5 Tips for Becoming a Financially Prepared Newlyweds

It’s that time of year—you know, when your Facebook newsfeed is full of exciting proposals, engagement announcements, and wedding photos. If you’re embarking on the exciting journey of getting married, you’re likely preparing in every way you can for the wedding, and then, for being a newlywed. But what kind of financial planning do you have in place?

Here are 5 tips for becoming a financially prepared newlywed:

1. Buy the right insurance. If your partner is relying in any way on your income, it’s important to have the proper insurance plans in place in the event you were to be without this income for any period of time. This might include certain business policies as well as life insurance.
2. When you change your name, make sure that you’ve notified the proper parties of your new name! This could include the DMV, banks and the IRS.
3. Understand your workplace benefits. Did you know that some employers offer insurance coverage to spouses? Find out what types of benefits and plans your company offers.
4. Discuss budget. Before you get married, be sure to discuss and set a budget with your future spouse. It’s always a good idea to have a set amount of money that you are saving and spending each month and to make sure that your priorities align.
5. Discuss checking. Although you might be planning on keeping finances mostly separate, many financial experts suggest creating one joint account to which both of you have access.

In between the cake testings and the dress fittings, remember how important it is to discuss finances with your future spouse and to have a plan in place before you say, “I do!”