Are you newly engaged? An engagement brings many new and exciting things you will experience with your significant other, like wedding planning and purchasing a new home together. It also brings a sense of commitment and togetherness. As you start your life together as a couple, consider these three financial tips from First Bank to help your finances start on the right track.
1) Simplify shared financial responsibility.
As you start discussing combining your accounts and financial resources into one, it’s ideal to discuss how you will manage your finances. Have you discussed how you’re going to split your rent or mortgage payment or who is going to pay for groceries? A First Performance Checking Account allows both of you to make deposits into the checking account and will create a simpler process for paying bills or other shared financial tasks. In addition, this checking account is a high-yield interest bearing account, meaning that your money in this account will grow over time. You are able to open this account together online at your convenience. Combining your finances makes it easier to keep track of your shared financial responsibility. All of your shared expenses, such as your rent, mortgage, or groceries, will come out of one account and by using First Bank’s online banking and mobile banking options, you both will have the ability to see the account activity, such as how much money is deposited or withdrawn.
2) Build your budget.
Before any funds starts coming out of your new account, it’s ideal to create a budget and discuss your current financial situation. How much are you both earning? How much is each bill and how much are you both contributing towards paying each bill? Determine what your total monthly bills are and figure out how much each of you will be spending on bills each month. Aside from depositing money into the account for bills, consider other things you might share financial responsibility for, like dining out or buying furnishings and items for the home.
3) Plan for the future.
What are your plans for the future? Are you planning to take a vacation, having children, or buying a new home in the next few years? Consider your future plans and start regularly contributing money to your First Bank Savings Account. Contributing money to this account regularly can help you grow your money over time and will also create a financial cushion for emergencies. First Bank’s online banking allows you to set up automatic transfers from your First Bank Checking Account to your First Bank Savings Account to help you streamline your savings.
Opening an account together to help manage your finances is an ideal way to start a strong financial future together. Open your First Performance Checking Account today to earn a great rate! For more information on our banking solutions for newly engaged couples, contact a First Bank trusted representative.