Very shortly you will be combining resources and pursuing your dreams as a couple. We have put together this kit to help you better appreciate and prepare for the financial aspects of marriage. Hopefully it will provide you with a variety of helpful resources and suggested sources for more information.
Products and Services you may need
Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) offers a variety of products and services that can help you plan your new life as a couple.
Joint Accounts
We offer several practical joint account options. Call us at 430-5200 to discuss which one is best suited to your situation.
Mortgages
If a home of your own is in your plans, consider a home loan from our credit union or our subsidiary CAPITA Financial. The mortgage representatives are very experienced and are available to answer all of your questions. For more information, please call 430-5200.
Insurance
Look at the insurance coverage each of you have to ensure that it’s suitable for a married couple and takes into account your future plans including children. The insurance team at CAPITA Financial can help you by shopping around on your behalf to get the best coverage at the best price. Also ask about CAPITA’s Premium Loans.
Also remember, being a member of BPWCCUL entitles you to discounted premiums at various insurance companies on some types of insurance.
Financial Education Unit
A sustainable future together must include financial security. The professionals in our Financial Education Unit can help you develop a plan built to suit your goals. For more information, please call 430-5200.
Will Preparation
If you already have wills update them. If you don’t, get them as soon as possible to protect each other and any children in the event something happens. The Credit Union’s Legal Department provides Will preparation services exclusively for members and very reasonable rates.
Remember you can make changes to your Will so don’t be afraid to put it into writing.
Get extra copies of your marriage certificate
You will need them to change your name on legal documents and on any accounts you may have had before being married.
If you change your name remember to update the following:
• National Identification Card
• Driver’s License
• Passport
Make sure your employer is aware of your new name and be sure to update your personnel file to reflect your new status.
You may also want to order cheques with your new name for your chequing accounts.
Think about Beneficiaries
If you have investment accounts such as a Retirement Savings Plan or if you have Life Insurance, you should update your beneficiaries accordingly.
Discuss your goals
Discuss your financial goals to ensure that you’re working for the same ones. Talk about your expectations for everything from lifestyle to retirement.
Decide on how to handle money
Is one of you more disciplined with paying bills and balancing the cheque book? Do you want joint accounts, or will each of you keep your own accounts and split the bills? You need to come up with an approach that’s acceptable to both of you.
Create a spending plan
Creating a budget is not a waste of time, it is still the best way to manage money, work toward your goals, and prevent arguments over money. You may also find ways to cut spending—for example, eating out less often.
A great way to start budgeting is to write down every penny you spend for a full month. That way, you’ll have an accurate picture of how you use money. If you’re spending more than you make, look for ways to cut back.
Education Partners
Member Discounts.
Online Banking
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