Ruby's Blog | Financing After The Wedding

Hello Bride & Groom’s To Be!

I’m Ruby the Rochester Bride! As a newlywed of the Rochester area, I love sharing my knowledge of the wedding experience with newly engaged couples. This week, we are going to discuss everything you need to know about finances after the wedding.

{1} Money Management: To make it easier to track your finances, you can join your accounts and credit cards together so you both have access to the information.

{2} Taxes: Now that you are married you will encounter an entirely new tax situation. Meaning you will file under a different category and possibly get more tax returns and cuts. At least for your first year of marriage, the best way to file your taxes is with a certified public accountant who will be able to help you and give you all the new information you need.

{3} Insurance and Benefits: If both of you are employed see if one of the company's you work for offers health insurance. Then see if it saves you money by filing health insurance under just one health plan, rather than both. It is also important to compare and contrast both benefit plans. 

{4} Savings and Investing: When first starting your life together, it is very important to think about both short and long term goals. Retirement may be years away from you at this point, but it is never too early to think about what you would like to do, how you would like to save and when you will start to save for retirement.

{5} Estate Planning:  There is a lot of things to think about and organize now that you’re married! It may seem soon, but it is important to think about establishing a will and plan for joint ownership of all of your assets. A Will should be done by an attorney, and can always be up dated at any time, which is something to remember as your family grows!