Congratulations on your marriage! Now comes the less romantic but equally important part: merging your financial lives. The decisions you make in your first year of marriage set patterns that last decades. Here's how to build a strong financial foundation together.
Week 1: The Complete Financial Picture
Before making any decisions, get everything on the table:
Gather This Information (Both Partners)
- All bank account balances
- All debts (credit cards, loans, student loans)
- Monthly income (take-home pay)
- Current monthly expenses
- Existing subscriptions and memberships
- Pension and retirement accounts
- Any other assets (investments, property)
đź’ˇ No Judgement Zone
This is about building a future, not judging the past. Whatever debt or financial mistakes exist, you're now a team tackling them together.
Week 2: Choose Your Account Structure
Decide how you'll organize your money:
Option 1: Fully Joint
All income into one account, all expenses from it. Maximum simplicity and transparency.
Option 2: Mostly Joint with Personal Accounts
Joint account for household and shared goals. Small personal accounts for individual spending (no questions asked).
Option 3: Proportional Contributions
Each contributes a percentage of income to joint expenses. Rest stays personal.
Most common for newlyweds: Option 2—joint for shared expenses with small personal allowances.
Set Up Your Joint Budget
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Week 3: Create Your First Joint Budget
Step 1: Calculate Combined Income
Add both take-home pays. This is your monthly household income.
Step 2: List All Expenses
Combine your expense lists:
- Housing: Rent/mortgage, utilities, insurance
- Transport: Cars, fuel, public transport
- Food: Groceries, dining out
- Debt payments: All minimum payments plus extra
- Insurance: Update to married status where relevant
- Subscriptions: Cancel duplicates!
- Personal: Individual spending allowances
- Savings: Emergency fund, goals, retirement
Step 3: Set Your First Financial Goals
Common newlywed goals:
- Pay off wedding debt (if any)
- Build emergency fund (3-6 months expenses)
- Save for house deposit
- Pay off high-interest debt
- Start/increase retirement savings
First Year Financial Checklist
Administrative Tasks
- Update name on accounts if changing it
- Update beneficiaries on pensions and insurance
- Review and update wills (or create them)
- Check if marriage affects tax situation
- Update address on everything
- Combine or cancel duplicate subscriptions
Insurance Reviews
- Car insurance—married couples often get lower rates
- Home/contents insurance—review coverage
- Life insurance—especially important now
- Income protection—consider if one income supports both
ℹ️ Money Conversation Schedule
Set a recurring "money date" in your calendar—weekly or monthly. Regular check-ins prevent small issues from becoming big problems.
Handling Existing Debt as Newlyweds
If either partner brings debt into the marriage:
- Be transparent: Full disclosure, no surprises
- Make a joint plan: Tackle it as a team, even if it's "their" debt
- Prioritize high interest: Credit cards first
- Consider whether to use joint money: This is a values decision
- Track progress together: Celebrate milestones
Common Newlywed Money Mistakes
- Not talking about money: Don't assume you're on the same page
- Keeping financial secrets: Hidden accounts or spending destroy trust
- Maintaining separate everything: Some integration shows commitment
- No emergency fund: One job loss shouldn't derail your new life
- Lifestyle inflation: Two incomes doesn't mean twice the spending
- Ignoring retirement: Start early, even if it's small amounts
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