Ask The Expert: What’s the best way to combine your finances after the wedding?
Expert: Brent Sheffield, President and CEO of Advancial Federal Credit Union
What’s the best way to combine your finances and prepare for your future together after the wedding? Should you open a joint checking account or keep separate accounts?
It’s totally up to you. If you’re ready to tie the knot on your finances too, opening a joint checking account will allow you to track your combined spending and easily manage your budget. If you’re not ready to share everything yet, keeping separate checking accounts can be just as easy to manage. With our Ultimate Checking account, you can each have a separate account and transfer money instantly whenever you need. That way you can still track your spending and manage your budget together. Just remember–communication is key!
How do you stay out of debt when paying for a wedding?
When paying for a wedding, it can be hard to keep track of which vendors have been paid, how much you still need to pay and how much you’ve spent overall. This can all quickly add up and before you know it, you’ve spent more than you intended. Pay all of your deposits and wedding expenses with our Visa® Rewards Plus credit card and keep all of your expenses in one place. You won’t pay any interest for 12 months, so you can pay off your wedding at your own pace without paying anything extra out of pocket for interest.
How should a couple handle buying a house?
This is one of the first major purchases newlywed couples make. It is also one of the most important decisions you will make financially. Even the slightest increase in your mortgage rate can cost you thousands of dollars in the long run. Our mortgage experts will guide you through the home buying process to make sure you get the best rate for the house of your dreams.
Not ready to buy a home? Not a problem. You can still save up for a down payment with a high-rate savings certificate. Take some of the money you got as a wedding gift and let it grow along with your new lives together.
Learn more about Advancial here.