Wedding season is upon us. Whether you’re getting ready for your big day or are newly wed, there can be a lot to hash out —including combining financial accounts (or not!) and making important decisions regarding your insurance plans. But it’s not as daunting as you think!
Here are the main things to cover.
Plan on saying goodbye to student loans. Make a plan to pay off your student loans that works best for both of you. Differences in managing finances can be a big point of stress in any new marriage, and student loans are probably on the forefront of your budgeting concerns right now. Keep calm and map it out. Get our free student loan assessment to help make sure you’re on the best payment plan. There are lots of options out there that may make this less stressful for you.
Lay out your goals and plan a budget that will help you get there. Use apps like Mint or You Need a Budget. Or if pen and paper are your preferred budgeting tools, go for it. Agree on a time and place to discuss budgets so it becomes part of your routine. It will become second nature in no time.
You’ve got yours; I’ve got mine.
Even if you’re combining your assets, it’s common for couples to maintain separate bank accounts for individual spending. Having individual spending accounts can help avoid any budgeting disagreements — just agree on an amount you want to keep in the accounts for spending. That way you can get something extra for yourself or your students, and your spouse can indulge in something for their hobby you may or may not have any interest in. And if you’re not the type of couple that wants to have a lump sum of money shared between the two of you, don’t sweat it. Prenups are becoming more popular than ever among millennials1
Wrap it up.
Now that you’re eligible to be on each other’s car insurance, make sure you’re taking advantage of any policies that can bundle with home or renters policies.
Not sure about health insurance options for you and your spouse? Talk to both of your HR representatives to see which of your family policies will work best for you.
Where there’s a will, there’s a way.
This might be the last thing on your mind, but setting up a will can actually be a great way to take inventory of your and your spouse’s finances. Now’s a better time than ever! Plus, designating beneficiaries sooner rather than later is always a good idea.
Now that you’ve got some of the bigger things sorted out, you can go back to arguing about the little things your spouse does that drive you crazy.
1CNBC, “How millennials are getting smarter about marriage”
WBRT-0007 (Apr. 19)