Marriage & Money – How to Get Financially Sorted

Shot of a married couple holding hands walking into the distance.

10 Apr 2015

Posted in:  Business Support

In reality, the journey from “will you?” to “I do” and beyond can be a road full of financial stresses.

While the magic of the big day is always your number one priority, it pays to take the time to correctly plan the finances of your wedding and life together afterwards.

Here are a few of the key things to consider from a financial perspective before you tie the knot to make sure you’ve all your financial ducks in a row:

Bank Accounts
Just because you move in together or get married doesn’t mean you have to share everything. However, by sharing a bank account you can reduce your bank fees. If you do consider opening a joint account as the best option for you, a good idea for peace and harmony is to set a limit to how much either one of you can spend before consulting the other. When considering a new joint account, we’ve a great range of current and savings accounts to match all your needs.

Paying the bills
It’s best to decide which one of you is better suited to paying the bills such as electricity, phone and food. Setting up direct debits and bill payments online and over the phone before the bills are due can help you keep on top of things and avoid anything slipping through the cracks. You can easily manage transactions like this through AIB Internet Banking. If you are not already registered and an existing AIB customer, you can easily register online for AIB Phone and Internet Banking today.

Household expenses

Each couple will have their own plan for managing the expenses of their household. A good strategy to take is to first decide the percentage each of you will pay, for example 50/50, 60/40 or 80/20. Then, at the end of every month, you can total up your individual costs for shopping, food and other expenses and split the total figure according to this percentage. To make it easy for you, we’ve a range of tools to help you easily plan your finances here.

Getting sorted financially

The honeymoon tan has faded and all the thank you cards have finally been sent. Now it’s time to tackle some of those ‘financial housekeeping’ tasks you’ve been putting off. These can include letting your bank know that you’ve changed your surname, updating your AIB Insurance details to ensure you’re not under covered or overpaying and ordering that new AIB Credit Card. At this stage, it’s also important to update your AIB Life Insurance and Will to include your partner.

Need any help setting up your new financial life as a married couple? No problem! AskAIB is available seven days a week on Facebook and Twitter to help you get sorted.

If you’re starting to plan your ‘Big Day’, find out more about AIB Wedding Loans and how we can help you take the financial stress out of the whole thing. Get a quote or apply online with us today through AIB Internet Banking and get approval within 3 hours*.

Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security may be required. *Although we aim to provide a decision within 3 business hours, this period may be extended for technical or other legitimate reasons. Our business hours are Monday to Friday from 9am to 5pm, excluding bank holidays.

AIB Home and Car Insurance are exclusively underwritten by AXA Insurance Ltd. AIB Travel Insurance is exclusively underwritten by ACE European Group Limited. AIB Health Insurance is exclusively underwritten by Aviva Health Insurance Ireland Ltd. Allied Irish Banks, p.l.c. has an indirect holding of 30% in Aviva Health Insurance Ireland Ltd. AIB Insurance Services Limited is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

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