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Newlywed Finances: A Checklist Ohio

Before getting married, or soon after, discuss marriage finances and make a budget.

Local Companies

Owen E. McCafferty, CPA, Inc.
(440) 779-1099
30980 Lorain Rd
N Olmsted, OH

Cincinnati Postal Employees Credit Union
(513) 381-8600
1243 West Eighth Street
Cincinnati, OH

Communicating Arts Credit Union
(513) 381-3070
1717 Western Avenue
Cincinnati, OH

KEMBA Credit Union Inc.
(513) 762-5070
8763 Union Centre Boulevard
Cincinnati, OH

Rosselot Financial Group Inc.
(513) 232-6500
7450 Jager Court
Cincinnati, OH

Capital Concepts Inc.
(513) 367-1793
9676 Dry Fork Road
Harrison, OH

Burkhardt Co.
(513) 984-3320
100 Techne Center Drive
Milford, OH

Berno Financial Management Inc.
(513) 474-9191
7454 Jager Court
Cincinnati, OH

Park National Bank Southwest Ohio & Northern Kentucky
(513) 576-0600
400 TechneCenter Drive
Milford, OH

CFC Investment Co.
(513) 870-2203
P.O. Box 145496
Cincinnati, OH

Provided By:

In just about any long-term relationship, finances will come into play, and in a marriage, it's essential to manage finances well together. Whether you're about to get married or have already tied the knot, it's a good idea to sit down with your partner and discuss money.

Financial Talking Points

When you sit down to talk with your fiancé or spouse, begin by sharing the current state of your finances. It's important to be frank and nonjudgmental. Fudging the numbers or concealing certain items from your partner could result in serious problems later. What's important is making sure your plan for going forward is one to which you are both committed. Here are some basics to go over:

what's important to each of you when it comes to finances
how you will manage your assets (what to combine, what to keep separate)
will you use the same bank account? credit cards?
how you will deal with differences in income
how you will manage the payment of expenses, and
what to do if your fiancé or spouse has incurred a lot of debt.

Planning for the Future

In your discussion of finances, it's worth discussing future costs, even if you can't know exactly what these will be. Do you plan on buying a house together? Having children? Taking a trip around the world? Moving? All of these things require significant financial investment. Be sure to discuss the following:

financial goals you are working toward
new furniture or other items you will purchase and own together
how to save up to buy a house
how to plan for having children
how to fund retirement plans, and
any other plans do you want to put in place for the future.

Making a Budget

Sit down with your partner and make a budget.

Income

Salary or wages
Bsiness income
Property income
Investment income

Assets

Bank accounts (with balances)
Investments (stocks, bonds, retirement accounts)
Property

Debts

School loans
Mortgages
Home equity loans
Business loans
Credit card debts
Loans from parents or family

Expenses

Rent/mortgage
Utilities
Food
Clothing
Car/transportation
Support for children from a previous marriage
Insurance
Entertainment
Travel
Education
Loan and credit card payments
Taxes
Retirement contributions
Other purchases (household goods, toys, electronics, and so on)

Making Your Financial Relationship Work

Once you've made these lists, consider the following:

Do you and your partner have enough income to meet your expenses?
Which assets will you keep separate, and which will you share?
Which expenses will you keep separate, and which will you share?
What should you do if one partner isn't meeting his or her expenses?

Whatever your financial situation, it's always better to be open and honest than to be unpleasantly surprised in a moment of stress or crisis.

Featured Local Company

Owen E. McCafferty, CPA, Inc.

4407791099
30980 Lorain Rd
N Olmsted, OH

Read more about Newlywed Finances: A Checklist

- Personal Money Management Ohio

Viewing money management as a reflection of yourself should enable you to take control of day to day financial decisions. Learn more about managing your personal finances in this article.

- Marriage and Joint Finances Ohio
- Time To Reduce Business Debt Ohio
- Choosing an Accountant Ohio
- Managing Personal Finances Ohio
- How to Build a Financially Balanced Life Ohio
- Retirement Calculators Ohio
- Family Finances Ohio
- Management of Personal Finances Ohio
- Family Finances Ohio

Regional Articles

- Family Finances Ohio

One of the hardest things that young couples report during their first year of marriage is getting to grips with joint finances. While most are willing to share what they have with their partner, they are not sure on the best way to bring this sharing.

- Management of Personal Finances Ohio
- Time To Reduce Business Debt Ohio
- Personal Money Management Ohio
- Retirement Calculators Ohio
- Choosing an Accountant Ohio
- How to Build a Financially Balanced Life Ohio
- Marriage and Joint Finances Ohio
- Managing Personal Finances Ohio
- Family Finances Ohio

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