Just Married? Here are 5 Financial Things You Must Do

We want to help you set off on your new life together on the right financial foot. Money and finances are never easy topics to bring up, but it’s one of the most important things for couples to be on the same page about. Communication is key in marriage — it’s important to know where you’ve been, where you are currently, and where you want to go.

We’ll help you walk through some of these things. We’ve put together a short list of key financial items that all newlyweds must do.

1. Establish your foundation

Hopefully you already know each other’s financial history, including current debts, assets, and income — if you don’t, set aside some time to talk through these things. It’s important to know your current financial situation as a new couple (whether or not you decide to combine bank accounts).

If you’re struggling starting this conversation, a great way to kick it off is to sign up for a finance class together. These classes will walk with you step by step through your finances and will bring you closer as a couple. We recommend Financial Peace University, check out when your next local class starts.

It’s also a good idea to review your credit reports to make sure everything is up to date and there are not any errors. You can get your free credit report once a year from AnnualCreditReport.com.

2. Discuss your financial goals and create a budget

Setting expectations and goals together for your finances is a crucial part of a happy marriage. In every couple there is someone who is more of a natural saver and someone who is more of a natural spender — neither is right or wrong, but it’s important to acknowledge these differences and be open to your spouse’s ideas.

You should work together to define your priorities as a couple — be it travel, setting aside money for a house, buying a car, or saving money to start a family. Mint.com is a great free tool that helps you manage your money and set budgets.

This advice is brought to you straight from your grandmother who always wrote in your birthday cards to save a bit of that money for a “rainy day.” An unfortunate part of life is that the unexpected will eventually happen, but it’s much easier to handle those situations when you’re prepared. Emergencies come up at the most inopportune times — the car needs a new transmission, the roof started leaking, or the furnace went out. The worst part is that all three of those things could happen to you in the same month! What then?

A good rule of thumb is to set aside 3 to 6 months of living expenses in a savings account or money market account (that’s not invested or tied up in other ways) — this money must be accessible whenever you need it.

3. Protect the life you built with life insurance

Life insurance is a very important part of your & your family’s financial security. While death isn’t a fun topic to talk about it’s important to make sure that if one of you were to pass away your family’s future would be protected.

Life insurance can be complicated — Sureify helps you learn about your life insurance options and build a plan that’s right for you. You can also use their calculators to determine the amount of coverage you need for your family.

4. Enjoy your money together

Money is meant to be enjoyed as well. It’s not all about rules and do-not’s, be sure to build entertainment and vacations into your budget. Also, try picking up a new hobby that neither of you have done before — it’s a great way to spend quality time together and enjoy your hard-earned money.