Smart Money Moves for Newlyweds: Financial Advice to Start Your Marriage on the Right Road

by Michael C. Loch

September 4, 2025

I recently had the good fortune of attending the wedding for my nephew and his lovely bride.  During a weekend of laughter and memories, I had brief conversations with several young family members about investing and today’s markets.  However, it was one question from the groom that floated to the surface for me during the long drive home from Indiana. He asked, “Now that we are a couple, what should we be doing?” In response, the following advice is for this young man and his new wife.    

Money can be a source of unity or tension in a marriage. The key is to approach it as a team. Whether you're merging accounts or managing debt, here is some practical financial advice for newlyweds to help build a solid foundation for your future.

1. Talk Openly About Money — Before and After the Big Day

Honest communication is everything so when you decide to make the commitment, sit down and share your:

• Income and expenses

• Savings and debts

• Credit scores

• Financial goals and values

No judgment — just honesty. You’re a team now, and understanding each other’s financial picture helps prevent surprises and builds trust.

2. Set Joint Financial Goals

Write down your short-term and long-term goals, and then create a plan for how to get there. This makes your financial decisions more purposeful.

Do you want to buy a house? Travel the world? Start a family? Pay off debt?

Keep your goals SMART:  Specific, Measurable, Achievable, Relevant, and Time-bound.

3. Decide How to Manage Your Money as a Couple

There’s no one-size-fits-all approach.  Are you going to manage your finances (savings, investments and even checking) in a joint account or separately.  Joint accounts allow for transparency and shared access.  Separate accounts allow for independence but require good communications.  Or, will it be a combination of the two to pay joint bills and debts.

Whatever method you choose, agree on how bills will be paid, how much each partner contributes, and how you'll manage discretionary spending.

4. Build a Budget Together

A budget isn’t punishment — it’s a plan for your money. Start with a simple spreadsheet or app like Mint, YNAB, or EveryDollar.

Track:

• Fixed expenses (rent, utilities, car payments)

• Variable expenses (groceries, entertainment)

• Savings goals

• Debt payments

Revisit your budget monthly to start and adjust as needed.

5. Build Your Emergency Fund

Life happens — medical bills, job loss, car trouble. Try to build up 3–6 months of living expenses in a high-yield savings account before starting to save for other goals. It gives you peace of mind and prevents debt from emergencies.

6. Pay Off Debt Strategically

If one or both of you are entering the marriage with debt (student loans, credit cards, car loans), make a plan together:

• Tackle high-interest debt first

• Use small extra payments to shorten the lifespan of debt

• Stay supportive — don’t assign blame, just focus on progress

7. Review Beneficiaries

Review and discuss the primary and contingent beneficiaries on your retirement accounts, 401(k)’s and life insurance.  There is no hard and fast rule that says it must be your spouse, but its best to discuss this together before making changes.

8. Check Your Insurance Coverages

Marriage changes your coverage needs, so review:

• Health insurance: Should you be on the same plan?

• Life insurance: Consider getting term life insurance if you rely on each other’s income.

• Renter’s/homeowners insurance: Update policies and add both names.

9. Start Saving for Retirement Now

It may feel far off, but the earlier you start, the better. Take advantage of:

• Employer 401(k) matches

• Roth or Traditional IRAs

• Automatic contributions to make saving painless

Compound interest is your friend — give it time to work for you.

10. Plan for Big Purchases Together

Whether it’s a new car, a house, or starting a family, plan ahead. Save a little each month toward these goals so you’re not relying on credit or scrambling later.

11. Check In With Each Other Regularly

Make money conversations a routine — not just something you do when there’s a problem. Schedule monthly “money dates” to review your budget, progress toward goals, and upcoming expenses.

One more thing…

Marriage is a partnership — and money is one of the most powerful tools you have to shape your life together. With good communication, shared goals, and a little planning, your finances can be a source of strength, not stress.

Be open, be honest, and start building the financial future you both deserve.