The season between getting engaged and getting married can be a confusing one. There are lots of plans and decisions that have to be made – most of them centered around the actual wedding itself. Because wedding planning can be so hectic, other important decisions can often times be overlooked. If you are not preparing and having conversations specifically around the financial implications of getting married, please dedicate some specific time to doing so. Below are some things to discuss during this conversation:
Combining Bank Accounts:
Starting with one of the hardest parts of the conversation first will actually be helpful. Get the hard parts of the way early! If you are like most people, combining incomes and bank accounts can be extremely difficult and there might be some initial unwillingness and reluctance to do this. A good piece of advice to remember here is that for each person, the timeline is totally different. Some people combine accounts right when they get engaged, so they know exactly how much money they have as the wedding approaches. Others choose to only combine right after they get married, and to enjoy their last “free spending” until their wedding day. And the third group could take anywhere between six to twelve months to combine accounts. Select an option that works well for you.
Coming up with Saving Strategies:
As I am sure you have probably uncovered by now, no two people have the exact same saving strategies with their money. Making this a part of that conversation will be pivotal in determining what saving looks like for you. This is also a good time to talk about what debt you might have, and what your philosophies on debt are. Some people think certain types of debt are great and are content having debt around for forever, while other people want to eliminate debt and credit cards as soon as they can. Again, talk about, and select a saving options that works for you.
Preparing for the future:
The final part to the conversation is making sure that both of you are 100% covered and taken care of, should anything happen to either one of you. You can actually make each other the beneficiary on your life insurance policy the moment you get engaged. We recommend going ahead and getting that step taken care of well before the wedding. If one of you or both of you do not have life insurance policies yet, this is a great time to get one! There is no better time to do this, as you both are young and healthy the policies should be relatively cheap. End the conversation on a great note of making sure your future is taken care of.