Hi everyone!
I (M28) married my wife (F28) this past Friday. Besides the continuous cost to our wedding we both do not have any Debt (college, Cars, Bills all paid off).
But I have no idea what to do about next step plan financially and would like some help. I have around 50k in investments, Roth’s and 401ks saved. About 2k in savings (wedding drained my account)
Are we supposed to merge are resources? Or is it best to plan to manage separately? And pay bills together?
We also got right around 17k in gifts from the wedding and do not know how best to put this cash into a savings account? Do you have any tips for a savings account we should open? Or any to avoid?
Lastly all jokes aside looking for any suggestions tips or advice something you might have wish you done or something you are glad you did at this stage?
Much love!
Update : THANK YOU ALL
– Adding my Wife to my Beneficiaries
– Parking my 17k into a HYSA @ 5%
– We are managing a Bills/Rent/Hobbies/Vacation account that we will auto deposit into
-Keeping our own finances apart besides the agreed terms of auto deposit…. Allows money for gifts and personal spending without causing conflict
– scheduled monthly financial meetings with my wife to work out goals…. So we are working towards the same goals and not separate goals.
– Will discuss the Idea of a Post-Nup
-Will be checking out Ramit Sethi Money Advice
Thank you to this community again non of these tools would have been planned without the help of your suggestions.