ROUTING #: 241075726 216.621.4644 216.621.4644 Location Finder
Firefighters Community Credit Union
Join FFCCU
Login Avatar
  • Rates
  • About Us
  • Kudos
=
  • Savings
    • Personal Savings
    • Youth Savings
    • Club Accounts
    • Certificates
    • Money Market Accounts
    • IRAs
  • Checking
    • Advantage Checking
    • Basic Checking
    • Business Checking
    • Club Ignite
    • ATM and Debit Cards
  • Loans
    • Auto Loans
    • Motorcycle Loans
    • RV Loans
    • Boat and Jet Ski Loans
    • Home Loans
    • Credit Cards
    • Personal Loans
    • LoanSHIELD
    • Loan Payment Center
    • Rates
  • Dare2Compare
  • Digital Banking
    • Online Banking
    • Mobile Banking
    • Mobile Wallets
    • Visa Credit Card App
    • Direct Deposits And Wire Transfers
    • Loan Payment Center
    • P2P
    • Phone Banking
  • Resources
    • Financial Assistance
    • Financial Planning
    • Ignite My Future Scholarship
    • TruStage™ Insurance
    • Calculators
    • Career Opportunities
    • Community Support
    • Special offers for members only!
    • Publications
    • Forms and additional resources
Search
Join FFCCU Login =
×
Firefighters Community Credit Union
  • Savings
    • Personal Savings
    • Youth Savings
    • Club Accounts
    • Certificates
    • Money Market Accounts
    • IRAs
  • Checking
    • Advantage Checking
    • Basic Checking
    • Business Checking
    • Club Ignite
    • ATM and Debit Cards
  • Loans
    • Auto Loans
    • Motorcycle Loans
    • RV Loans
    • Boat and Jet Ski Loans
    • Home Loans
    • Credit Cards
    • Personal Loans
    • LoanSHIELD
    • Loan Payment Center
    • Rates
  • Dare2Compare
  • Digital Banking
    • Online Banking
    • Mobile Banking
    • Mobile Wallets
    • Visa Credit Card App
    • Direct Deposits And Wire Transfers
    • Loan Payment Center
    • P2P
    • Phone Banking
  • Resources
    • Financial Assistance
    • Financial Planning
    • Ignite My Future Scholarship
    • TruStage™ Insurance
    • Calculators
    • Career Opportunities
    • Community Support
    • Special offers for members only!
    • Publications
    • Forms and additional resources
ROUTING #: 241075726 Login Location Finder 216.621.4644 Text Us Rates About Us Kudos
Close
  • Home
  • FFCCU Blog
  • 9 Tips for Newlyweds: Marriage & Finances

9 Tips for Newlyweds: Marriage & Finances

February 23, 2024 | By Nichole Coyle
A newlywed couple managing marriage and finances

Getting married and looking for money advice? Ready or ‘knot,’ guest blogger, Nichole Coyle, joins us today to discuss marriage and finances.

Transitioning from handling finances individually to merging two different financial systems, spending patterns, savings approaches, and financial goals can be challenging. Talking about these topics prior to your wedding day or in the early years is wise.

In my experience, it is immensely beneficial for newlyweds and those recently engaged to openly discuss their financial goals, create a budget together, and communicate about spending habits to ensure a shared understanding of financial responsibilities. Establishing an emergency fund and discussing long-term financial plans are also crucial. With some planning, you can feel confident about your shared finances and anticipate problems that could arise down the road.

Ahead are 9 money tips to consider for newlyweds

 

  1. Open Communication: Encourage open and honest communication about your financial goals, values, and expectations. Discuss individual spending habits, debts, and any existing financial commitments to ensure transparency. This means sitting down to look at student loan and credit card debt, auto loans, mortgages, or rental agreements, as well as current spending. Any discussion of marriage and finances includes your current individual goals as well as new, joint goals.
  2. Create a Joint Budget: Sit down and work on creating a budget together. Your budget should include your combined income, expenses, and savings goals. This collaborative effort helps to allocate resources effectively and avoid spending surprises. This isn’t a one-time exercise, though. Having a scheduled “budget or finance meeting” with your newlywed spouse can help you communicate and work through changes early on. Set these meetings monthly or quarterly to help keep you on track to help you reach your goals.
  3. Emergency Fund: If you haven’t already, establish an emergency fund to cover unexpected expenses. Aim for a minimum of three months’ worth of living expenses, providing a financial safety net during challenging times. Depending on circumstances, many people “max out” their emergency fund savings with 6 months’ worth of income. At that time, begin looking for other avenues to invest your money, like a workplace retirement account (such as a 401K), Roth IRA, share certificate, or brokerage account. Navigating marriage and finances means adjusting your scale – so remember that your emergency fund now needs to cover expenses for two people (and eventually more if you are considering children).
  4. Debt Management: Address existing debts by discussing repayment strategies. Whether it’s student loans, credit cards, or other obligations, formulate a plan together to tackle debts and avoid accumulating more. Debt can have a significant impact on marriage and finances, and developing a plan early will give you the confidence to push through any stress those lingering debts might cause.
  5. Financial Goals: Have a date night to talk about your financial goals. You can do this over dinner at the kitchen table or at a nice restaurant. Regardless, it’s important to talk as newlyweds about how you envision your future together. Discuss short-term and long-term financial goals as a couple. Whether it’s buying a home, saving for a vacation, or planning for retirement, having shared objectives helps guide your financial decisions.
  6. Individual and Joint Accounts: Decide on the structure of your bank accounts. Some couples prefer a combination of joint and individual accounts, allowing for both shared expenses and personal financial autonomy. Others prefer to combine everything into joint accounts with the sentiment “What’s mine is yours, and what’s yours is mine.” Either approach can be healthy for both marriage and finances so long as you and your spouse are in agreement.
  7. Insurance Coverage: Review and update your insurance policies. This includes health, life, disability, and potentially even property insurance. Ensure that both partners are adequately covered for unforeseen circumstances, and also review your current beneficiary elections.
  8. Retirement Planning: It’s wise to figure out where you both stand on retirement planning and to start as early as possible. Discuss your retirement goals, contribute to retirement accounts, and explore investment options that align with your risk tolerance and long-term objectives. Look to workplace plans as well as individual retirement savings options. Also, make sure that you update the beneficiaries on any existing accounts once you get married.
  9. Regular Financial Check-Ins: As previously mentioned, it is wise to schedule regular check-ins to review your budget, financial goals, and progress with your spouse. This provides an opportunity to address any concerns, celebrate achievements, and adjust your financial plan as needed. In addition to checking in with your spouse, keeping up in marriage with finances is easier when you check-in with your financial planner at least once per year. Inform them of any changes like a new job, new baby, or new goal. By communicating regularly with each other and your financial professionals, you can learn about and take advantage of tax law changes, retirement contribution limits, and more.

 

Navigating marriage and finances as newlyweds is a shared journey that requires communication, collaboration, and a strategic approach. By addressing these monetary considerations early on, you’ll not only build a strong financial foundation but also strengthen the bond that comes with working together toward common goals.

As always, if you have questions or would like to discuss your unique situation, please don’t hesitate to contact me.

 

Nichole M. Coyle

CERTIFIED FINANCIAL PLANNER™

20333 Emerald Pkwy

Cleveland, OH 44135

216.621.4644 x1607

Coylen@ceteranetworks.com

 

Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a Broker-Dealer, and a Registered Investment Advisor.

Cetera is not affiliated with the financial institution where investment services are offered or any other named entity.

 

Investments are: Not FDIC/NCUSIF insured * May lose value * Not financial institution guaranteed * Not a deposit * Not insured by a federal government agency.

 

For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera advisor networks LLC nor any of its representatives may give legal or tax advice. All investing involves risk, including the possible loss of principle. There is no assurance that any investment strategy will be successful.

Posted In: Tips For Managing Finances

Post navigation

Love Hurts: Tips for Dealing with Romance ScamsHoliday & Vacation Savings – Seasonal Satisfaction with Club Accounts

ABA/Routing #: 241075726

Firefighters Community Credit Union

Services

  • Savings
  • Checking
  • Loans
  • Credit cards
  • Digital banking
  • Account Review

Resources

  • About Us
  • Join FFCCU
  • Career Opportunities
  • Kudos
  • Digital Banking FAQ
  • Site Map

Policies

  • Site Privacy & Security
  • Privacy Policy Disclosure
  • SMS Terms & Conditions
  • Social Media Guidelines
  • American Share Insurance
  • Calculator Terms & Conditions

Contact Us

  • Call/Text 216.621.4644
  • Call/Text 216.621.4644
  • Location Finder

Administrative Office

4664 East 71st Street
Cuyahoga Hts, OH 44125
  • Facebook
  • Instagram
  • TikTok
  • YouTube
  • Twitter
  • Linkedin
Equal Opportunity Housing Lender Co-op Shared Branch

Firefighters Community Credit Union (FFCCU) is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. We are actively working to increase accessibility and usability of our website to everyone. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 216.621.4644 or communications@ffcommunity.com.

Your savings insured up to $250,000 per account. Not Federally insured.

You Are Leaving This Site

You are leaving ffcommunity.com to visit one of our partner’s websites. If this was your intention, please click the “Continue” button below. The link will open in a new window/tab. Otherwise, click “Cancel” to close this box.

Destination:

Continue Cancel

Continue PopUp

You are now leaving the Firefighters Community Credit Union website

We do not endorse or control the content of the third-party website. We recommend that you review and understand their privacy and security policies.

Continue
Cancel

Bill Deighton

Bill has over 40 years of experience in credit unions and previously served as Chair of the Board of Directors for 30 years. Bill is a retired Captain of the Cleveland Fire Department. Along with his credit union experience, he has served for 16 years on the Ohio Police and Fire Pension Fund Board. He believes that credit unions are powered by providing the best customer service to members. Bill volunteers at St. Ambrose Parish and the Fire Museum renovation. Bill and his wife live in Brunswick and have two grown children.

×

Anthony Missig

Tony is honored to have been the current Board Director since 1999. He has been a credit union member of Cleveland Fire Fighter since 1988. Tony graduated with a BA degree in Business from Hiram College and an MBA from Baldwin Wallace College. He is currently an Assistant Chief with the Cleveland Fire Department.

×

Ben Laurendeau

Ben Laurendeau has been employed in the credit union industry since 1987 in a variety of positions. Ben has held the position of President/CEO with Firefighters Community Credit Union since January of 2005. Ben holds an Associate Degree in Accounting from Terra Community College, A Bachelor Degree in Accounting from Tiffin University and a Master of Business Administration Degree from Baldwin Wallace University. Ben serves as a Director on the Ohio Credit Union League Services Corporation Board and serves on the Ohio Credit Union League Audit Committee.

×

Gary D. Arbeznik

Gary is a lifelong resident of Greater Cleveland and has been a member of the Board of Directors since 2018. Many of his family members have served in the Cleveland Fire department and are long-time members of FFCCU. Gary holds a BA from Columbia College and a JD g from Cleveland State University. He has worked for both Cuyahoga County and the US Attorney’s office in Cleveland during his legal career. Now retired, Gary and his wife live in Lakewood.

×

Barbara McCullough

Barb is a current Board Director of FFCCU and a fully vested member. She has an MBA in Finance and has spent 25 years teaching to all walks of life. Barb is a volunteer with the Foundation for Geauga Parks, Ohio Department of Natural Resources, Lorain County Spirit of America, and Girl Scouts of Northeast Ohio. Barb is a lifelong resident of the Cleveland area. She and her husband have one daughter.

×

Alyssa Garcia Evanoff

Alyssa Garcia Evanoff joined Firefighters Community Credit Union as the Chief Marketing Officer in February 2019. Alyssa has nearly two decades of experience in brand management and strategic marketing with a variety of organizations across the Greater Cleveland area. During her career, she has developed successful marketing and creative campaigns that have repositioned brand image and increased brand loyalty through emerging digital trends, content marketing and user experience strategy. Alyssa is a graduate of Miami University and sits on the board of the Cleveland chapter of the American Advertising Federation.

×

Jessica Bittner

Jessica Bittner joined FFCCU as a teller in 2009. In 2012 she was promoted to branch manager, and has managed multiple branches throughout the credit union. Jessica holds a Bachelors in Human Resource Management & Business Management, with a minor in accounting from Baldwin Wallace University. She was promoted to COO in 2021.

×

Kathleen Riggs

Kathleen Riggs joined FFCCU as Chief Retail Officer in 2013. Kathy has been in the financial services industry for over 25 years, holding a variety of positions. Kathleen received her bachelors degree in psychology from Kent State University and is a certified trainer of CUNA’s Creating Member Loyalty program.

×

Paul Humphrey

Paul Humphrey was born and raised in Northeast Ohio. He joined FFCCU in 2017 as the Chief Lending Officer. Paul is a graduate of Kent State University. He holds the designation of Certified Credit Union Financial Counselor (CCUFC) from CUNA. Paul has managed lending programs in both small and large credit unions and brings that unique perspective to serve the members of FFCCU.

×

John Carrick

John Carrick is the Chief Financial Officer of Firefighters Community Credit Union in Cleveland, Ohio. John was hired by Greater Cleveland Firefighters Credit Union (former name of Firefighters Community Credit Union) as an Accounting Assistant in February 1993, was promoted to acting CFO in 1995, and was awarded the position of CFO in 1996. John has assisted in the acquisition of multiple mergers for Firefighters Community Credit Union and has managed two different Merging Credit Unions during the merger process. John is a former member of the Audit Committee of the Cleveland Chapter of the Ohio Credit Union League. John holds a Bachelor of Business Administration degree from Cleveland State University.

×

Dennis Corrigan

Dennis has been a member of the Board of Directors since 2017. He is invested in forming bonds between the Credit Union and the community and helping members improve their economic situations. He has a strong desire to have a voice in the decision-making process of an institution that he was raised with and believes in. Dennis has been a part of the Cleveland Fire Department for 25 years and is currently a Captain. Dennis and his wife live in the Cleveland area with their three children.

×

Damian Borkowski

Damian has served on the Board of Directors for over 10 years. He has been the Citywide Service Manager for the City of Cleveland since 1983 and manages the demolition of houses and buildings. He holds degrees in Law and Engineering and is a member of the Ohio Bar. Damian lives with his wife in the Cleveland area. He has been a credit union member for 30 years.

×

Rich Bowman

Rich serves as the Chair of the Board of Directors and has been a board member since 2009. He has been a Cleveland Firefighter since 1989 and is presently a Battalion Chief serving the city’s lower west side. Rich is a founding member and Treasurer of the Firefighters Memorial Ride. Since their inception in 2004, they have donated over $250,000 to the families of fallen Fire, Police, and EMS workers. He has a bachelor’s degree in Business Administration with a minor in Finance from Cleveland State University.

×

James E. Polk

James is the Vice-Chair of the Board of Directors and has served on the Board since 1982. He has also held the position of Secretary. Jim is a retired Cleveland Firefighter after 30 years of service. He is the past treasurer of Fire Fighters Local 93 and served on the Union Executive Board for 18 years. Jim is also a former Worker’s Compensation Representative for Local 93 and the NOFF.

×

Bryan Gallagher

Bryan has served on the FFCCU Board of Directors since 2006 and looks forward to continuing to help the credit union move forward and provide quality services to members. Born and raised in Cleveland, Bryan and his wife live in Lakewood and have three grown children. He holds a degree in Communications from Cleveland State University and spent 40-years as a cameraman for the MLB and NBA. After 33 years, he retired as a Captain from the Cleveland Fire Department. He is a former Sergeant at Arms for Local 93 IAFF and was Secretary for the Firefighters Memorial.

×

Robert Schwind

Bob is a lifelong Cleveland resident and has been a member of FFCCU since 1993. He has served on the FFCCU board since 2019. Bob is a graduate of Cleveland State University and has served as a Cleveland firefighter for the past 28 years, becoming a lieutenant in 2002. He and his wife live in Cleveland and have two grown daughters.

×

James Andrews, Jr.

Jim has been a credit union member for over 40 years and has served on the Board of Directors since 2012. He has been a Cleveland Firefighter for 29 years, currently stationed at Engine Company 13. James has served on the Cleveland Firefighters Relief Fund board and was a former Union Steward and Committee Member for Firefighters Local 93. He and his wife have three children.

×