Transparency is essential for getting your financial life started off on the right foot. A SunTrust Bank survey revealed that 47% of couples say they and their partners have different saving and spending habits. If you’re newly married or soon to be, you need to put together the pieces of your financial puzzle sooner rather than later.

Financial Basics

  • Share your family’s financial personality—it often influences how you feel as an adult about money
  • Discuss your short-term and long-term financial goals
  • Discuss your financial decision-making style
  • Agree on a spending limit with anything above requiring a discussion before spending

Credit History and Scores

  • Know your credit score
  • Determine how to deal with any damaging issues on your report
  • Decide how to deal with one person bringing more liabilities into the marriage than the other

Banking and Accounts

  • Decide if your accounts will be joint or separate
  • Plan how you will budget and pay monthly bills, especially if one person makes considerably more than the other
  • If you have obligations or debts that you bring to the marriage, how do you plan to pay them off?

Investment and retirement accounts, estate plans, taxes, and even insurance are all tough topics that may best be discussed with an impartial third party. Once you have your financial house in order, it’s time to move on to the fun planning of dreams, careers, travel and what your retirement might look like.

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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