The wedding is over, but there’s still a little paperwork to do! From combining finances to updating beneficiaries, here are a few important financial steps to tackle as you start this new chapter together.
The flowers have been put away, the thank-you notes are being written, and life as newlyweds is beginning. While updating your financial information may not be the most exciting part of being newly married, taking care of a few important details early can help set you and your spouse up for a strong financial future together. You don't have to tackle everything in one weekend, make a list and work through it together.
Start by talking about your money. Sit down together and discuss your income, monthly expenses, debts, savings and financial goals. Decide how you want to manage your finances going forward. Some couples combine everything into joint accounts, while others keep separate accounts and share certain expenses. There isn't one right answer, the important thing is that you both understand where your money is going and agree on a plan.
Next, update your accounts and important documents. If either spouse is changing their name, update information with your bank, employer, insurance companies, credit cards and other financial institutions as needed. Review the ownership and beneficiaries on your retirement accounts, life insurance policies and other accounts. Beneficiary designations are particularly important because they can determine who receives certain assets if something happens to you. Don't forget to update emergency contacts and other important personal information, too.
Take a fresh look at your insurance and financial protection. Marriage is a good time to review health, auto, homeowners or renters, and life insurance coverage. You may discover opportunities to combine policies or adjust your coverage based on your new circumstances. It's also a good time to make sure you both know where important financial documents are located and how to access your accounts if an emergency occurs.
Finally, set some goals together. Maybe you're saving for a home, paying down debt, building an emergency fund, planning a vacation or simply trying to get better organized. Whatever your goals may be, give yourselves something to work toward and check in on your progress regularly. Marriage is about building a life together, and creating a financial plan together can be an important part of that journey.