Financial Planning for Newlyweds

It was just over three years ago that my wife and I got married. We were young, just out of college, and had bright futures ahead of us. Our families were supportive and gave some advice on what we should do next, but our big life decisions ultimately came down to us…and we knew that.

Getting married is a different form of life in and of itself. There are many things that change socially and emotionally, so it should come to no surprise that it affects your finances as well. As it turns out, there are many financial differences for married folks, so I thought I would highlight a few.

How Finances Change once Married

While marriage hardly changes everything in a moment, there are many new concerns that married folks need to pay attention to in regards to finances.

Budgeting

This was one of the first things that my wife and I discussed. How are we going to budget? What are we going to spend money on? After joining our bank accounts, we realized that the way we budget is important to talk about. When one of us spends money, it affects the other person. Failing to take household budgeting into consideration can cause serious issues in your marriage.

Life Insurance

After talking about budgeting, life insurance was one of the first things that we talked about. We knew that while we are both healthy, there are always accidents and we didn’t want the other person to be left in a difficult position. New Hampshire news published an article on why life insurance is an important topic for newlyweds. I definitely agree with a lot that has been discussed in this article and am happy that we decided to get insurance for me. My wife already had a life insurance plan from childhood, but we wanted both of us to be covered in the event of tragedy.

Financial Goals

Last, but certainly not least, was the issue of our future. What financial goals we each had and how to make new goals together. For us, it wasn’t that difficult and while I enjoy talking about our financial goals more than my wife, we had a lot of fun forming new goals. It even brought us closer together as a couple. In my mind at least, there was a point of connection knowing that our goals were now aligned with each other’s goals.

Talking about your finances as a young family is important for everyone. Not only will it protect you from being in a bad place, but it can even serve as a bonding experience. While it may seem stressful or overwhelming at first, you will feel much more relief and peace once you are able to talk about it.

What changed to your finances once you got married?

One Response to Financial Planning for Newlyweds

  1. The other piece of advice I’d give for newly married couples is to try to set up a lifestyle based on a single income. So, if and when kids come along, at least there’s the flexibility to stay home if desired. Both can always work, but in our case, my wife planned on going back to work up until about delivery day. Then she decided she wanted to be a stay at home mom for a few years. If we were living on both incomes, we couldn’t have done it.

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