His bank or hers? Joint checking -vs- individual? The merging of two households warrants some attention, research and conversation.
With all the focus on the wedding it will be easy to put off a few of the not-so-urgent details such as banking, insurance and other financial decisions. Here are a few of the more immediate items you'll want to address. Banking. One of the first decisions to make is whether to merge your bank accounts or keep them separate. Many couples to open a joint account, while still keeping their separate accounts. Others choose to open a joint savings account, where they funnel a certain percentage of their monthly income. The amount allocated towards this account is usually determined by their financial goals. Bills. If you choose to maintain separate bank accounts, you will most likely want to sit down together and discuss the allocation of household bills. If all funds are merged you will need to decide who's in charge of the finances and responsible for paying the monthly bills. Insurance. Review car, home, health and life insurance policies. Analyze coverage plans and address the new beneficiary issues where necessary. Your First Home. Investing wisely in real estate can be an important factor in building a solid financial future. Begin by calling your bank for information on their mortgage loan services. Talk to friends and family members who have done well with real estate investments and find out their philosophy of investment selection. Use the internet to research mortgage rates, visit www.fanniemae.com, or call (800)732-6643 for an information packet. Lastly, take the time to set goals. Determine where you want to be financially five, ten and fifteen years from now. Then see a financial planner to advise you on how to best achieve your goals. Many planners provide the initial consultation free, or at a nominal charge. It will be time and money well spent.