Congrats on your recent marriage! As you embark on this exciting new chapter, it's easy to get caught up in the whirlwind of honeymoon plans and future dreams. But alongside those big milestones, it's important to pause and consider how your new life together will affect your finances. After all, money matters are one of the top sources of stress in relationships—35% of couples say it's a major factor.
To help you start off on the right foot, here are six simple financial tips for newlyweds:
1. Keep It Real
with Each Other
Honesty is the foundation of any strong relationship, especially when it comes
to finances. Be upfront about how each of you handle money, what your goals
are, and even the bumps in the road. Whether it's a big purchase or an
unexpected financial setback, keep the lines of communication open. Marriage is
a partnership, and working through financial challenges together will only make
you stronger as a couple.
2. Align on Your
Goals
It's perfectly okay if you and your spouse don't have identical goals, but
knowing what you each want out of life is key for financial planning. Maybe one
of you is dreaming of early retirement while the other wants to start a family.
Whatever the case, take time to talk about what you both envision for the
future. Once you know where you want to go, it's easier to figure out how to
get there.
3. Build a Budget
That Works for You
Think of your budget like a roadmap for your financial journey together. It'll
help you stay on track with your day-to-day spending while also making sure
you're saving for the bigger things. Whether it's buying your first home or
planning for kids, your budget will likely shift over time—so don't stress if
it needs adjusting. And if numbers aren't your thing, there are tons of apps
that can make budgeting a lot simpler.
4. Set Regular
Money Check-Ins
Your finances are going to evolve as life throws new opportunities and
challenges your way—new jobs, moves, unexpected expenses, you name it. To stay
on the same page, schedule regular money check-ins with your spouse. Whether
you do it monthly, quarterly, or yearly, these meetings are a great time to
review your budget, discuss goals, and make sure you're both feeling good about
your financial path.
5. Invest in Your
Future Together
Investing is one of the best ways to build your future, whether that means
saving for your children or setting yourselves up for a comfortable retirement.
Sit down with your spouse and talk about your risk tolerance and investment
strategy. Setting up joint investment accounts can make it easier to stay on
track and reach your long-term goals as a team.
6. Don't Be Afraid
to Get Professional Help
Sometimes a little outside perspective can go a long way. A financial advisor
can provide unbiased advice to help you navigate the more complicated aspects
of your financial life together. Whether it's understanding new tax rules or
figuring out the best investment strategies for your growing family, a
professional can offer guidance that keeps your relationship (and finances)
running smoothly.
Start Your
Financial Journey Together with Confidence
If you're feeling unsure about where to begin or want expert guidance along the
way, we're here to help. Schedule a consultation with one of our advisors to
discuss your unique financial situation and goals. Together, we'll create a
plan to help ensure your marriage starts off on the right financial footing.
Ready to take the next
step? Contact us today to schedule your consultation.