Lifestyle Read Time: 3 min

Prevent a Rift: Money Tips for Newlyweds

One survey found that 35% of couples attribute stress in their relationship to financial issues. This could explain why some experts say financial problems are one of the top reasons marriages fail.1,2

Fortunately, when couples work together to address their finances, they may be able to mitigate many of the problems money may cause in a marriage.

10 Tips for Newly Married Couples

  1. Communication - Couples should consider talking about their financial goals, memories, and habits, as each partner may come into the marriage with fundamental differences in experiences and outlooks driving their behaviors.

  2. Set Goals - Setting goals establishes a common objective that both partners become committed to pursuing.

  3. Create a Budget - A budget is an exercise for developing a spending and savings plan that is designed to reflect mutually agreed-upon priorities.

  4. Set the Foundation for Your Financial House - Identify assets and debts. Look to begin reducing debts, while building your emergency fund.

  5. Work Together - By sharing the financial decision-making, both spouses are vested in all choices, reducing the friction that can come from a single decision-maker.

  6. Set a Minimum Threshold for Big Expenses - While possessing a level of individual spending latitude is reasonable, large expenditures should only be made with both spouses’ consent. Agreeing to a purchase amount should require a mutual decision.

  7. Set Up Regular Meetings - Set aside a predetermined time once or twice a month to discuss finances. Talk about budgeting, upcoming expenses, and any changes in circumstances

  8. Update and Revise - As a newly married couple, you may need to update the beneficiaries on your accounts, reevaluate your insurance coverage, and revise (or create) your will.3

  9. Love, Trust, and Honesty - Approach contentious subjects with care and understanding, be honest about money decisions you know your spouse might be upset with, and trust your spouse to be responsible with handling finances.

  10. Consider Speaking with a Financial Professional - A financial professional may offer insights to help you work through the critical financial decisions that all married couples face.

1. CNBC.com, May 9, 2023
2. Investopedia.com, June 10, 2023
3. When drafting a will, consider enlisting the help of a legal, tax, or financial professional who may be able to offer additional insight, especially if you have a large estate or complex family situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

The Cost of Procrastination

The Cost of Procrastination

Don't let procrastination keep you from pursuing your financial dreams and goals.

Behavioral Finance

Behavioral Finance

An amusing and whimsical look at behavioral finance best practices for investors.

Should You Tap Retirement Savings to Fund College?

Should You Tap Retirement Savings to Fund College?

There are three things to consider before dipping into retirement savings to pay for college.

 

Have A Question About This Topic?







Thank you! Oops!

Critical Estate Documents

Sound estate management includes creating financial and healthcare documents. Here's an inside look.

Mortgages in Retirement

Explore the benefits and drawbacks to paying off your mortgage prior to retirement with this article.

Keep Your Umbrella Handy

Umbrella liability can be a fairly inexpensive way to help shelter current assets and future income from the unexpected.

View all articles

Self-Employed Retirement Plans

Estimate the maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA, or SEP.

Potential Income from an IRA

Estimate your monthly and annual income from various IRA types.

Capital Gains Tax Estimator

Use this calculator to estimate your capital gains tax.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

View all presentations

When Do You Need a Will?

When do you need a will? The answer is easy: Right Now.

RE: Retirement

How does your ideal retirement differ from reality, and what can we do to better align the two?

Saving for College 101

Here’s a crash course on saving for college.

View all videos