Introduction

Follow this financial checklist for newly married couples to organize money, create a budget, manage debt, build an emergency fund, review insurance, plan retirement, and reach financial goals together.

Marriage is an exciting part of your life but it also means you have to make some big decisions about money. When you get married you and your spouse have to figure out how to handle your finances. You have to decide how to manage your household expenses, savings, debt, insurance and long-term goals.

Making a list of things to do can make it easier to deal with all of these decisions. Of waiting for problems to come up you and your spouse can talk about how you handle money and make a plan together.

There is no one way to handle money that works for every couple. Some couples put all of their money together while others keep their money separate and just split the household expenses. The important thing is to choose a way of doing things that you both understand and are comfortable with.

Have An Conversation About Money

One of the first things you should do after you get married is have a conversation about money. You and your spouse should both understand your financial situation.

You should talk about how money you make how much you save how much debt you have, what your monthly expenses are, what investments you have what credit cards you have what student loans you have and what your financial goals are. It is also an idea to talk about how you spend money and how you feel about saving.
When you talk about money do not criticize each other. The goal is to be open and honest with each other and to work together.

Decide How You Will Handle Your Accounts

You and your spouse need to decide how you will handle your bank accounts. You can have accounts, separate accounts or a combination of both.

Having a checking account can make it easier to pay household bills because you can both see how much money you have.
Having accounts can give you both some independence and you can use your own money for personal things without having to ask each other.
You can also have both separate accounts. For example you can have an account for household expenses and separate accounts for personal spending.
There is no one way to do this. You should choose a way that works for both of you and that you are both comfortable with.

Make A Budget

Making a budget is one of the important things you can do when you get married.
You should start by listing how money you have coming in and what your essential expenses are. Then you can decide how much you want to spend on things and how much you want to save.
Your budget should include things like rent, food, transportation, insurance, debt payments, entertainment, savings and personal spending.

Review Your Budget Regularly

You should review your budget with your spouse at once a month.
Your income and expenses can change after you get married so you need to check your budget to make sure you are on track. This will help you catch any problems before they become issues.

Save For Emergencies

You should have some money set aside in case something unexpected happens.
You can use this money if your car breaks down you need to make repairs to your home you have expenses or you lose your job.
You should keep this money in a savings account that you can get to easily.
You do not have to save a lot of money at once. You can start by putting an amount into your savings account each month and gradually increase it over time.

Deal With Debt

You and your spouse should talk about debt. Make a plan to pay it off.

You should make a list of all of your debts including credit cards, student loans and other loans. You should also include the balance, interest rate and minimum payment for each debt.

Then you can decide which debts you want to pay off
It is an idea to pay off debts with high interest rates first but you should also make sure you are making the minimum payments, on all of your debts.
You and your spouse should also decide whether you will treat debts as responsibilities or shared responsibilities.

Set Short-Term and Long-Term Goals

When you get married you have a chance to make goals with your partner.

Marriage is a time to make these goals.You can make short-term goals like saving money for emergencies paying off debts from credit cards buying a car or saving money for a vacation.You can also make long-term goals like buying a house starting a business saving money for when you’re old or building up your money.It is an idea to write down your goals and say exactly what you want to do.Of saying you want to save more money you should say how much money you want to save and when you want to save it by.

Automate Your Savings

You can make saving money easier by setting up transfers.This way the money goes to your goal before you can spend it.You can set up transfers to your savings account, retirement account or other financial goals based on your budget.Even if you only put in a money at a time it can add up to a lot over time.

Review Insurance Coverage

When you get married your insurance needs may change.

You should look at your health insurance options. See if it makes sense to add your spouse to your plan at work.You should also look at your life insurance, car insurance, renters insurance, homeowners insurance and disability insurance.Life insurance is very important if one spouse depends on the other for money.The amount of coverage you need depends on how money you make how much debt you have, who depends on you what you own and what you want to do in the long term.

Update Beneficiaries and Important Documents

After you get married you should look at who will get your money and things if something happens to you.

This is called a beneficiary designation.You should look at your retirement accounts life insurance policies, bank accounts and other financial things.You may also want to look at your will power of attorney and other estate planning documents.The rules for these things are different in each state and depend on your situation. It is a good idea to get advice from a lawyer.

Plan for Retirement Together

Even if you are just getting married you should start thinking about retirement.The sooner you start saving the time your money has to grow.You should look at your retirement plans at work. See if you are taking advantage of all the benefits.You can also talk about retirement accounts and other ways to save for retirement.You do not have to save a lot of money away.Just start saving a little at a time and make it a habit.

Coordinate Your Retirement Goals

You should talk to your spouse about when you want to retire and what you want to do.You do not have to have all the answers now.Just start talking about it and check on your progress over time.The goal is to have a plan and work together to make it happen.

Check Your Credit Reports

When you get married your credit histories do not automatically combine.You each still have your credit history but if you have joint accounts they can affect both of your credit scores.You should look at your credit reports regularly. Make sure they are accurate.Good credit can help you when you want to buy a house, a car or other big things.If one of you has credit you should talk about how to improve your credit without getting into more debt.

Discuss Taxes

When you get married your taxes may change.You should look at how much taxesre taken out of your paycheck and understand how your filing status affects your tax return.The best way to file your taxes depends on how money you make what you can deduct and other things.If your taxes are complicated you may want to get help from a tax professional.

Create a Plan for Major Purchases

Before you make a purchase you should talk to your spouse about how much you can afford.Big purchases like a house or a car can affect your budget for a time.You should think about the price of the thing how much it will cost to borrow money, insurance, maintenance, taxes and other costs.You should not just think about the payment.

Protect Your Financial Future

Having a financial plan is not just about saving money now.
It is also about protecting yourself from problems in the future.
You should keep all your financial documents in one place and make sure your spouse knows where they are.
You should also keep a list of all your accounts, insurance policies, debts and financial contacts.
You should not keep all your information secret from your spouse.
Both of you should know enough to understand
your finances and take care of things if something happens.

Make Money Meetings a Habit

One of the ways to stay on top of your finances is to have regular money meetings.A month you should look at your budget, savings, debt payments, upcoming expenses and financial goals.You should focus on solving problems not blaming each other.If you are spending money in one area you should talk about why and see if you need to change your budget.As you get married and your finances change your financial plan can change too.You can make changes as you go along.

Final Thoughts

Making a financial checklist can help you and your spouse work together, on your finances.

The important things are to talk openly make a budget that works save money for emergencies manage your debt look at your insurance update your beneficiaries and make long-term goals.You do not have to agree on everything now.Just make a plan that works for both of you and check on it regularly.When you get married you are bringing two lives together. That includes your finances.

Conclusion

Following a checklist can make this easier and less stressful.You should start by talking about your income, savings, debts, spending habits and goals.Decide how you will manage your individual accounts make a budget and save money for emergencies.Then look at your insurance, retirement accounts, beneficiaries, taxes and important financial documents.The important thing is to work together and not fight about money.Your financial situation will change over time so you should check on your plan regularly. Make changes as you need to.If you talk openly save consistently manage your debt and work together you can build a financial foundation for your future.

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