Financial Tips for Engaged & Newlywed Couples in South Carolina

Summer is a season of sunshine, celebrations—and weddings! If you’re getting married this summer, congratulations! Amidst the excitement of planning your big day, there’s one essential topic that many couples overlook: merging finances.

At Peavy and Associates, we work with couples throughout South Carolina to help them build strong financial foundations. Whether you’re just starting out or already tying the knot, here are some key financial conversations and steps to take before saying “I do.”

1. Start with an Honest Money Talk

Before you blend your bank accounts, be open about your financial situation. This includes:

• Income
• Debt (student loans, credit cards, etc.)
• Savings & investments
• Spending habits and goals

💬 This conversation may feel awkward—but it’s one of the most important for long-term success.

2. Decide How You’ll Manage Joint Finances

There’s no one-size-fits-all approach, but you’ll want to decide how you’ll handle:

• Joint bank accounts
• Shared bills and responsibilities
• Individual spending money

💡 Popular methods include:

• Fully combined: Everything goes into one shared account
• Partially combined: Shared account for bills, separate personal accounts
• Completely separate: Each person contributes a set amount to joint expenses

We can help you weigh the pros and cons based on your income levels and goals.

3. Review Tax Implications

Getting married changes your filing status and may impact your:

• Tax bracket
• Deductions and credits
• Student loan repayment plans
• Withholding amounts

👩‍💼 Pro Tip: Meet with a tax advisor at Peavy and Associates to determine whether “Married Filing Jointly” or “Married Filing Separately” is best for your situation.

4. Set Joint Goals & Build a Budget

Marriage is a partnership—and that includes money. Create shared financial goals for:

• Emergency savings
• Buying a home
• Paying off debt
• Vacations or starting a family

📝 Build a monthly budget together that reflects both your day-to-day needs and long-term priorities.

5. Update Important Documents

Once you’re officially married, make sure to update:

• W-4 withholding forms with your employer
• Health insurance beneficiaries
• Life insurance policies
• Wills and estate planning documents

💛 If you’re changing your name, be sure to update your Social Security, bank accounts, and tax records too.

Get Your Financial Future Off to the Right Start

Marriage is about partnership, and that includes your finances. At Peavy and Associates, we’re here to help couples across South Carolina navigate taxes, budgeting, and financial planning—before and after the big day.

📅 Planning a summer wedding? Schedule a financial check-in with one of our advisors today and start your new life on solid ground.

Peavy and Associates | Trusted Financial Advisors for Life’s Biggest Moments
💻 Book online | ☎️ Call us | 📍 Serving South Carolina couples in-person and virtually