McHenry Savings Bank offers tips for managing money togetherSummer wedding season is in full swing and newlyweds will soon be managing their finances as a pair. McHenry Savings Bank (“MSB”) is encouraging couples to waste no time addressing how they will handle money issues as spouses and financial partners.
“Developing a financial plan can often take a backseat to the excitement of a wedding,” said Jim Zak, Vice President of Retail and Small Business. “But it’s important to remember that this is not only a marriage of hearts but also a marriage of finances.”
To help couples start their journey on strong financial footing, MSB warns consumers of these post-wedding money mistakes:
1. Avoiding the money talk. Discussing your finances can be a bit uncomfortable for many couples, but those who tackle it head on will be better for it. Understand your partner’s financial goals and spending habits. While you may have different answers, this conversation can help you develop an approach to money management that works for both of you.
5. Not establishing a minimum cost for discussing big expenses. While not all purchases demand a conversation, more expensive ones that impact the family budget should. Determine what that threshold is as a couple. For any expenses above that cost, you both should be in agreement on whether it’s a necessary purchase.
6. Forgetting to update your beneficiaries. Now that you’ve officially tied the knot, you should likely identify your spouse as the person who will receive the benefits of your will, life insurance policy and financial accounts like your 401(k), checking and savings. Don’t make the mistake of waiting for an emergency to arise to handle this.
MSB offers a Personal Finance Manager tool to all personal customers via online eBanking. Consumers can use “Personal Finance” on eBanking to determine their net worth, create budgets, manage spending and cash flows, get alerts and more. This is an excellent tool for all customers, and especially for newlyweds who are beginning their lives together.
MSB is committed to providing tools and services that educate and protect consumers. To learn more on what MSB can do for you, contact a Personal Banker today at 815-385-3000 or firstname.lastname@example.org. Visit us at our McHenry, Richmond or Johnsburg Branch or via the website at www.mchenrysavings.com.