3 “Getting Married” Financial Tips

Are you getting married soon? Is someone in your family getting married soon?

Well here are 3 things anyone getting married needs to know about their finances before taking the plunge…

#1: You might be saying to yourself…YES! My income is going to double, because my fiance has a job too. We will be living the good life!

Nope, sorry. It doesn’t work like that. To make it work, both of you will need to agree to and set a budget. Then you must stick to that budget.

#2: Filing your taxes separately may not lower your tax bill.

In fact, you might even lose out on valuable tax credits and deductions that are available to you when filing as the head of household. If you have children, you may also forfeit the earned income tax credit and child care credit.

#3: Getting married will not affect your credit score.

The credit reporting bureaus do not merge credit reports. Only joint financial accounts will get reported on both credit histories.

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