5 Tips for Newlyweds Managing Finances Together - Home & Texture
Homeownership Newlywed Financial Tips

5 Money Management Tips for Newlyweds, According to an Expert

Managing money as a newlywed doesn't have to be hard.

By
May 23, 2024 at 8:30 AM PST
Updated on May 21, 2024 at 11:31 PM PST
Homeownership Newlywed Financial Tips

5 Money Management Tips for Newlyweds, According to an Expert

Managing money as a newlywed doesn't have to be hard.

By
May 23, 2024 at 8:30 AM PST
Updated on May 21, 2024 at 11:31 PM PST

When you get married, you merge every aspect of your life, including finances. As you and your partner become one, navigating money together can be both exciting and anxiety-inducing. However, with open communication, shared goals, and a team-oriented approach, newlywed couples can tackle finances with ease.

To find out the best strategies for helping newlyweds manage their money together, we tapped Jason Higgs, Senior Deals Strategist at coupon platform Bountii. Here are five tips that can help.

navigating finances
Photo Credit: Diva Plavalaguna

Openly communicate financial goals and priorities.

Start with honest and transparent discussions about your financial goals and priorities. “Communication is key when managing finances as a couple,” says Higgs. “By understanding each other’s goals and priorities, you can work together to create a shared vision for your financial future.”

Establish a joint budget and financial plan.

According to Higgs, “A budget provides a roadmap for your financial journey as a couple. It helps you track your spending, stay within your means, and work towards your long-term goals together.”

Divide financial responsibilities.

When it comes to managing finances, it’s important to divide responsibilities based on each partner’s strengths and preferences. One of you might be more skilled at budgeting and paying bills, while the other might be better at managing investments or planning for the future. Delegating tasks according to your strengths can streamline your financial management and reduce stress.

newlywed financial goals
Photo Credit: Andres Ayrton

Set up regular check-ins to review your finances.

Higgs recommends setting up regular meetings to review your finances and monitor your progress. “Use these meetings as an opportunity to discuss any changes in your financial situation, adjust your budget as needed, and address any concerns or challenges that may arise,” says Higgs.

Prioritize your shared goals.

Identify and prioritize your shared financial goals, whether it’s saving for a home, starting a family, or planning for retirement. Allocate funds towards these goals and celebrate your achievements along the way. Higgs shares, “By working towards common objectives, you strengthen your bond and build a solid foundation for your future together.”



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