The 5 Financial Must-Dos for Newlywed Couples

You already know that there are plenty of logistics that come along with getting married. Just planning a wedding is stressful and time consuming. You might not want to worry about anything else, up until after the wedding is over, but making sure that your finances are in order can help you have peace of mind as you start your lives together. Here are the five things you must do:

Start your joint checking account. Many couples want to keep their finances largely separate, but it can still be helpful to have a joint account that you both have access to, can both monitor, can both use, and can both deposit money into.
Discuss your budget. Take some time to sit down and make sure that you have a good idea of what you are bringing in each month and where that money is going. If there is any debt to worry about, now would be a good time to look it over and to make sure that you have a plan for paying it down, starting with the debt that has the highest interest rate.
See if your benefits line up. If you both have dental and health insurance that will cover a spouse, decide whose is better and whether or not you want to switch over to one plan, instead of having two. Make sure you consider both the level of coverage and the pricing, not just the pricing.
Make sure your financial institutions know about your name change. If you are changing your name when you get married, make sure that you tell your bank, the IRS, the Social Security Administration, your credit cards, the DMV, etc. Doing this now, before you actually need something from one of these institutions, ensures that you do not have to worry about explaining why you are using a different name and to send them documentation when you do need something.
Set up your emergency fund. Make sure that you have a little bit of cash on hand should you need it for emergencies. Most people set aside about three months of salary, to ensure that they can pay their bills and cover other expenses if they lose their job or need to pay an unexpected medical bill or something similar.