K.E.M. Strategic Partners LLC | 35 Village Road, Suite 100 | Middleton MA 01949 | P. 978-560-3404  |  F. 978.560.1623

 
 

Caring  |   Independent   |   Practical
Financial Services

Lifestyle Read Time: 3 min

Prevent a Rift: Money Tips for Newlyweds

One survey found that 35% of couples attribute stress in their relationship to financial issues. 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 be able to mitigate many of the problems money may cause in a marriage.

10 Tips for Newly Married Couples

  1. Communication - Couples should consider talking about 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 that can come 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 with 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.

1. CNBC.com, May 9, 2023
2. Investopedia.com, June 10, 2023
3. When 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.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Gap Insurance for Leased Cars

Gap Insurance for Leased Cars

If you’re thinking of leasing a new car, then you shouldn’t forget about gap insurance.

Risk Perspective

Risk Perspective

Is it possible to avoid loss? Not entirely, but you can attempt to manage risk.

Strategies for Managing Student Loan Debt

Strategies for Managing Student Loan Debt

Five strategies for managing your student debt.

 

Have A Question About This Topic?







Thank you! Oops!

Navigating Retirement Pitfalls

Why are they made again and again? Making sense of these errors in judgement.

Find That Lost Retirement Account

With over 24 million “forgotten” 401(k) accounts, you may be surprised to learn of your unclaimed “found” money.

Breaking Down the Parts of Medicare

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.

View all articles

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

Should I Buy or Lease an Auto?

This calculator compares the financial impact of leasing versus buying an automobile.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.

The Long Run: Women and Retirement

For women, retirement strategy is a long race. It’s helpful to know the route.

Suddenly Single: 3 Steps to Take Now

Have you found yourself suddenly single? Here are 3 steps to take right now.

View all videos