Tips for newlyweds to build a strong financial foundation together
By Carrie Brumbaugh, Senior Financial Advisor, Victory Wealth Services
Now that you’ve celebrated one of the happiest days of your life, it’s time to start planning your future together. Beyond deciding where to live or whether to start a family, it’s crucial to plan your financial future as a team. Money can be one of the biggest stressors in a marriage, but with thoughtful planning, you can set yourselves up for long-term success.
Here are five tips to help you build a strong financial foundation together:
Be Transparent. Open communication is key. Share your financial goals, debts, and spending habits honestly. These discussions might not always be easy, but they’re essential for building trust. Approach them with positivity and a willingness to compromise, remembering that you have a lifetime to work toward shared goals.
Create a Joint Budget. Work together to design a budget that reflects your shared financial priorities. Incorporate any debts, saving goals, and spending habits into this plan. Budgeting apps can make it easier to track your spending and ensure you’re staying on course. A clear, collaborative approach helps turn financial goals into achievable milestones.
Set Joint Financial Goals. What do you want to achieve together? Whether it’s saving for a down payment on a house, buying a car, starting a family, or planning for retirement, setting shared goals can keep you both motivated. Seeing progress toward these goals will reinforce the value of your teamwork.
Manage Debt Together. Debt can be a major source of stress if left unchecked. Be upfront about any significant debt, and work together on a repayment plan. Focus on tackling high-interest debt first or consider consolidating to make it more manageable. Shared responsibility in addressing debt strengthens your partnership.
Build an Emergency Fund. Unexpected expenses are a fact of life. Start by saving $1,000 if you’re just beginning, and aim to grow that fund to cover three to six months of expenses. If you have a family, consider setting aside even more. This safety net will give you peace of mind when life throws a curveball.
Marriage is about building a life together, and financial harmony plays a big role in that journey. By proactively managing your finances, you can minimize stress and focus on what truly matters: enjoying your life together.
Victory Wealth Services, LLC is an investment adviser registered in Arizona. Advisory services are only offered to clients or prospective clients where Victory Wealth Services, LLC and its representatives are properly licensed or exempt from licensure. Victory Wealth Services, LLC. is a state of Arizona Registered Investment Adviser. See www.victorywealth.com for full disclosures.