Marriage marks a big turning point in life, and finances are often a significant consideration. Here are some topics you and your partner should discuss.
COMBINING YOUR FINANCES
Some couples decide to set up joint accounts; others find it’s easier to navigate marriage by keeping at least some of their finances in separate accounts. The decision is for you and your spouse to make together, and you’ll want to agree on some financial goals:
- Open and designate savings accounts for different purposes. Establish an emergency savings account, or start saving for your first home. You can set up direct deposit into these special accounts to help you save regularly.
- Pay down debts, including student loans or credit cards. Consolidate your loans at Sunward for one easy, low payment.
- Your new spouse can join Sunward, too! Once you’re married, your spouse and in-laws are eligible for Sunward membership and everything that offers – smart financial options, outstanding member service, and a track record of nearly 70 years of safety and security.
BIG-PICTURE CONSIDERATIONS
- Update your personal information. If you change your name or address, you’ll need to let businesses know. To update your accounts at Sunward after a name change, we will need a copy of your marriage certificate or your new driver’s license. To update your address in online banking, then select Settings from the drop-down menu in the upper right and then choose Contact. Also remember to provide any updates to your employer, utility companies, airline rewards programs, all loan and credit card providers, and other organizations of which you’re a member.
- Taxes. Your federal and state taxes can be impacted once your filing status changes. Talk to a tax advisor about your options. You and your spouse may want to review and revise your IRS Form W-4s to ensure you’re having the correct amount of federal tax withheld from your paycheck.
- Retirement savings. Your IRA contribution limits could change once you’re married. Check with a tax advisor or review the limits.
PROTECTING YOUR NEW LIFE TOGETHER
Now that you’re sharing financial responsibilities with someone, it’s important to make sure your spouse will be financially protected.
- Re-evaluate your insurance and benefits coverage. You could save money by combining your health or auto insurance coverage. Visit the options offered through Sunward, including life, auto, and homeowners insurance. You can also talk to your human resources department at work about your benefit options.
- Review beneficiaries of your insurance policies, 401(k) plans, and investment accounts.
- Make a will or update your existing one.
PURCHASING A NEW HOME
Settling down often means looking for a house that you can call home. Here’s how to get started:
- Save for a down payment. Set up a special savings account for automatic deposits from your paycheck.
- Attend one of Sunward’s Home Buying seminars. You’ll learn about the home buying process, the current real estate market, and money-saving options like real estate agent rebates and our first-time homebuyer program.
- Get your questions answered. Browse our Frequently Asked Mortgage Questions, or talk with an Sunward Loan Advisor. They don’t work on commission; their only goal is to help you choose the loan that’s best for you.
STICK WITH Sunward
Even if married life takes you far from home, there’s no reason to find a new financial institution. You can use online and mobile to check your balances, transfer money, pay bills, deposit checks, make loan payments, contact Sunward by secure message, and more. With Sunward, you have surcharge-free access to nearly 30,000 ATMs nationwide. Sunward also belongs to a cooperative network of 5,000 credit unions nationwide at which you can conduct almost any transaction. Visit our ATM and branch locator.
