Prevent A Rift: Money Tips for Newlyweds

Gail Maidenbaum, MBA December 20th, 2021

Research suggests that 70% of married millennial couples argue about financial decisions more than any other topic. 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 mitigate many of the problems money may cause in a marriage.

10 Tips for Newly Married Couples

  1. Communication: Couples should consider discussing 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 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 for 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.

1NPR.org, February 10, 2020
2Marriage.com, June 8, 2020
3When 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.

Related Topics

Disclosures: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Concord Wealth Partners, or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Concord Wealth Partners. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Concord Wealth Partners is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. A copy of Concord Wealth Partners’ current written disclosure Brochure discussing our advisory services and fees is available upon request or on our website. Please Note: If you are a Concord Wealth Partners client, please remember to contact Concord Wealth Partners, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Concord Wealth Partners shall continue to rely on the accuracy of information that you have provided. Please Note: If you are a Concord Wealth Partners client, please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Join The Conversation

Contact Us

Give us 15 minutes to listen to your situation, then we will connect you with an advisor ready to help you reach your financial goals.

This field is for validation purposes and should be left unchanged.