FINANCES
Start Off Your Financial Lives Together Being prepared to start off your financial lives together is one of the most important steps you can take before your wedding. There are five easy steps that can prepare you to successfully begin your financial lives together. Transparency is key. Begin by showing your full financial picture to each other. Discuss all your debts, savings, thoughts on investing, and goals. Most couples will want to combine their bank accounts. If you both will be following a joint plan for your finances, then a joint account usually will make the most sense. It is best to work together to create a spending plan to help in creating a “we’re in this together” approach. Set goals and start a budget. Work together to figure out what you can realistically afford. Set a goal for your personal savings each month. Discuss how much each of you will set aside for retirement. How much of an emergency fund is needed (3 months income is a common goal). A budget is key to understanding how much should be available for savings each month. Investigate money management software and apps. Many free options are available. Just be prepared to openly discuss your finances and review your budget each month for changes that are needed. ENGAGED! RIVER VALLEY
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