If you are getting married soon, this blog is for you! Planning the big day is the first step; the rest of your life comes after, and setting your marriage up for success is important. Making financial plans for your future together should be on your checklist during this exciting time. We've gathered some post-wedding financial tips just in time for wedding season so you can enjoy your big day and all the days to come.

Plan Regular Financial Check-Ins

This is a simple but majorly effective step you can take as a couple even before you say, "I do." Whether you choose to combine your income or not (we will talk more about this below), married couples have increased joint income for expenses and investments. Set aside time at regular intervals to discuss your current expenses, financial goals, and spending habits. This is one of our most important post-wedding financial tips. Open communication around finances is crucial to a long and happy marriage.

Decide on How to Manage Your Funds

There are many options for married couples to make their money work together. Before the wedding, talk with your partner about how you will manage your funds. You can combine your assets, keep everything separate, or find a happy medium. Regardless of your choice, let your financial institution know if you change your name to prevent interruptions in your banking.

Create a Joint Budget and Emergency Fund

Everyone has different spending habits, and it's doubtful someone will completely change their ways. A marriage is a partnership; if you set expectations together, your life together will be smooth sailing. Decide on who will manage what when it comes to your finances, and take time during your regular financial check-ins to update each other.

Outside of the expected expenses in your budget, an emergency fund is another needed step toward a secure financial future together. An emergency fund is money that is set aside to cover sudden expenses or financial emergencies. Its purpose is to reduce stress and cover unexpected costs. Utilize your combined income and resources to build a safety net if life throws you a curveball.

Review and Combine Insurance Policies

Regardless of whether you choose to combine finances or not, remember to adjust your payroll tax withholdings to prevent any issues during tax season. If you have a life insurance policy, reevaluate the amount and your beneficiaries to determine if any changes need to be made. Like an emergency fund, insurance is a necessary discussion for newly married partners.

Starting a new life together is an exciting journey, and having a solid financial foundation can make all the difference. Following these post-wedding financial tips can ensure a stable and prosperous future with your spouse. Vibe Credit Union wishes you good luck in your marriage and financial future.