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Summer is always a busy time for all things involved with weddings! Whether you just got engaged, are planning a wedding, or just recently got married, you should sit down and talk finances. When talking finances with your partner, there are many things to consider.
The Cost of a Wedding
Successfully planning a wedding within your budget is challenging but rewarding. First Citizens partners with Banzai Financial Education to provide you with coaches and articles about the topics you care most about. Check out “The Cost of a Wedding” coach session here. This Coach offers assistance in estimating wedding costs specific to you and your fiancé's wedding plans. It’s designed to help you get a head start on deciding where, when, and how you’ll be hosting your event.
Financial To-Dos for Newlyweds
Before the big day, sit down with your fiancé and talk finances. Some items on this to-do list may have a time limit. Don’t miss out on opportunities to save money by waiting too long after the big day!
There may be limits, typically 30 days, for when you can make changes to your insurance policies. Some questions to ask when going over insurance options include:
- Is it less expensive for one to move onto the other’s health insurance?
- Are there any children that now need health coverage?
- Which insurance plan has better coverage, or which saves money for other goals?
- Does one insurance plan have better parental leave coverage, in the event you wish to add children to your family?
Make a will
You may not want to think about it, but in case of death of one or both, it is important to have a will set up. Putting a will in place makes things easier if the worst happens. More information about putting a will together can be found here.
Calculate your net worth as a couple
If you haven’t already, now is a good time to figure out your finances as a couple. The clearer you are about where you individually stand financially, the better off you will be long-term when putting your finances together. Talk about the following to help put together your financial goals and budget as a couple:
- Outstanding debts
- Any payment owed to previous spouses (such as child support)
- All income
- All accounts (including retirement accounts)
Outline your financial goals
Talk about your financial goals as a couple so that you can both be on the same page. Money means different things to different people, so agreeing on your financial goals together is beneficial and can help reduce arguing.