- From the start, save 15-20 percent of your income. Because you are combining households, you should cut your expenses a lot, which should allow you to save. You should save so you can build your cash reserves in your 401k plans and in a mutual fund.
- Change all beneficiaries on life insurance plans, retirement, other plans at work and IRAs to your new spouse.
- Figure out how debts accrued by each individual before the marriage (i.e. student loans) will be handled.
- Talk about your approaches to handling money: Is one of you a spender and the other a saver? Create a few ground rules on dealing with any differences.
- Create a list of future purchases and prioritize them. You should decide -- together-- how to spend your money.
For five more tips, check out Top 10 Financial Considerations for Newlyweds.