Marriage

Discuss Financial Goals and Values

Talk about your financial priorities, goals (e.g., buying a house, retirement), and attitudes toward spending and saving.

Share Financial Histories

Be transparent about your income, debts, savings, investments, and credit scores.

Set a Wedding Budget

Agree on a realistic wedding budget and decide how costs will be shared.

Understand Each Other's Debt

Identify student loans, credit card debt, or other obligations and decide how to manage them together.

Check Credit Reports

Review credit reports to identify potential issues and plan for major purchases requiring credit.

Establish Financial Roles

Decide who will handle day-to-day finances, bill payments, and long-term planning or if these responsibilities will be shared.

Decide on Joint or Separate Accounts

Determine whether to combine all finances, keep separate accounts, or have a mix of joint and individual accounts.

Create a Household Budget

Develop a shared budget to account for income, expenses, savings, and investments.

Set Up an Emergency Fund

Build or maintain a joint emergency fund to cover at least three to six months of living expenses.

Plan for Household Expenses

Decide how to split costs like rent, utilities, groceries, and other shared expenses.

Establish Financial Goals Together

Discuss short-term (vacations, paying off debt) and long-term goals (buying a home, starting a family).

Update Beneficiaries

Review and update beneficiaries on life insurance policies, retirement accounts, and investment accounts.

Review Insurance Policies

Coordinate health, auto, and renters/home insurance to ensure proper coverage.

Discuss Retirement Plans

Align retirement savings strategies, contributions, and timelines to ensure you're on track together.

Consider Estate Planning

Create or update wills, powers of attorney, and other estate planning documents.

Plan for Debt Repayment

Develop a strategy for paying off debts, especially high-interest ones, as a team.

Avoid Overspending on Credit

Create a plan to manage joint and individual credit responsibly to maintain or improve your credit scores.

Schedule Regular Money Check-Ins

Set a regular time to discuss finances, review budgets, and adjust plans as needed.

Agree on Spending Limits

Decide on thresholds for discretionary spending that require mutual agreement to avoid conflict.

Consider a Prenuptial Agreement

If one or both partners have significant assets, a prenuptial agreement can protect individual interests and clarify expectations.