How to Manage Money as a Newly Married Couple

by Will Koch

You have enough challenges as you plan for your wedding, but it can be just as tough to prepare to combine your finances. We want to make it a little easier for you. Use the marriage finance tips below so you can have peace of mind knowing you, your spouse and your new life together are properly protected. 

How do married couples handle finances? 

Setting up a budget is an important first step to managing money as a married couple, and you can start by getting on the same page. Here are some questions to get the ball rolling: 

• Are you going to combine your finances, including joint checking and savings accounts? 
• How much combined debt do the two of you have and how are you paying it off? 
• Look closely at your combined net income. How much can you realistically save each month for rainy days and big purchases? 
• Who pays for what and who handles the bills?

We created some free financial tools to help you plan: 

Spending worksheet

Use this spending worksheet to manage your finances together. Track what you spend and see where you can save.

Budget calculator

Manage your money with our budget calculcator. Use it to budget for life events like your retirement or children’s college.

Debt payoff worksheet

Track and plan how to pay off debt you share as a couple with our printable debt payoff worksheet.

Life insurance for couples 

We know … it’s the last thing you ever want to talk about. But it’s one of the most thoughtful things you can do for your spouse. If something happened to you, you don’t want your spouse unable to pay the mortgage, add to the college savings and maintain their standard of living.  Life insurance will never be more affordable than it is today, just ask your insurance agent.

Coverage for your valuables

There’s some new bling on those ring fingers. Did you know you can cover the rings on your home insurance policy? High-value personal property such as jewelry, collectibles and antiques need to be listed separately (or scheduled) on your home insurance policy. Talk to your insurance agent to make sure your valuables are covered.  

Liability insurance can provide financial protection

Now that you’re married, your combined net worth may exceed what’s covered on your home and auto insurance policies. If there was a major accident on your property or while driving, are you sure you’re protected? Liability insurance (sometimes called umbrella insurance) can provide added financial protection.  

Find a financial advisor to help you with your future

This is so much more than how much you’ll put away in savings each month. It’s where you sit down with a professional to discuss your long-term financial goals like: 

• Your plans for your future as a married couple, your family or career
• What major purchases you can make throughout your life
• How to set up your children for future success

Financial advisors make it their business to take the complex and make it simple. The sooner you start, the better chance you have of achieving your goals. Learn more about our planning services. 

Updated 6-5-23