Prevent a Rift: Money Tips for Newlyweds

One survey found that 35% of couples attribute stress in their relationshipto financial issues. This could explain why some experts say financial problemsare one of the top reasons marriages fail.^1,2

Fortunately, when couples work together to address their finances, they maybe able to mitigate many of the problems money may cause in a marriage.

10 Tips for NewlyMarried Couples

1. Communication - Couples shouldconsider talking about their financial goals, memories, and habits, as eachpartner may come into the marriage with fundamental differences in experiencesand outlooks driving their behaviors.
2. Set Goals - Setting goalsestablishes a common objective that both partners become committed to pursuing.
3. ‍Create a Budget - A budget isan exercise for developing a spending and savings plan that is designed toreflect mutually agreed-upon priorities.
4. ‍Set the Foundation for Your FinancialHouse - Identify assets and debts. Look to begin reducing debts, whilebuilding your emergency fund.
5. ‍Work Together - By sharing thefinancial decision-making, both spouses are vested in all choices, reducing thefriction 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, largeexpenditures should only be made with both spouses’ consent. Agreeing to apurchase amount should require a mutual decision.
7. Set Up Regular Meetings - Setaside a predetermined time once or twice a month to discuss finances. Talkabout budgeting, upcoming expenses, and any changes in circumstances
8. ‍Update and Revise - As a newlymarried 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 aboutmoney decisions you know your spouse might be upset with, and trust your spouseto be responsible with handling finances.
10. ‍Consider Speaking with a FinancialProfessional - A financial professional may offer insights to help youwork 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, orfinancial professional who may be able to offer additional insight, especiallyif you have a large estate or complex family situation.

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

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