Before the big day, sit down with your partner and talk about finances. Some of these to-dos have a time limit—sometimes as short as two weeks after your wedding! Don’t miss out on money-saving adjustments by waiting too long after the big day.

Insurance Policies

Insurance policies often have limits as to when you can make changes—typically 30 days, but sometimes as little as two weeks. Make sure you go over your options beforehand, so you know what changes to make. Some great questions to ask include:

• Is it less expensive for one partner 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?

While you will probably be combining things like homeowner’s or renter’s insurance naturally, another issue to consider is auto insurance. Will it save you money to combine policies? Many places offer multi-car discounts.

Life Insurance: If you and your spouse do not currently have life insurance policies, now is a great time to get them—especially if you have children! If you do have life insurance, make sure to update your beneficiaries.

Luckily MCT and Trustage have you covered! Click HERE to find out all that Trustage insurance has to offer.

Calculate Your Net Worth As a Couple

Now is the time to lay your entire financial story out on the table, if you haven’t already. The more clear you are about where you stand financially, the better off you will be long-term. List outstanding debts, any payments owed to previous spouses (such as child support), all income, investments, and all accounts (including retirement accounts). Use this as a springboard to put together your financial goals and your annual, day-to-day budget.

Outline Your Financial Goals

Money means different things to different people: security, power, or perhaps the ability to travel, start a company, or buy fun things. Talking about and agreeing on your financial goals as a couple is extremely beneficial, as it can help reduce arguments and can get you and your partner on the same page.

Decide How To Manage Your Accounts

It is no longer assumed that all couples will have joint bank accounts. However, there are some benefits to having at least one joint account. Managing household expenses can be much easier with an account that both partners can access and contribute to. If one spouse is repairing their credit score, decide how you will manage that as a couple.

Create a Budget Together

Even if you have separate accounts, a joint household budget is essential to reaching your financial goals (and maintaining peace!). Talk with your partner and be sure to prioritize your joint financial goals in setting up your annual and monthly budgets.

Click here to use our "My Budget" tool