5 Financial Next Steps for Newly Engaged Couples

Since more than 40% of couples get engaged between November and February each year, according to Wedding Wire, there’s a good chance you or someone you know got engaged this holiday season. First things first, congratulations! This is a crazy and exciting time in anyone’s life. We’ve got some ideas for the next steps you should take financially to ensure success for your married life.

Next Steps

  1. Start saving for the wedding. The average cost of a wedding is $31, 213, according to the Knot. It’s safe to say a wedding day is one of the most important days in anyone’s life. It’s important you can pay for all the little things to make it even more special. While it’s not necessary to spend a lot on weddings the costs do continue to rise each year.
  2. Disclose all debts, assets, and financial obligations with your partner. It’s important for the next steps for you to share this information with your partner. Stay up front about your finances now as it will come in handy as you grow in your financial future together. You can begin planning for big purchases after your wedding, such as, a home, new car, or having a baby.
  3. Start the discussion of fully merging finances, bill baying, and financial responsibilities. Now that you’re aware of one another’s financial past and present you can start to discuss how to handle your future finances. Will you have a joint or separate bank account? Who will be in charge of bills or will it be a team effort?
  4. Make a joint budget. It’s time to budget your wedding, honeymoon, and everything else that will come with marriage. Even if you’ve chosen to keep your accounts separate now is the time to decide how your rent or mortgage and other bills will split up. Making a joint budget will save you from the headaches of trying to figure everything out in the moment.
  5. See your insurance agent. This one’s a given! You’re getting married so now’s the time to see your agent and discuss how your policies could change, if there are ways to save money, and to insure your big day so you don’t add stress.

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