How to Join Your Finances When You Get Married

You are getting ready to tie the knot. First, find out if the knot will result in unacceptable financial entanglements.

Instructions

Difficulty: Easy

1. Discuss your investment philosophies. Talk about your views of spending and saving.
2. Consider a prenuptial agreement, particularly if you are bringing substantial assets into the marriage.
3. Set financial goals together. Develop specific plans for buying a house or new car and saving for retirement.
4. Adopt a budget. Remember to pay yourself first, saving even when it is hard to do so.
5. Consider putting one spouse in charge of family financial matters.
6. Consider keeping separate accounts if one partner is a heavy spender and the other is not.
7. Review financial goals at least once a year.
8. Coordinate your employee benefits, including insurance and retirement plans.

Tips & Warnings

• Update your wills at the time of the marriage.