Financial Planning Strategies for Newlyweds

With the summer wedding season underway, it’s a time of celebration after many months of planning.

It is also time to consider financial planning as couples look to create a budget to move ahead and have deeper discussions on finances, values and objectives.

Here are some financial planning considerations and steps newlyweds may want to take after getting married.

Create a budget

A first step for many couples is getting assets organized and setting up a household budget. This involves documenting monthly cash flow, expenses, and creating a list of assets.

Organizing joint assets may include:

  • Merging bank accounts and credit cards.
  • Deciding whether assets (bank accounts, real estate, automobiles) should be re-titled to joint ownership. If there has been a name change, then asset ownership needs a review and name changes need to be addressed.
  • Contacting the Social Security Administration to file a name change request if applicable.