Financial Planning for Newlyweds

Financial Planning for Newlyweds

Congratulations on this exciting new chapter in your lives! As you begin your journey together, planning your financial future is a crucial step toward building a strong foundation. Here are some essential tips to help newlyweds navigate the world of finance and prepare for a secure future:

Set Financial Goals
Start by discussing your short-term and long-term financial goals. Are you saving for a house, planning to start a family, or building your retirement fund? Clear goals will give your financial journey direction and help you prioritize your spending and saving habits. Sandia Area is here to help you achieve these goals by setting you up with the right accounts for your family, so you can stay focused on the adventure ahead. 

Put It All on the Table
Transparency is key. Sit down together to take inventory of your financial situation—from investments and retirement accounts to student loans and credit card debt. Knowing exactly where you stand can help you avoid surprises and create a solid plan for tackling challenges together.

Streamline Your Banking with Peak PLUS Checking
Simplify shared expenses and grow your savings with Sandia Area’s Peak PLUS Checking accounts. Whether you choose to earn up to $10 cash back each month on everyday purchases or enjoy a high yield of 5.25% APY on balances up to $15,000, these accounts are designed to make your money work harder for you. With no fees or minimum balances. Want a savings account as well? Enroll in Peak PLUS Savings, our checking partner account exclusively for Peak PLUS checking members, and get an additional 3.00% APY on your funds. Managing your finances together has never been easier.

Create a Budget
Draft a budget that accounts for all sources of income and outlines your monthly expenses. Use tools like Sandia Area’s mobile app and financial calculators to track spending and stay within your limits. Budgeting ensures you’re not only covering essentials but also setting aside funds for savings and fun.

Decide How to Combine Finances
Consider whether to merge your finances, keep them separate, or use a hybrid approach. Some couples prefer joint accounts for shared expenses, while others value separate accounts for personal spending. Sandia Area’s flexible account options can support whichever system works best for you.

Review Workplace Benefits
If both of you are employed, evaluate your benefits. Should one spouse join the other’s health plan, or does it make sense to keep separate plans? Compare your options to maximize coverage and minimize costs. HR professionals can provide valuable insights to guide your decision.

Build an Emergency Fund
Prepare for life’s surprises by building an emergency fund with three to six months’ worth of living expenses. Consider a Peak PLUS Savings Account with Sandia Area to ensure your funds are accessible when you need them, with a 3.00% APY. This account is exclusively for Peak PLUS checking account holders. Learn more!

Tackle Debt Together
Addressing high-interest debt, like credit cards or student loans, is critical. Work together to create a plan for paying down debt quickly, freeing up resources for other financial goals. Use our debt consolidation calculator to see how you can become debt free faster. 

Save for the Future
Start saving now for milestones like buying a home, starting a family, or retiring comfortably. Sandia Area’s savings accounts and retirement planning options can help you build wealth and achieve your dreams.

Review Your Insurance Needs
Assess your insurance coverage to protect your finances. Life, health, and disability insurance provide essential protection, especially as you grow your family and assets. See our insurance page for coverage options and free quotes fast on new insurance policies. 

Plan for the Unexpected
Creating a will and establishing power of attorney ensures your wishes are honored in case of incapacity or death. While it’s not a pleasant task, planning is a vital step in protecting your financial future.

Seek Professional Guidance
Feeling overwhelmed? A financial advisor can help you create a personalized plan tailored to your goals. Sandia Area’s team is here to support you with expert advice and tools to make managing your finances stress-free. Schedule your free consultation today! 

Effective communication is the foundation of successful financial planning as a couple. By being open and honest about your goals and concerns, you can build a lifetime of financial security and peace of mind together. Let Sandia Area help you along the way with checking accounts, savings solutions, and expert support. We're here however you need us.