When couples get engaged, it’s easy to get swept up in wedding planning and future dreams. But before saying “I do,” it’s just as important to plan for your financial future together. Financial planning helps you align your goals, manage shared expenses, and reduce the chances of money-related conflict down the road.
Marriage is more than a romantic partnership; it’s a financial one, too. Learning to talk openly about your finances and make joint financial decisions is key to building trust and a strong financial foundation for your future.
Talking about money can be uncomfortable, especially early in a relationship. But couples who commit to discussing money early and often are more likely to build long-term financial success.
Use the Couples and Money workbook as a guide for important conversations. It offers helpful tips and activities that make it easier to discuss budgeting, saving, debt, and financial expectations.
Honest communication about finances is essential before and during marriage. This means being transparent about your income, credit history, existing debt, spending habits, and financial responsibilities.
Too often, couples avoid tough conversations until problems arise. Instead, schedule regular money talks, even if it’s just a monthly “money date” to review goals and spending.
If you’re unsure how to start, try these basic steps:
These conversations don’t have to be perfect, just honest and ongoing.
Before you walk down the aisle, it’s important to talk about both short-term and long-term financial goals. This includes saving for a home, building an emergency fund, paying off student loans, or planning for future children.
Start by writing down individual goals, then compare lists and discuss where your priorities align or differ. Some examples of shared goals might include:
Having clear goals will guide your day-to-day spending decisions and help you stay on the same page financially.
One of the first steps in financial planning as a couple is to create a budget. A spending plan allows you to track your income, fixed expenses, and discretionary spending. It also helps prevent future conflicts around who spent what and why.
You can use budgeting apps or a simple spreadsheet, as long as you both understand and agree on how money is being managed. Key items to include in your budget:
Be sure to leave room for unexpected expenses and adjust your budget as life changes.
There’s no one-size-fits-all answer to how engaged or married couples should manage their bank accounts. Some prefer joint accounts for everything, while others keep finances separate and split bills evenly.
Common options include:
No matter the setup, what matters most is that both partners feel the system is fair and transparent.
Every couple should work toward building an emergency fund. This savings buffer can cover job loss, medical emergencies, car repairs, or other surprise expenses without relying on credit cards or loans.
Experts recommend saving 3 to 6 months’ worth of essential expenses. Start with a small goal, such as $1,000, and build from there. Keep your emergency fund in a separate, high-yield savings account so it’s accessible but not easy to dip into for everyday spending.
Having an emergency fund can bring peace of mind and reduce financial stress during difficult times.
Financial infidelity occurs when one partner hides spending, secret accounts, or debts from the other. This type of dishonesty can damage trust and put a major strain on your relationship.
Preventing financial infidelity starts with open communication. Set clear agreements about spending limits, account access, and financial boundaries. You might agree that any purchase over a certain dollar amount must be discussed first.
If you or your partner has struggled with secrecy around money in the past, consider working with a credit counselor to create a more transparent system.
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One of the most important steps before getting married is reviewing each other’s debt and credit history. Whether it’s credit card debt, student loans, or a past auto loan, your partner’s financial situation can impact your joint finances after marriage.
Visit AnnualCreditReport.com to get free copies of your credit reports. Discuss:
These discussions aren’t about blame, but about planning your shared financial future.
Also read: How to Talk to Your Spouse About Debt and Marrying Into Debt for more strategies and insight.
After marriage, you may qualify for coverage under your partner’s health insurance. Compare plans to see which offers the best benefits and cost savings. Be sure to coordinate changes within the special enrollment period after your wedding date.
This is also a great time to discuss life insurance. Even if you’re young and healthy, a policy can protect your partner from financial hardship in case of tragedy. Look into term life insurance policies that provide affordable coverage for a set number of years.
For guidance on insurance options and benefits, check out this Philly Voice article on insurance for newlyweds.
A certified financial advisor can help engaged couples create a detailed plan for combining finances, saving for future goals, and managing risk. They can also offer advice on retirement accounts, investment strategies, and tax planning.
While not everyone needs a financial advisor, working with a professional can provide peace of mind and help avoid costly mistakes, especially for couples with significant assets or income differences.
If you do seek financial guidance, choose a fee-only advisor with a fiduciary duty to act in your best interest. You can find trusted professionals through NAPFA or the CFP Board.
When it comes to combining finances, there’s no perfect formula. Some couples merge everything, while others prefer to keep some money separate. The key is to have an honest conversation about your comfort level and preferences.
Here are a few ways to manage finances as a team:
The approach doesn’t matter as much as the communication. Keep things fair, flexible, and regularly reviewed.
To avoid future tension, set spending boundaries in advance. For example, you might decide that any purchase over $100 requires a quick conversation. Or you may agree to allocate personal “fun money” each month with no questions asked.
Whatever your rules, make sure you:
It’s about building a healthy relationship around money, not trying to control each other.
Before you move in together—or if you already live together—discuss how housing costs will be shared. Whether you’re renting or buying, plan how to divide rent or mortgage payments, utilities, and other housing expenses.
Some couples split everything 50/50. Others base contributions on income. If one partner already owns a home, talk about how bills will be handled and whether the other will contribute to mortgage payments.
For couples planning to buy a home together, consider talking with a housing counselor about budgeting, credit, and affordability. Check out Pre-Purchase Homebuyer Counseling to prepare for this big step.
Money decisions aren’t made in a vacuum. You’ll likely deal with outside influences, including parents, in-laws, siblings, or friends. Some couples feel pressure to contribute to family finances or pay for events they can’t afford.
Talk openly about:
Having boundaries now can help prevent future financial issues and reduce outside tension on your relationship.
If you want kids someday, start talking now about how you’ll prepare financially. Children come with significant expenses, including childcare, health insurance, clothing, and education costs.
Discuss:
Even if kids are years away, planning ahead can help avoid stress and financial strain later.
Dealing with debt together requires teamwork. Whether one or both partners have loans, create a plan for how you’ll manage them as a couple.
Some strategies include:
Consider using the avalanche method to reduce your most expensive debts faster. Also, review your credit reports regularly and track progress as a team.
Like date nights or vacations, your finances need regular attention. Set time aside every month to check in on your budget, financial goals, and account balances.
During these check-ins:
These check-ins strengthen communication and reduce the chances of surprises or arguments later.
Your credit scores remain separate even after you get married. But your financial decisions can still impact each other’s credit health. For example, applying for joint credit cards or loans will affect both partners’ scores.
To protect your credit:
You can take advantage of Credit.org's Credit Report Review for help understanding what’s on your credit and how it may affect joint financial decisions.
It’s easy to overspend on a wedding, but starting your marriage in debt can put unnecessary pressure on your relationship. Talk early about your wedding budget and explore creative ways to celebrate without going overboard.
Use the Valentine’s Day savings goals guide for inspiration on setting shared goals with love at the center.
Watch out for warning signs that your financial planning is off track. These might include:
If you’re experiencing any of these issues, take action. Address concerns calmly and seek support from a trusted third party if needed.
Sometimes couples need outside help to get on the same page. If you’re facing serious debt, constant money fights, or uncertainty about your financial future, it may be time to bring in a counselor or advisor.
Credit.org offers free credit counseling and housing services that can help you get organized, manage debt, and start fresh with confidence.
To help readers find the guidance they need, this article includes essential topics like joint bank accounts, financial goals, emergency funds, debt repayment strategies, credit reports, budgeting, health insurance, financial infidelity, honest communication, and other money issues that impact engaged couples.
Marriage is built on trust, communication, and shared goals. That includes your money.
By talking honestly, setting clear goals, and creating a plan together, you’ll enter your marriage prepared for whatever life brings. Whether you’re merging bank accounts, budgeting for a home, or tackling student loans, a strong financial foundation can strengthen your entire relationship.
If you and your partner want help building a plan for financial success, Credit.org is here to help.
We offer:
Start your journey with confidence; get professional support and build a future that works for both of you.
