Congratulations! At U.S. Bank, we wish you great success as you embark on your new journey through life together.
From planning your wedding to planning vacations, money plays a part in many decisions. We can help you get off to a strong start with tips and information on how to achieve your wedding dreams and your life goals.
Achieve Your Wedding Dreams
Your wedding is an excellent opportunity to begin making financial decisions together. So what are some strategies for meeting wedding costs? Creating a budget can help you identify all the costs, determine where you can cut costs and where you can splurge and keep the overall price tag under control.
What are some financial strategies for making your wedding dreams come true? From the invitations to the flowers to the champagne, you'll probably be writing a lot of checks. Consider opening a checking account1 for wedding expenses, and then fund this account within your budget to keep a handle on spending. We offer a variety of checking accounts for your individual needs. Learn more.
You may need to charge some wedding expenses. With a joint credit card account, you both get cards, so you can each pay for wedding-related expenses. U.S. Bank credit cards offer competitive rates and fast approval.
If you need to borrow money, one low-cost option for homeowners is to open a home equity loan or line of credit. Interest rates are generally lower than other borrowing options, you can spread out payments over several years and the interest may be tax deductible (see your tax advisor).
After the wedding, if you received cash or checks from wedding guests, protect yourself by depositing this money in your accounts as soon as possible.
Achieve Your Life Goals Together
From a new house to kids to an early retirement, it's important - and exciting - to plan for your future. Here are a few places to start:
- Goals and expectations. Where do you want to be in five years? Ten years? Twenty years? Share your goals and expectations. Write them down. Create a plan for achieving them.
- Understand spending styles. Is one person a saver and another a spender? How will you manage everyday expenses? Consider personal spending habits when determining how to establish and manage your finances.
- Current savings and assets. Can you consolidate assets to simplify financial recordkeeping? Is it time to start saving in earnest? Do you need to beef up your retirement savings2 efforts? Learn more about retirement planning2.
- Outstanding debts. What debts does each spouse bring to the marriage? Can you possibly consolidate debts and lower borrowing costs? We offer a variety of solutions that might help. Learn more.
Action Steps for Financial Success
Along with planning, you'll want to take steps to reach your goals. You can start by establishing financial accounts as a couple. The most common arrangements include one joint checking account1, two personal checking accounts or one joint and two personal accounts.
When you get married, you may be doubling the number of financial accounts in your household. U.S. Bank Internet Banking is an easy way to simplify the management of your personal finances. And you'll save time with U.S. Bank Internet Bill Pay. For maximum ease and time savings, transactional history from financial accounts can be downloaded from U.S. Bank Internet Banking to financial management software or spreadsheets.
Even if you plan on keeping your money separate, you should create a family budget to help manage household expenses. Ideally, your budget should devote a percentage of your income toward saving for future goals. Create a budget with our online calculator.
The Future Looks Bright
Getting married is exciting. Planning your future together is exciting, too. As you plan, you'll probably have questions and concerns that are difficult to answer. That's when the expertise and guidance of a professional can make life a lot easier. At U.S. Bancorp, you can rely on our financial professionals to help your marriage get off to a strong financial start. Contact a U.S. Bancorp financial professional2 today.
For more helpful information, tools and calculators to help you with all your financial management needs, visit our Resources page today.