Getting married is more than focusing on the “I do’s” and finding the right rings. A considerable part of tying the knot consists of combining your lives. With that comes to your finances, histories, dreams, aspirations, and possessions. These topics all involve money which means discussing your money questions and having financial conversations before marriage is essential to have a happy, healthy relationship. Before committing, try answering some of these important money questions with your partner.

When to Share the Details About Your Finances and Future Goals?

It is crucial to have in-depth financial conversations with your partner once you know you are a serious couple. Answering your money questions and having financial conversations will help you determine who is the saver or spender. It might feel uncomfortable at first but ignoring these topics will only make it a bumpy future road.

When you start discussing your financial habits and plans it will lead into discussing the future. Ask questions like, do you want kids? Pets? Who is going to cut back their work schedule if you do choose to start a family? And will that cut back severely hurt the family budget? If buying a home is a future goal, start looking at the costs of mortgages and figure out which fits in your budget. Don’t forget about the plastic — you will need to figure out if you will remain separate on credit cards or add your spouse as an authorized user.

Should You Get a Joint Checking Account?

Consider starting with a joint checking account; it will help you test the waters of combined banking without diving in. It can be used as an account that is separate from individual accounts, pay for wedding expenses or deposit engagement or wedding money.

If you plan to pay all of your housing and utility bills from an account you share, it is essential to have a joint checking account. Many couples decide to have one separate account and then maintain a joint checking and savings account. Answering money questions with your significant other will help uncover which options are best for you.

Answering money questions before you tie the knot will make things simpler with finances down the road. Our goal is to provide the highest level of service with competitive rates. Contact us, visit us online, or stop in one of our DEXSTA Federal Credit Union branches.