Planning a wedding sometimes makes you feel as if you are both the producer and the star of a Broadway show. There are countless decisions: flowers, locations, caterers, photographers, the cake, invitations, and fittings for the dress and the tux, not to mention being the center of attention. It's a dream come true and it can be overwhelming. As you plan your wedding, remember that it is just a single day. Be sure to take time to plan for your life together as well.
Merging Your Finances
You have two toasters, table settings for 12 and two individual checking accounts. You'll keep the toaster that's brand new, invite friends over to dine on your new dinner plates, but who will take care of the bank accounts? By now, you probably have a good idea about each other's spending and saving habits. Decide who will be responsible for the day-to-day financial operations of your household. You'll need to consider if you want a joint checking account. You'll need to evaluate your insurance coverage and you probably want to consider
life insurance, especially if one of you has dependent children or if you are living on one income. Don't forget to update your designated beneficiaries on retirement plans, life insurance and other policies or accounts you may have.
Start Saving
You have settled on a toaster, made good use of your new dinner plates and have the banking squared away. What is down the road from here? What dreams do you have together? Start putting away money now, each month for your next
vacation, a new car, a
house, or even for
expanding your family. Check our
financial calculators to assist you in creating your plan.
Talk to an agent or advisor about how you and your new spouse can best begin your financial lives together.
