After the excitement of the wedding festivities wraps up and newlyweds begin settling into married life, the reality of blending their lives, (and their finances) sets in. One key step in this chapter is aligning financial goals so you can take on unexpected emergencies with calm confidence rather than panic and surprise. One key step in this chapter is aligning financial goals so you can take on unexpected emergencies with calm confidence rather than panic and surprise.
So, what’s the key to financial planning for newlyweds? It starts with open communication and a shared commitment to building a secure future together.
Start with an honest conversation
Many couples have already discussed finances by the time they say their “I do’s” but revisiting the topic once you’re married is a great way to realign and be sure you’re approaching your marriage with teamwork and collaboration. This is the time to put everything out in the open and determine where you both are when it comes to prioritizing savings. Don’t feel pressured to agree. You can find compromises in determining your priorities but be sure you’re both being realistic.
Here are some budget-shifting scenarios that are worth discussing in your honest, one-on-one:
- Job loss. Ask yourselves how you’ll fill gaps in your income in the event one of you has a job change/loss.
- Medical bills. Deductibles and other medical bills are often unexpected and significant.
- Home and car repairs. Whether the air conditioning suddenly conked out or your trusty, reliable car is proving less reliable, repair bills should be considered in emergency planning.
- Emergency travel. Unfortunately, you never know when a beloved relative might pass and you've got to book a flight for a service three states away.
Sure, discussing scenarios like this feel like a quick way to put a damper on those honeymoon feels but it doesn’t have to. Use this conversation as a bonding experience. After all, you’re on the same team and financial success is a big part of your future.
Make a plan & take action
Once you’ve had your honest money chat, agree on a plan and begin taking steps toward your goals. The sooner you’re aligned on money goals, the sooner you both can get back to thinking about more romantic things. Start with an emergency fund. Most experts recommend saving 3-6 months’ worth of essential expenses to prepare life’s curveballs.
Steps to prepare your emergency fund:
- Set up automatic transfers to a dedicated savings account.
- Use budgeting tools to identify areas to cut back and redirect funds.
- Track progress monthly and adjust as needed.
- Manage your debt. Few of us come into a marriage with a clean slate. Address any debts and prioritize paying off what has the high-interest. Make a monthly goal for debt-payment and explore options to help including our debtconsolidation calculator.
Use resources and get support. At Golden 1, our priority is to empower your financial journey. That means providing helpful banking services and learning resources designed to point you in the right direction. Whether it’s tips for managing money, 1-on-1 financial coaching, or free workshops, you can find support that takes the guesswork out of reaching your goals. Visit our Financial Wellness Center page for more information including a financial planning checklist.
Keep your plan simple and flexible
Emergency planning may feel like, dare-we-say, adulting, but it doesn’t have to be overly complicated. Something as simple as opening dedicated joint emergency savings account is all it takes to ensure your financial wellness. Once established, even putting away a small portion of your monthly budget will quickly add up and before you know it, you’ll both be basking in the peace of mind your new safety net provides.
If we had to sum things up into key takeaways, open communication about finances and the right resources are the keys to a strong financial future. Once you’re feeling confident and ready to face those what-if scenarios, you can focus on the more fun parts of marriage, like deciding what series to binge on a Friday night.
