My really, really, really great friends Kathrine and James (who you may remember from this vintage Awkward Money Chat video…) are getting married in April. As a member of the bridal party, we're now in “the wedding red zone” and the next few weeks are full of fun activities like a couples shower, bachelorette party, and of course, the big day itself! While preparing for the wedding Kathrine and James have also been prepping for the marriage and reached out to me to ask if I knew of any great financial resources and posts featuring money advice for newlyweds.
Being single, I have nothing from my own reserves and drew a big blank. 😉
But thankfully I have access to the biggest money mastermind on the planet (The FinCon facebook group, obvs) and many money experts chimed in to let me know their favorite resources for couples merging homes, finances, and hearts. So, here's the best of the internet: 30+ pieces of money advice for newlyweds and couples.
Resources for Before You Walk Down the Aisle
I know absolutely zero about married finances, but after reading these posts one thing is clear – decide if you're going to be a “common pot” couple, “his mine and ours” or “completely separate finances” money couple!
50 Money Questions to Consider Before Marriage – The Centsible Life
The Couples and Money QUIZ – From Kiplinger.com
Money Advice for Newlyweds: Articles for After You've Tied the Knot
Great resources for handling money after you've become husband and wife.
18 Money Management Tips for Newlywed Couples – Money Crashers
Newlyweds and Managing Money After the Wedding- GoGirl Finance
The 8 Step DIY Financial Plan for Newlyweds – FinancialFitnesse
How to Set Up Your Finances After Marriage – Debt Free After Three
Debt and Marriage– How Paying It Off Makes You Happier – Clear Point Credit Solutions
6 Financial Steps to Take After Marriage – The Centisble Life
Newlyweds, Here's How to Manage Your Finances – Forbes.com
Advice on Dealing with “The Money Fight”
According to this survey, money is the leading cause of stress in relationships, but didn't we already know that? You're going to fight about money, but these experts can help you prepare and navigate that inevitable money spar session.
How to Go from Reluctant Spouse to Dream Team – The Reluctant Landlord
The Notorious Money Fight: Overcoming Money Issues in Marriage – The Budget Mama
How to Get Your Spouse Involved in Family Finances – Bible Money Matters
Dealing with the Financial Friction in Our Marriage Yielded Surprising Results – Frugal Confessions
Advice from Long Married Financial Experts
“I suggest a date night to budget. Don't just create a budget for the wedding, go one step further and create a budget for first year after marriage, the budget is an annual communication device within a marriage.” – Adam Funk, CFP – The Savings Coach
“Make sure you always have your own credit cards plus money you control. Exactly how to handle finances will depend somewhat on the personality of the two people and what assets each is bringing into the relationship” ~ Teresa Mears, Living On the Cheap
“DON'T LIE TO YOUR SPOUSE! About money or anything else, really.” ~ Mindy Jensen, BiggerPockets Community Manager
“I firmly believe that each partner should retain some individual credit, each partner should have their own retirement funds, and each partner should have their own savings account. “I love you so much that I want you to be able to take care of yourself if you have to.” ~ Kate Horrell, KateHorrell.com
“Start off with what your goals are. Once you two have your joint goals, it's much easier to come up with a system that will reflect your style……The key is to have regular money chats no matter what your system. Some couples like weekly, some do monthly. It's an easy way to make sure your money is working for you two.” ~ Elle Martinez, Couple Money
“I would say at most times it looks like a huge undertaking to save/invest 10% of your income. However, this is the one time in a person's life, (when typically combining two incomes) that putting away ten percent of your income looks doable. I would take advantage and set that up. ~ Chris Huntley, Huntley Wealth
“At a more practical level, set a cap on the amount of money the other person can spend without asking (for example, $500 could be your threshold so you can spend $499 without consulting with each other but need to ask if you plan on spending $1,000). Micromanaging is not good but neither is spending carelessly.” ~Julie Starnes Raines, Investing to Thrive
Other Favorite Resources
One Bed, One Bank Account – Folks LOVE this book by Derek and Carrie Olsen. It also comes with a workbook!
The Couple Money Podcast– Elle's dreamy, sweet voice will help soothe all your marital money woes in this awesome podcast.
His and Her Money – An amazing website for couples interested in bettering their finances; the podcast (of the same name) is outstanding.