The start of a marriage is a time to begin planning for your future – and that includes your finances. “Newlyweds need to discuss their money and shared goals as soon as possible to smooth the transition to married finances,” says Diane Jackson, Financial Center Manager with Fifth Third Bank.

You’re married, now what?
Many couples don’t realize the importance of “The Money Talk,” but it’s vital to determine each of your fiscal goals and find a way to financially coexist. Consider discussing the following points:

• Monthly bills – First and foremost, you need to discuss how you will pay your monthly bills, including housing, utilities and credit cards. Work together to create a budget including all of your monthly expenses and decide how you will pay for them. You and your spouse will then need to decide if you will each pay certain bills or if you will each contribute to a new joint checking account.
• General savings – A savings account is a necessary asset for a married couple. In a situation where a large sum of money is required fast – such as a vehicle or household repair – having extra cash to cover the expense can be a life-saver. Explore your options for building and maintaining a savings account and decide how much you and your partner can afford to put away from each paycheck. You can even set up direct deposit into your savings account to make it easier to save.
• Financial goals – You and your partner need to decide on short- and long-term financial goals. For example, this may include saving for a down payment on a home or car or saving for an upcoming trip. After establishing shared goals, you will need to discuss a timeline and develop a savings plan to meet those goals.

Updating paperwork
In addition to discussing your finances, you’ll also need to update your paperwork. This may include wills, life insurance policies, the withholding amount on your income taxes and social security information. Don’t forget to check who is listed as next of kin on all forms, including motor-vehicle registration.

If you change your name, it’s worthwhile to update your information with the social security office, obtain a new driver’s license and change the name on your bank account. If you fail to update your name with the IRS, you won’t necessarily be penalized; however, it could delay the processing of your yearly tax return.

A plan for the future
If you need help transitioning to married finances, contact Fifth Third Bank. We offer free financial reviews that will help you and your spouse determine your needs and develop a plan to achieve your short- and long-term goals. You can request an appointment by calling (866) 475-4201. “We prioritize taking the time to sit down with you and find the right financial services and products for your situation,” says Jackson.

To learn more about transitioning to married finances, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.

Fifth Third does not provide legal or tax advice. You should consult your tax advisor with any questions.