What all newly married couples should budget for
You survived the wedding. Congratulations! Now it’s time to figure out how to budget, so that you build a stable foundation for a future together. Here are some things to consider:
- Mortgage/rental payments
- Food, utilities, household expenses
- Gas, car payments, transportation expenses
- Vacations, travel insurance
- Retirement planning, savings
- Health care expenses, health insurance premiums
- Life insurance, mortgage insurance, disability insurance
One bank account or two? Managing and merging your finances
When you decide to spend the rest of your lives together, it is important to discuss how you will manage your finances. Different scenarios work for different couples, and the important thing is to figure out what works best for both of you. There are many options: one bank account, with shared responsibility for making payments; separate accounts with an equal split of expenses; or one account, with one person managing the money. It may take some time to determine what works best for you as a couple and for your lifestyle.
Many people don’t realize the costs that come along with getting married. Sometimes couples focus so much on planning the wedding that they forget to plan the lifetime that lies ahead. With a health insurance plan from Blue Cross, you can protect your health and your finances. Focus starting your life together and forget about managing medical bills.