Getting Married

Congratulations! You are newly married or soon to be married. You have many
things to consider as you begin your new life together. Creating a plan for financial security should be one of your priorities.

Making the most out of cash gifts
Wedding planning brings with it a steady stream of gift-giving. Receiving cash in lieu of gifts is becoming common practice at many bridal showers, engagement parties and wedding receptions.

Once you are married, you most likely will be combining two salaries, so establishing a budget requires some thought. You need to discuss how you will consolidate any debt that you're bringing into the marriage, as well as whether you will have joint or separate accounts.

Legal Documents and paperwork
After the wedding, you'll be signing your name to many legal documents that need to be updated. Your Social Security card is an important one, especially for income tax purposes. You need to contact your local Social Security office to change your card. You should also consider updating other documents with:
  • Your Employer
  • Financial Institutions
  • Medical Insurance
  • Driver's License
  • Credit Card Companies
  • Insurance Companies
This is also a good time to change your beneficiary information on retirement accounts and/or insurance policies. For added security, it's important to create or update a will. If something unfortunate should happen to you or your spouse, it's important that your savings and other assets go to the person you want it to go to.

Combining Accounts
Combining accounts can be somewhat stressful in the beginning.  One spouse may be a saver while the other one is a spender.  One spouse balances the checkbook every month, and the other may not balance the checkbook at all.  Or both spouses may be using the debit card but forgetting to tell the other person that they’ve spent money.

Financial Plus Credit Union offers a variety of accounts to suit your needs, regardless of whether you’re consolidating your finances or maintaining them separately.  If you live or work in LaSalle, Bureau, Grundy or Putnam Counties, you are eligible to join the Credit Union.  A membership application and a $25 deposit to a savings account is all it takes to join.  You can sign up for a joint account or individual accounts.  Financial Plus offers: Renting or Buying.  Which is best for you?
When you rent a home, you’re usually not responsible for any maintenance on the home or property taxes.  However, you are making a monthly payment on something for which you will have no collateral when it’s time to move.

When you purchase a home, you’re responsible for all of your home’s maintenance and property taxes.  By making monthly mortgage payments, you could actually make money if the home’s value increases before you move.  The interest and property taxes you pay on your mortgage may also be tax deductible on your income tax return.*  (*Consult a tax advisor)

There’s no right or wrong answer.  It depends on your financial situation. If you decide that buying a home makes more sense for you, let our professional staff help you with your real estate needs.