Marriage Finances 101
Marriage is a wonderful thing, but planning the wedding is a
difficult task. The coming together leaves many things as an
afterthought to the wedding. Each has their own credit cards,
checking accounts, and utility bills. Hopefully, neither has a
lot of debt.
Most people do not think about finances when they are getting
married. It takes the romance out of it. But it is necessary to
make some sort of arrangements, or at least a plan of how to get
things consolidated.
Let’s start with checking accounts. There are a couple ways to
go about it. Many financial experts believe that you should keep
your individual accounts. It will be easier to manage and keep
track of transactions with only one hand in the cookie jar.
Open up a joint account for your expenditures. Each should
deposit a certain percent into the joint account to cover your
allotted expenditure budget. What is left over can be deposited
into your separate accounts and savings account.
Credit cards are a different story. Each of you will probably
have numerous cards of your own. Take an evening and call all of
the issuing banks. Tell them that you just got married and are
eliminating some of your accounts. Whichever card issuers give
you the best rates are the ones you keep. They will add your
spouse onto the account with a phone call and send out your new
cards.
Settling your accounts is easy it just takes a little time. It
is best to take care of these matters quickly, as time will not
make it any easier. Some of the institutions may ask for your
marriage license, and be prepared to send it. They will send it
back if you provide a self addressed stamped envelope.
