Planning a wedding brings with it plenty of financial challenges – will the bride and groom pay for the event themselves, or are their parents chipping in? How much is too much to pay for a dress? Many times, however, the couple neglects to think about the financial issues that can arise after they say "I do." Merging finances after marriage can be stressful. Here are some suggestions to make the transition from single to married finances as smooth as possible.When Two Accounts Become One
1.
Open a joint checking account. This can streamline the household budget, but it can also open the door for marital dispute if you're not careful. Before opening a joint account, discuss exactly what the account will be used for. Will you use it for everything, or only paying bills? Will you maintain separate accounts for spending money? And who is in charge of keeping track of the account? By discussing these things up front, you can avoid arguments. When you're ready, a joint
checking account from Rockland Trust can help you and your spouse manage your money together.
2.
Think about your goals. What are your short- and long-term goals as a couple? Do you want to have children soon, or
purchase a home ? And what about way down the line – what do you hope to
achieve for retirement ? By talking about your hopes and dreams, you can devise a plan to achieve them. Rockland Trust has many accounts that can help you get there.
3.
Discuss the "D" word … debt. Did one or both of you come to the marriage with debt? Not every couple handles debt in the same way. Some decide that "what's yours is mine" and team up to tackle the debt. Others don't want to burden their new spouse with debt they accumulated before they became a couple, and work on wiping it out themselves. Whatever you decide, it's important to be supportive of each other. Keep in mind that if you want to make a large purchase together, your partner's credit score could affect your ability to get a loan.
If you and your new spouse want to buy a home or a new car, you'll both need a good credit score. But what if you or your spouse has a not-so-hot credit score? These tips can help get you back on track:
