Your wedding is a time to declare your love and devotion to each other. But long before you walk down the aisle, you’ll want to iron out how to handle finances—together.
For richer, for poorer. Tell your partner about your debts, credit cards, earnings, savings, and your general approach to day-to-day money management. Then ask your partner to do the same. Above all, be honest and be kind — talking about finances can be scary but it’s a necessary first step toward building your financial future together.
Two heads are better than one. In marriage, it’s natural to divide up your to-do list. But finances are different. Resist the urge to allow one partner to manage all of the banking and bills. Both partners should know how much money is coming in, how much is going out, and the progress you’re making toward meeting your goals.
Yours, mine, and ours. Use a combination of joint and individual accounts. You can dedicate one set of checking and savings accounts to household expenses. Then use individual accounts for your own spending with small, budgeted deposits, say $50 or $100 a month. This allows you to work on joint financial goals while still retaining some independence to save and spend on personal priorities.
Set savings goals together. In addition to making a plan for how to spend your money, make a plan for saving. Perhaps it’s a home to raise a family, a vacation, a comfortable retirement, or all three. Start your saving habit by setting aside an emergency fund for life’s unexpected situations. Then direct your saving toward your shared goals.
It’s easy to get caught up in the excitement of a wedding, but don’t forget to think about the future and create a healthy financial foundation.
Fulton Bank, N.A. Member FDIC.