responsible, loving union is making sure that your spouse will be taken care of in the event that something happens to you. While no one ever wants to think about an unexpected accident or death, experts agree that some of the first things you need to do after your wedding is make sure you create a will and look into the many different insurance options that are available to you as a couple. You may already have existing life or disability insurances through your employers, but now you can take advantage of each other’s coverage; therefore, make sure you absolutely research the many different ways you can cut costs by avoiding duplicate coverage or even fully joining your spouse’s policy while dropping the cost of yours completely. Having a will is a way to ensure that certain measures will go into place in the event of your passing; something that will be increasingly necessary as your family grows and you have the custody of your children to consider. Be smart, use a real lawyer, and get this done immediately.