Newlyweds

For newlyweds, the first big financial decisions go beyond how to pay for the honeymoon and how to invest all those gift checks. They also involve starting a new household on solid ground financially.

• Before exchanging wedding vows, have a candid discussion about your finances.
  
  Be open and honest about matters that could be a source of friction in the future, such as outstanding debts from student loans or credit cards.
  Sit down and review your latest credit reports together. You can receive a free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. (www.AnnualCreditReport.com or call toll-free 877-322-8228)
• Set short-term and long-term financial goals.
  
  Figure out how much money each of you can spend for “fun” and how much you should set aside for important goals, perhaps to buy a home.
• Understand the risks and responsibilities of jointly held accounts.
  
  Something to keep in mind is the irresponsible use of a jointly own credit card by one spouse, which would be reported on both of your credit histories.

The above information is an excerpt taken from a new Federal Deposit Insurance Corporation (FDIC) publication titled, "Money Tips for All Ages: Your Finances at Different Stages in Life." The advice, in a special edition of the agency's quarterly FDIC Consumer News, can be read or printed online at www.fdic.gov/consumers/consumer/news/cnspr08.