Congratulations on getting married! As a newlywed couple, you’re embarking on a life of promise and possibility together, with dreams shared and the world as your oyster. But in the honeymoon period, it’s important not to skimp on building a solid financial foundation for your future. Financial matters can be a top stressor in marriages, and 73% of couples have money arguments, according to a 2024 poll by the American Institute of CPAs. By taking a few smart money steps early, you can get on the same page, dodge some of the typical slip-ups, and help secure your financial future together. Below are five concrete things to do to begin.
1. Have the Money Talk—Openly and Honestly
Transparency is the bible of financial concord. Have a specific time to sit down and talk undisturbed about your financial situation. Share details about:
- Income: List all sources of income — salaries, side hustles or investments.
- Debts: Be honest about student loans, credit card debt or car loans. Indicate balances and APRs.
- Savings: Talk about savings accounts, retirement or property.
- Credit Scores: Monitor your scores (they’re free on sites like Credit Karma) to stay on top of your credit health.
Example: If one of you has $15,000 in debt, treat it as a team effort. Develop a strategy for addressing it — a $500/month payment schedule to eliminate it over three years. Keep on track with tools like Debt Payoff Planner. Transparency creates confidence and avoids surprises down the line.
2. Set Shared Financial Goals
Dreaming together is great, but even better if you can make those dreams line up with some concrete financial goals. Let’s talk about what’s important to you in the next 5–10 years. Some typical aspirations for newlyweds are:
- Buying a Home: Save for a down payment (target 20% of home price — i.e. $60,000 on a $300,000 house).
- Paying Down Debt: Focus on high-interest debt first, think credit cards at 20% APR.
- Emergency Fund: Aim for 3–6 months’ worth of costs (e.g., $9,000 to $18,000 for $3,000 monthly spending).
- Planning for Children: Set aside money for future expenses like childcare, which can average $15,000 in cities.
Tip: Put your objectives in writing and divide them into monthly savings goals. For example, set aside $417/month to save $10,000 for a honeymoon in two years. Track your progress using apps like YNAB (You Need a Budget).
3. Choose a Money Management System
Decide how you and your partner will manage your finances. There’s no single right answer — just the right one for you. Consider:
- Joint Accounts: Merge all earnings and expenses. Good for couples who want full transparency.
- Separate Accounts: Keep separate accounts and divide expenses — useful if both value financial independence.
- Hybrid Model: Create a joint account for shared costs but maintain personal accounts for discretionary spending.
Example: If one partner earns $80,000 and the other $40,000, divide expenses 2:1. Decide who handles budgeting or use apps like Honeydue. Review your system every six months to make sure it’s working.
4. Protect Your Future with a Safety Net
Unexpected expenses can derail your plans — so a financial cushion is essential. Start with an emergency fund of $1,000, and build up to 3–6 months of living expenses ($12,000–$24,000 if your monthly costs are $4,000).
Also consider:
- Insurance: Review your needs for life, health, and renters/home insurance. Use comparison tools like Policygenius.
- Prenuptial Agreements: Useful if one of you has significant assets or a business. Seek legal advice.
- Estate Planning: Update beneficiaries on accounts like 401(k)s and create a basic will.
These steps protect your future and ensure your financial wishes are respected.
5. Keep the Conversation Ongoing
Money conversations aren’t one-and-done — they’re part of a healthy relationship. Review your budget, check in on goals, and adjust for life changes like job switches or moves. Make money talks enjoyable — maybe over a cozy dinner.
If disagreements arise, stay calm and solution-focused. For complex situations, consider working with a financial planner. The XYPN Network connects young couples with advisors, often for $100–$200/session. Use tools like Mint or a shared Google Sheet to stay organized.
Bonus: Celebrate Your Wins
Financial discipline deserves to be rewarded! When you hit a milestone — like paying off a loan or reaching a savings goal — treat yourselves with something fun like a weekend trip or a nice dinner. Celebrating success strengthens your bond and makes the journey enjoyable.
Conclusion: Build Your Future, One Step at a Time
As newlyweds, you have a unique opportunity to shape your financial future together. By being transparent, setting shared goals, choosing the right money system, building a safety net, and keeping the conversation alive, you’re not just managing money — you’re strengthening your marriage.
Start small, stay consistent, and don’t hesitate to seek help when needed.
Your love story deserves a secure foundation.
Ready to start? Grab your spouse, open a spreadsheet, and schedule your first money date. For more tools and tips, visit NerdWallet or The Knot for newlywed budgeting advice.
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