Top 10 Financial Considerations for Newlyweds

One

From the beginning, save 15 - 20% of your income. By combining households, you should reduce your expenses a lot which should allow you to save. You should save to build your cash reserves, in your 401k plans and in a mutual fund.

Two

Rather than simply keeping two checkbooks like before you were married, pool your money into one checkbook and one savings account or money market.

Three

Change all of the beneficiaries on life insurance plans, retirement and other plans at work, and IRAs to your new spouse.

Four

Decide how debts accumulated by each individual prior to the marriage (i.e. student loans) will be handled.

Five

Work together on budgeting and tracking expenditures.

Six

Discuss your approaches to handling money -- is one person a spender and one a saver? Create some ground rules on handling any differences.

Seven

If both incomes are needed to pay expenses, be sure to have adequate life insurance.

Eight

Be sure to let each other know where important documents are kept.

Nine

Consolidate your credit cards to avoid having double the number of credit cards needed.

Ten

Make a list of upcoming purchases together and prioritize them. You should decide jointly how to spend your money now.