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Getting married
Practical and financial advice as you start a new chapter in your life.
It’s worth considering what getting married means for you as your lives come together.
Talking openly about finances is important. It’s good to get an understanding of your different views towards budgeting, spending and debts. Being open about these things can reduce the risk of conflict and help you make better decisions together.
We’ve worked with MoneyHelper to support you and your partner to have important and useful conversations about money.
We also have some tools and information as you start to plan your big day.
Planning your wedding
Your financial future together
It’s important to talk about money. Think about the management of your daily finances and the plan for your long-term goals.
- Talk about your future goals. Getting married is an exciting time, so factor in your plans for the future. Whether you are thinking about a holiday or a new home, how will you save for it? Having a plan will make your goals more achievable.
- Discuss family finances. Talk about who will be responsible for the budget and for making sure the bills get paid.
- Have regular money catch-ups. Taking time to go over your finances will help you keep on top of things. It will also give you the time to talk about any issues there might be. Whether it be weekly, monthly or quarterly, our spending insights tool can help you.
- Do you want a joint bank account? They’re not for everyone, but a joint bills only account may be something to think about. Have a chat and decide whether this is something you want to consider, if you haven’t already.
- Talk openly. Not being honest about money can cause real issues, but it’s also important for many people to feel they have some independence. Talk through what level of openness is right for you. Be honest about any debts you’re bringing into the marriage.
We have some useful links that will help you if you need to update your personal details or are thinking about setting up a joint account.
As you start your married life together, there are a few things that you may want to think about. For example, telling HMRC about your change in personal circumstances. Letting HMRC know about your new marital status will make sure you are taxed correctly.
It may be worth considering life insurance if you don’t already have it. This can be important if your children, partner or other relatives depend on you financially.
If you already have a life insurance policy or pension, you may want to update your beneficiary details to include your new spouse.
Getting married may also have an effect on your credit score. Marriage alone won’t change your credit file but being ‘financially associated’ will. This is when you share finances, such as a mortgage, bank account or loan.
We have more information to help you understand your financial future together.
Protection for your family
Look after your family, whatever the future holds. Learn more about the different types of insurance policies that could give financial peace of mind to you and your loved ones.
Have an up-to-date Will
Whether you are getting married, buying a house or starting a family, it’s important to have a Will in place. It could protect your assets, and your loved ones, today and in the future.
Financial association
Having a joint account with your partner will create a ‘financial association’ on your credit file. This could be a joint mortgage, loan or bank account. A lender may then look at information about that person’s credit history when deciding whether to give you credit. While this is not necessarily a bad thing, it’s good to understand what can impact your credit file.
You can check your TransUnion credit score and view your full credit report for free with Your Credit Score, available in our Mobile Banking app or Internet Banking.
