Tying the finances

My husband and I were in our mid to late twenties when we got married.  That meant we each had our own car insurance company, bank, and habits of spending money.  Keeping your own doctors is one thing, but keeping your finances separate once you get married is something else entirely.  Here's some tips to get your finances on the right track. 

1. Merge your bank accounts or at minimum, add each other as co-signer.  The bank doesn’t care if you are now married, you need to add your spouse if you want them to be able to access your accounts. 
2. Select one insurance company.  You will lose out on multi-line discounts by keeping your car insurance separate, especially if you purchase a house down the road.  Also, don’t forget the renter’s insurance or condo insurance. 
3. If you have benefits at work, compare both plans and see which provides the better health insurance coverage.  You should have 30-60 days after you get married to make the switch. 
4. Changing your name?  It’s not a legal requirement to do so but if that’s what you have chosen, start with the Social Security office first.  Also, you will probably need to change/update your beneficiaries on your investment accounts and life insurance as well.   
5. Select a financial professional to help you with budgeting, savings, and investment selections.  Consider the planner’s experience, pay structure, ethics and fiduciary standards, and designations.  A CFP® or CERTIFIED FINANCIAL PLANNER ™ is licensed, regulated, and takes mandatory classes on financial planning topics.  Run a background check on them, to verify they are who they say they are.   
6. Get a will and a POA – that’s next week’s topic