Originally, I wrote this post about our plans for how getting married would change our finances.
Today, I’d like to share what I originally thought would happen as I wrote a few years ago.
At the end of the article, I’ll share what has really happened.
Did I correctly predict our future of living with married finances? Find out below!
My Original Thoughts On How Getting Married Would Change Our Finances
Guess what happened while you guys weren’t paying attention? We got married!
So now that the secret is out, I figured I’d share how getting married has changed our finances.
We’ve known we were going to get married for a long time, so we had plenty of time to prepare for this change. We even started to make some of the smaller changes before we got married.
I should start out by stating that we’ve decided to combine our finances after we got married. We talked about it and decided this was what was best for us.
Personally, I don’t think having separate finances is a great solution to managing finances for a married couple, but to each their own.
Our Finances Before Marriage
Before we were married we kept separate finances. This required separate bank accounts, budgets, credit cards as well as any other aspect of our finances.
While our money was physically separate, we didn’t operate completely separate from each other.
We were constantly talking about our personal situations. In a sense, we were acting as a team as much as we could even though we kept our finances separate.
We talked about our future plans as well as how we’d manage our money after we were married. I even saved some of my money on the side to help my future wife pay off her loans after we got married.
So why did we keep our finance separate before we got married? We knew nothing in life is certain. Even though we were planning on getting married, things could have changed.
Granted, things can change after we get married as well. That said, we take marriage seriously. We decided we can’t live our whole lives in fear. We’re legally married now so we’re combining our finances.
The Beginning of Merging Finances
In order to begin merging our finances, we opened a joint bank account a couple months before our wedding. We slowly began transferring our automatic payments, paychecks and other recurring transactions into this new bank account.
We didn’t transfer any of our savings, but we did begin to live on one budget rather than two. This meant our incomes and expenses slowly started combining just a couple months ahead of our wedding.
However, that’s not the end goal. The end goal is…
Post Marriage Goal – Completely Merged Finances
Now that we’re married, we’ve begun the process of completely combining our finances. We’ve started transferring over all of our personal money we’ve saved to joint bank accounts.
We’ll be working to begin combining the other aspects of our finances in the next couple months.
The first thing on the list is looking into making any possible benefit changes within the first 30 days of our new marriage. Our companies place this time limit on us.
Of course, we can make changes during our annual open enrollment, too. However, because we just got married, we have the opportunity to make changes now so we might as well look into it.
We have many other financial changes to consider as a newly married couple.
We’ll have to begin combining accounts other than our bank accounts. We’ll be looking to update our beneficiaries on any policies or benefits that have a designated beneficiary.
On top of those items, we’ll need to start looking into creating wills and other estate planning documents, too. We have a lot to look into. Time to begin combining!
How Our Finances Actually Changed After Getting Married
Looking back on how I thought our finances would change after marriage, I have to say I did a pretty good job predicting the future.
Today, my wife and I operate as one financial unit. All of our financial accounts are combined. We make major financial decisions together. We even review our financial situation on a regular basis with each other.
Many of the changes we made took time. It isn’t easy combining financial lives after making every financial decision by yourself up to that point in your life.
Thankfully, we knew we would be a good financial fit before we got married. Yes, we’ve had a couple of money fights, but they have been very minor compared to what most married couples fight about. We’re very thankful for that.
The only thing we haven’t done that I predicted has been a miserable failure. We haven’t set up a will or estate documents yet.
Overall, I’m super happy with how our combined finances have worked out after we got married. I honestly don’t see how any married couple can be on the same page without combined finances, but as I said earlier, to each their own.
Did you combine your finances when you got married? Or did you keep your finance separate? What are we missing? There is bound to be something we’ve overlooked.