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Congratulations! Here are some tips to make sure that your finances are in order … And remember, First Community FCU is here to help you during this important life event change:

  • Decide if you're going to pool your savings and checking or maintain separate. See your credit union representative for help once you've made that decision and to open these accounts.
  • If you have credit cards, ATM or a MasterCard Check Card, let us know if your name is planning to change after you get married. We can help get your information in order and get new cards mailed to you.
  • Update beneficiaries on your IRAs (individual retirement accounts) and other investments.

Four Money Mistakes Every Couple Should Avoid

Financial hardship can hurt a relationship. In fact, how we spend, save, and account for money is one of the leading sources of friction between couples. In virtually every study, money ranks as the first or second most argued-about topic for twosomes of all types.

Work to avoid these four common mistakes:

  • Extremism. Work on changing your ways if you're on either end of the spectrum from shopaholic to cheapskate. It's a lot easier to have a meeting of the minds when both partners practice moderation.
  • Secrecy. Don't hide your spending from your partner. Once you lose your partner's trust, it'll be an uphill battle to win it back.
  • Assigning blame. If both partners stay involved, one can't blame the other for the household's money troubles.
  • Using money as a weapon. Spending to get back at your partner won't solve your relationship issues, it will just make you unhappy and broke.

Ultimately, experts note that peaceful coexistence is possible if couples agree on three things: to live within their means, to take care of the future, and to still be willing to have fun with their money.

Copyright 2004 Credit Union National Association Inc.