Work Together to Build a Strong Financial Future
Marriage is an exciting milestone, but beyond love and commitment, financial planning is one of the most important foundations for building a life together.
According to a 2023 survey from NerdWallet and Zola.com, 67% of engaged Americans have trouble discussing finances with their partner. Avoiding these conversations can lead to stress, disagreement, and missed opportunities.
The good news? You can get ahead by having honest money conversations early—and creating a shared plan for your future.
Here are 9 essential financial planning tips to help young couples start their marriage on the right financial foot.
1. Have the “Money Talk” Early
Getting on the same page about money from the start builds trust and clarity. Discuss:
- Your current financial picture: income, savings, debts, and credit
- Your goals: short-term (vacations, buying a car) and long-term (home, kids, retirement)
- Spending habits: Are you a saver, a spender, or somewhere in between?
The earlier you have these conversations, the more aligned your financial decisions will be.
2. Build a Budget That Works for Both of You
A well-planned budget helps couples manage their money efficiently and avoid unnecessary financial stress. A budget is not about restriction, it’s about being intentional with your money.
Start by:
- Tracking your income and spending (use tools like YNAB, Rocket Money, or a shared spreadsheet)
- Prioritizing savings for emergencies, retirement, and other goals
- Setting limits for discretionary spending categories like dining out, travel, and hobbies
Once you know where your money is going, the next step is to decide how you’ll manage that money as a couple.
3. Discuss How You’ll Manage Shared Finances
There’s no single “right” way to structure your accounts. Consider what feels fair and transparent:
- Joint accounts: Combine all income and pay shared expenses together
- Separate accounts: Keep finances separate, but split bills
- Hybrid approach: Use a joint account for household expenses, but maintain personal spending accounts
What matters most is that you’re in agreement and communicate openly.
4. Set Financial Goals & Plan for Big Life Events Early
Where do you see yourselves financially in 5, 10, or 20 years? Marriage is a long-term partnership, and the earlier you start planning for major life milestones, the smoother they’ll be when the time comes.
Common financial goals for newlyweds:
- Buying a home: Start saving for a down payment and improving your credit scores
- Starting a family: Budget for medical expenses, childcare, and parental leave
- Saving for children’s education: Consider 529 plans or other long-term savings vehicles
- Career changes or entrepreneurship: Build a buffer to support income gaps or startup costs
- Traveling together: Set aside funds for meaningful experiences and adventure
Set SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound) to stay focused and aligned, and revisit them together as your life evolves.
5. Build an Emergency Fund Right Away
Unexpected expenses, whether medical bills, job loss, or car repairs, will happen. Having an existing financial buffer provides peace of mind for both of you.
Tip: Aim to save 3–6 months’ worth of living expenses in a high-yield savings account for easy access. Start small. Even $50–$100 per month adds up over time.
6. Plan for Debt Repayment Together
Entering marriage with student loans, credit card debt, or car payments? You’re not alone.
To manage debt together effectively:
- List all debts, minimum payments, and interest rates
- Tackle your debt through proven methods, such as the debt avalanche or the debt snowball method.
- Decide whether you will pay each debt together or separately.
Agreeing on a plan reduces financial tension and helps you work as a team to become debt-free.
7. Start Saving for Retirement Now
It might seem far off, but the earlier you start, the more your retirement fund has time to grow.
Retirement planning tips for newlyweds:
- Contribute to your 401(k): This is especially beneficial if your employer matches contributions.
- Open IRAs for additional savings: Roth IRAs grow tax-free and are great for young couples.
- Set up automatic contributions: Make saving for retirement as easy as possible.
8. Protect Your Future With Insurance
Life, health, and disability insurance protect you and your spouse from financial hardship. Think of insurance as financial peace of mind for your future.
- Life Insurance: Essential if you plan on starting a family or owning a home together.
- Health Insurance: Compare all health insurance options to choose the best plan.
- Disability Insurance: Covers lost income if one of you becomes unable to work.
9. Work With a Financial Planner for Long-Term Success
If you’re unsure where to start, or want help creating a strategy, consider working with a fee-based financial planner. Many couples avoid professional financial advice because they think it’s expensive, but early planning pays off in the long run.
Final Thoughts: Strong Finances, Stronger Marriage
Money conversations may initially feel awkward, but they are essential for a successful marriage. The sooner you start budgeting, saving, and planning, the stronger your financial future will be.
Building wealth as a team is one of the best investments you can make in your marriage!
Katie Moore, CDFA, a Financial Planner and Certified Divorce Financial Analyst with Finivi is passionate about empowering savvy independent women, and women in transition due to a divorce, the death of a spouse, a career change, or other significant life event to expand their knowledge and build their confidence regarding money and investing.
Disclaimer: This information is for educational purposes only and should not be considered legal or tax advice. Finivi Inc. makes no representations regarding the accuracy or completeness of linked third-party content and assumes no responsibility for any outcomes resulting from its use. External links do not imply endorsement.
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