Getting married is exciting, and so’s combining finances. Click here to learn some financial steps after marriage that you and your spouse must take together.
Congratulations! If you’re reading this, we’re assuming that you just got married.
This is an incredibly exciting time in your life. You should enjoy it, and we’re here to make sure you enjoy it even more.
Navigating all of the ups and downs of finances after marriage is confusing. Don’t let it ruin this time in your life.
Keep reading to learn the five financial steps after marriage that we have put together to make this joyous time much less stressful.
- Check Your Credit Reports
Credit reports are those documents that record the actions that you’ve taken on any sort of credit-building account. This includes payments like those for credit cards and loans.
For example, you may find your record of a home loan that you took out a few years ago.
These reports are great for checking in on both of your credit scores. Wherever you both are, you should see this as a starting point. You should both work together on raising your credit scores from here.
- Revise Your Name
If you or your partner have chosen to change or add to your name, then you should make sure that all of your financial accounts reflect the change. You could have a problem managing your accounts and claiming your assets if the names don’t match.
Many people only change their name on their driver’s license, but this is not enough.
To be safe, you should change your name across all accounts. This ensures that there is no question that those accounts are yours when you go to access them later.
- Decide on Taxes
You and your partner should decide if you’re going to file taxes jointly or separately. There are advantages and disadvantages to each decision, but either side may be better for you and your partner depending on your situation.
To be sure, you may want to meet with a tax professional. They should be able to let you both know which decision is best for you all.
- Merge Bills
There is no point to pay for two phone bills. Merge any separate accounts that you may have.
For example, you both should decide on a phone provider and stick with that one bill. You do not want to pay extra.
You may consider merging bank accounts as well. Not every couple does this, but it could be beneficial to you and your partner.
- Track Finances
You both should work on tracking your spending and saving. Many couples budget their money and keep a running track sheet.
You should know where the money is going and where it’s going. This ensures that no money is lost.
Both of you should ensure that money is being set aside for the future as well.
Taking These Financial Steps After Marriage
Making the necessary changes explained in our top five financial steps after marriage can seem daunting. It may even seem impossible.
However, we encourage you to take this entire thing one step at a time. You and your partner should enjoy yourselves. We believe in you.
For more on newlyweds, read more from our blog.