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Getting Married? 3 Strategies for Merging Finances
Planning a wedding brings with it plenty of financial challenges – will the bride and groom pay for the event themselves, or are their parents chipping in? How much is too much to pay for a dress? Many times, however, the couple neglects to think about the financial issues that can arise after they say "I do." Merging finances after marriage can be stressful. Here are three suggestions to make the transition from single to married finances as smooth as possible.
1. Open a joint checking account. This can streamline the household budget, but it can also open the door for marital dispute if you're not careful. Before opening a joint account, discuss exactly what the account will be used for. Will you use it for everything, or only paying bills? Will you maintain separate accounts for spending money? And who is in charge of keeping track of the account? By discussing these things up front, you can avoid arguments. When you're ready, a joint checking account from The White House Federal Credit Union can help you and your spouse manage your money together.
2. Think about your goals. What are your short- and long-term goals as a couple? Do you want to have children soon, or purchase a home? And what about way down the line – what do you hope to achieve for retirement? By talking about your hopes and dreams, you can devise a plan to achieve them. The White House Federal Credit Union has many accounts that can help you get there.
3. Discuss the "D" word … debt. Did one or both of you come to the marriage with debt? Not every couple handles debt in the same way. Some decide that "what's yours is mine" and team up to tackle the debt. Others don't want to burden their new spouse with debt they accumulated before they became a couple, and work on wiping it out themselves. Whatever you decide, it's important to be supportive of each other. Keep in mind that if you want to make a large purchase together, your partner's credit score could affect your ability to get a loan.
At The White House Federal Credit Union, we want to help you and your spouse live happily ever after. We have all the financial tools and advice that can help you reach your goals. Visit our website or give us a call today to learn more.