Oh...that's right you asked about taxes... that's hard to predict. Under the current tax code (the Trump-era Tax Cuts and Jobs Act) expires in 2025 and is scheduled to revert back to what it was in 2016...unless Congress intervenes. My understanding is that TCJA made things more fair tax-wise for married couples.

A HYSA is a great idea! Or a money market fund at a brokerage. You should be able to get about 4%. (just avoid Citibank - they tend to freeze accounts and withhold your money)

What is the house worth?

What is market rent on the home?

Have you considered your own skill and ability to manage a rental property as a new father? I have a 1 year old and a busy work/personal life and balancing one home is rough let alone a 2nd and tenants.

Prefer Ally.com...easy set-up, easy to make it a joint account, easy to add beneficiary, and a Buckets feature for earmarked savings categories. Bonus points for extending the bonus interest for new deposits to existing account holders not just new accounts.

Question 1 which is not even financial : Do you want to take on the responsibilities of being a landlord while also having a newborn?

Thanks for the feedback.

If you are using it for a house this year it should be in a savings account or cash equivalent like t bills or a CD

That’s the truth.

Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions

I like this suggestion.

> What other things do you think newly-weds should consider about their finances, before and during marriage?

In terms of long term stuff... Whose career will be prioritized when it comes to moving for jobs or going back to school to increase earning potential? And what are your expectations in terms of taking care (or moving closer) to elderly parents who potentially live in another country? What are expectations for children, how many, and how soon?

The nitty gritty stuff about marriage is relatively simple for a couple that earn roughly the same income, have limited debt, and few assets. Not much will change.

This is an interesting though. I’ll try to look and see if there is availability tomorrow morning and how long the expected ride may be. I live in a smaller city where Uber isn’t as routine.

Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions

It’s not hard to see why you don’t have much leftover. That’s a lot to spend on cars/car-related expenses. You’re at almost 17% of your take home on car payments/insurance/gas alone. That’s not including luxuries like pet grooming and dog walking.

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Still mad at them for freezing rates on their old HYSA and not notifying account holders.

Congratulations! Here's hoping you make the no-divorce club!

For us it's 30+ years without a divorce. I was 2 years out of college, she was just out of college, so we had no assets either. We merged everything (except the 401k -- can't merge that). Even all our credit cards are joint.

We went through pre-marital counseling.... and we talked about finances. Both of us came from parents who did have financial issues, so this was a serious topic to us -- more to my wife who felt her parents were borderline committing financial infidelity.

So while we didn't bother with a prenup, we did make a couple financial agreements...

1. no spending more than 100 dollars without talking to each other first. That's $250 in today's dollars...and we've adjusted the rule a few times since.
2. no deal is so good we don't wait til tomorrow.

That second one... remember 30 years ago there were no digital mobile phones and no web browers.

I wouldn't bother with a prenup .. what's fair in your case? (And it's easy for him to get around the prenup -- just skip the country...right?)

My husband and I have the similar numbers as you in income ($165K) and net ($7,400) and the same savings $60K for house . We only have $20K in student loans ($10K each). We have only been married 24 months and have only been saving for this long about $3K per month. Homes in our city are cheapest $350-$450K as well.

Owning our small condo (bought 2020 with $6K out of pocket at 2.5% interest rate at $150K sales prices) runs us $1,200 per month and we are staying and not buying a single family house for the next 2-4 years until we have our first kid because we want 2 kids back to back and I kids alone will be $2K per month ($1,500 FT day care and $500 for the cheapest family rate health pan among 6 options our jobs offer) 2 kids back to back will be like $3K per month)We both want to be working parents.

Depending on how this year goes we may have to start a fund for fertility treatment and or adoption in the future so we are not buying so we can actually afford a house and kids in the future. Our money is parked in a 5% AYP CD and 3.4% HYSA.

I’m guessing the OP posted this while the salesman was talking to his manager.

I have a similar issue! I’d recommend seeing a therapist. Therapy has really helped me confront my money issues and recognize what is healthy vs not healthy.

My friend, 1% is around $100. Eat a little less and you can save it for your future self.

Married filing jointly is what you will now do for taxes for the year 2023, assuming you get married this year. If anything, it will afford you a bigger tax refund this year.

A prenup is probably unnecessary as neither of you have assets to protect.

The other partners debt will only affect the other spouse if you apply jointly for credit, such as for a mortgage. Work to pay off your debts ASAP together.

SMART MOVE on the cheap wedding, hats off to ya. Make it a special day, but don't blow a fortune.

I'm a big proponent of joint finances, unless you have any doubts about the long term stability of your marriage. Which, if you're getting married, I hope you wouldn't have, but some people do I guess. Keeping joint finances is great because there's never a question of who pays what, or "his" vs "hers" or whatever. It's OURS. OUR bank account, OUR finances, OUR taxes, OUR cars, OUR debts, OUR credit cards.

Talk in depth about your financial perspectives, goals and dreams, and then hold each other accountable to them. Too many marriages fail because of financial problems, but if you both can be adults about it, you can build wealth together.

Do you think we have enough wiggle room in our budget to increase contributions?

Yep, like most things like this, you're far from the first person to have thought of doing this. So, the IRS is prepared for this.