When it comes to planning a wedding, there are so many firsts. From trying on your first wedding dress to having your first look and first dance, you’ll be experiencing a whole slew of new things leading up to the big day.
Post-wedding, everything you do with your new spouse will be a “first” all over again, because it will be the first time you’ve done these things together as a married couple. Think first date night, your first weekend getaway, first home, first pet… experiencing these events in life together with your soul mate makes all things feel new! I know, so mushy and sentimental, right?
While there will be many happy milestones and firsts in your lives together as a married couple, there are plenty of other firsts that might come up that aren’t so fun. From first fights to the first financial emergency, to the first loss… life can throw some tough stuff at you, so it’s important to prepare yourselves for better or for worse by making smart choices and planning ahead.
Making a Financial Plan for Your Marriage
To feel best prepared for all of life’s possible firsts, here are some important tips for making a financial plan. From managing money, protecting yourselves, and planning for all of life’s events, it’s important to have a game plan.
Decide on Your Money Management Style
To combine or not to combine? Have the money chat with your partner to decide how you both feel you can best manage your finances and if that means combining your accounts or keeping things separate. Decide who will handle paying which bills or who will be responsible for writing the rent checks each month. It’s important to share what each of you brings to the table not only in terms of your salaries but also when it comes to student loan or credit card debt, so you know where your financial priorities lie.
Create a Budget
Sit down with your spouse and create a budget together that reflects your shared values, goals, and dreams for your future. Look at the amount of income you bring in together and the priority expenses you have in a given month. With the remaining funds, make sure to budget for your short and long-term goals such as paying down debt, saving up for a down payment on a house, or putting money towards a fabulous anniversary vacation. Working together towards shared goals will strengthen your bond and bring you so much mutual pride!
Track Your Spending & Goals
Let’s face it… money talks aren’t exactly romantic, but they’re a big part of building a happy life together. That’s where tools like Empower come in handy! Think of Empower as your financial sidekick, it’ll help you track spending, investments, and savings so you can stay on the same page without endless spreadsheets. By setting up a budget that matches your goals (hello, dream vacation or future home!), you’ll feel more in sync about where you stand and where you’re headed. Not only will this tool help you manage your money better, but it will also help you to build a strong, savvy partnership to tackle all your future goals.
Protect Yourselves
Last, but certainly not least, check into the various types of insurance you may need. If you’re renting, you’ll want to make sure you have good renters’ insurance in case of damage or theft, and if you own your home you’ll want to make sure you have appropriate homeowner’s insurance. Another important (but not so fun to think about) type of insurance is life insurance. Now that you’re married, you may be living in a larger space with higher expenses that you would be unable to afford should something happen to your spouse. It’s important to make sure you’re protected in a worst-case scenario.
Why Making a Financial Plan is So Important
“But Jessica,” you’re saying. “We just got married! Why should we talk about all this heavy/stressful stuff?”
I’m sure you’ve heard the statistics about financial troubles and disagreements being linked to failed marriages. This is why it’s oh-so-important to get on the same page as your partner when it comes to money, particularly in relation to your values and priorities.
Having these crucial convos to create a financial plan can foster open communication, trust, and teamwork—three essential ingredients for a healthy relationship. Here’s how:
It Sparks Honest Heart-to-Hearts
Talking about finances requires you to share your values, goals, and priorities. This creates a deeper understanding of what matters most to each partner and helps align your visions for the future.
It Lays the Groundwork for Trust
When you create a financial plan together, you establish a system of accountability and transparency. Knowing where money is going and agreeing on financial decisions can reduce misunderstandings and build trust.
It Promotes Teamwork
Planning finances as a team turns “me” into “we.” Whether it’s saving for a big goal, paying off debt, or tackling an unexpected expense, working toward shared objectives strengthens the feeling of partnership.
It Reduces Stress
Money is one of the leading causes of conflict in relationships, but having a plan in place can reduce uncertainty and financial stress. Couples who feel in control of their finances are less likely to argue about money and more likely to enjoy their time together.
It Prepares for Life’s Curveballs
A solid financial plan includes savings for emergencies and long-term goals, providing a safety net when life gets tough. Facing challenges together with a clear plan builds resilience and unity.
Ultimately, a financial plan isn’t just about managing money—it’s about creating a roadmap for a life built on mutual support, shared dreams, and a strong foundation of trust.
If you follow this advice, you’ll be starting your marriage off on the right foot and setting yourself up for a greater chance of success. Working out these plans and details right away will help equip you and your partner to be well-prepared should something pop up. Life happens, so be smart and make a plan!