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When the two of you become one, it is important to discuss your plans for joining your finances. Setting up a budget together after the wedding can be a challenge. Begin by tracking all your expenses. Sit down and create a budget that you can both be comfortable with. Find out where you are overspending and put together a plan to spend less. You may want to get expert advice for planning your new life together. Some helpful financial tips to consider are:
  • Figure out your financial future plans together and set savings goals. It may seem hard to put away for your retirement now; however it's the perfect time to set aside 15% of your gross salary that can produce many years of compounding.
  • Determine whether you want to open a joint checking for paying your bills and household expenses, as well as keeping your own separate accounts. Decide who would be best at paying the bills while the other can be responsible for opening the mail, etc.
  • Update your beneficiaries on your investment and savings account, insurance policies, pension plans, your 401(k) and IRA.
  • Decide with your accountant if you want to file joint or separate tax returns.
  • Consider your insurance needs. You may qualify for discounted rates by merging all your policies with a single provider.
  • Organize all your financial and legal documents and keep them in a protected place, like a bank vault, in case of an emergency.
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