10 Money Tips for Millennial Newlyweds 

Money is often cited as one of the biggest sources of stress in a marriage—and for good reason. A recent survey found that 35% of couples, including many millennials, say financial issues cause tension in their relationship. In fact, financial problems are among the top reasons marriages fail.^1,2 But it doesn’t have to be that way. With many millennials navigating student debt, homeownership challenges, and evolving financial priorities, it’s more important than ever for newlyweds to align their money mindset. By working together, setting clear financial goals, and having open conversations about money, couples can build a strong financial foundation and a thriving marriage. Here are 10 essential money tips to help you and your spouse start your journey on the right foot.

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.

Financial harmony starts with open communication and a solid plan. By working together and making informed financial decisions, you and your spouse can build a strong foundation for your future. If you have questions about these tips or want personalized guidance, I’m here to help. Let’s start the conversation—email me or call our office at (509) 735-0484 today!

<sup><sub>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.</sub></sup>

^{The information in this material is intended for educational purposes only. Please consult professionals for specific information regarding your individual situation.}