Before getting married - checklist for discussion:

The Past:

• How much personal debt does either of you have?

• How much personal assets and liabilities is each one bringing to the marriage?  Do you need a prenuptial agreement?

The Present and Future:

• Where are important financial documents?  Both should know.

• What are your financial personalities? Are you a Saver or Spender?

• What are your financial goals, as a family and as individuals?

• What are your career goals?

• Who will pay the bills (that is sending out checks or setting up online payments)?  Since this needs to be done timely, designate the best person to accomplish the task routinely

• Who will coordinate the budget?

• What would you consider to be essential/basic expenditures?

• What will be your monthly and yearly expenditures?

• How will you pay for the wedding?

• Will you maintain joint or separate bank accounts?

• Will you have kids, how many and when?  

• How will you raise a family?

• How will you maintain Honesty and Openness in financial matters? 

• How often will you talk about money?

Review these after getting married

• Update beneficiaries

• Update will

• Update name and driver’s license where applicable

• Review insurance coverage if applicable

• Establish family financial goals and develop strategies to achieve them

• Develop a plan for paying debt, consolidate

• Develop a budget and calculate net worth

• Review and discuss the weak financial spots

Things to do together as a couple

• Establish specific ways to manage debt if there is any

• Save together and individually

• Review finances regularly

• Track spending

• Build credit scores as a couple: payment history 35%, total amounts owed 30%, length of credit history 15%, new credit 10% and type of credit in use 10%

• Pay bills together from one account.  This reduces misunderstandings instead of each person picking certain specific bills to pay.

• Open at least 1 joint checking and one joint savings account  

• Establish a bill paying system

• Establish a record keeping system

• Establish retirement accounts

• Establish an emergency fund account

• Establish a repairs and maintenance account

• Once you have children, open bank accounts for them