Smart Financial Choices for Newlyweds

By on June 3, 2015
financial choices for newlyweds

Smart Financial Choices for Newlyweds

financial choices for newlyweds

Getting married, it’s the biggest adventure of your life. For most couples, ask them right after they are married if they know their partner well and they will smile and say yes. From what they love to eat to how they sleep at night, they are well versed in the realities of their partnership. But financial choices for newlyweds can often reveal new sides to that person you thought you knew. Here are a few areas that anyone who is recently married might want to consider when it comes to the many financial choices for newlyweds and their new financial life together.

Spending Financial Choices for Newlyweds

When it comes to spending habits, it pays to know how you differ. Credit cards are a good example. If you are thinking about making one spouse an authorized user, it just may hurt your credit. Since both histories will now be on that credit card, you may want to consider creating a new credit card for both of you for those big purchases that will accumulate the air miles. Then keep your individual accounts for personal purchases and keeping the credit histories separate. The same goes for bank accounts, for the same reasons.

Choices for Insurance

If you registered your wedding you probably have a good inventory of what you have and the value for a home inventory. If you aren’t sure how to put one together, this guide on home inventories can help you. These will help you to get coverage for renters or homeowners insurance. This will cover you for loss or damage to all your personal possessions in your home. When it comes to health insurance, if both of you have coverage through work, compare to see who has the most comprehensive policy. For anyone considering life insurance, unless you are buying a house with both incomes or have kids, best to wait.  As you can see, getting married changes more than just your personal romantic life, it can create financial choices for newlyweds they may not have anticipated. Be prepared for them.