{"id":461,"date":"2015-06-16T09:38:49","date_gmt":"2015-06-16T09:38:49","guid":{"rendered":"http:\/\/www.marriage.com\/topic\/?p=461"},"modified":"2026-03-10T08:28:08","modified_gmt":"2026-03-10T08:28:08","slug":"planning-for-the-future-the-marriage-financial-checklist-for-every-couple-needs","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/finance\/planning-for-the-future-the-marriage-financial-checklist-for-every-couple-needs\/","title":{"rendered":"Planning for the Future: The Marriage Financial Checklist"},"content":{"rendered":"\n

\"Couple<\/p>\n

Isn’t it interesting that when it comes to planning our weddings, we are extremely meticulous—right down to the color of the flowers that we want in the ceremony and the place settings at the reception.<\/p>\n

And yet, when it comes to our marriages, many of us don’t spend nearly as much time planning for our future, whether it be spiritually, relationally, or even the marriage finances.<\/p>\n

Perhaps that’s why so many couples find themselves in a tough spot when managing their finances after getting married.<\/p>\n

It’s not because the love isn’t there; it’s that since there’s no plan in place, things end up getting so out of control that it’s hard to figure out how to find a balance between marriage and finances.<\/p>\n

And when there’s no sense of stability in a relationship, it’s hard to know what to do. This can especially be true when it comes to finances in marriage.<\/p>\n

If you and your partner have found yourself in dire straits more times than you would care to count, we want to provide you with some marriage financial planning tips<\/a> in the form of a financial marriage checklist.<\/p>\n

These are just a few things to know before and even after marriage, that you should mentally make a note of every month. That way, you can stay ahead of your finances in marriage so that it doesn’t end up overwhelming you.<\/p>\n

So if you are wondering how to manage finances in a marriage? Or how to combine finances after marriage? Here’s<\/span> a marriage financial checklist<\/span> you should consider for handling the financial challenges in marriage.<\/p>\n

\"marriage<\/h2>\n

<\/span>1. Create a budget for monthly expenses<\/span><\/h2>\n

<\/b> Although they say that “home is where the heart is,” we’re pretty sure that you’ll agree that home is also where your house is.<\/p>\n

In other words, to be financially secure, it’s important to make sure that abo<\/p>\n

ve all else; you have enough money set aside to cover your monthly household expenses.<\/p>\n

This includes your mortgage\/rent, utilities, house insurance, and also enough money for repairs and home-related emergencies.<\/p>\n

Once you have a good idea of what your overall budget is, try and save twice that amount. That way, you’ll always be one step ahead.<\/p>\n

Creating a monthly household budget is one of the best advice for managing finances after marriage. <\/span><\/p>\n

Some other common benefits of budgeting include: b<\/span>etter planning for the future, more authority over your finances and marriage problems, and r<\/span>educing your debt or living debt-free<\/p>\n

<\/span>2. Have a savings account (two actually)<\/span><\/h2>\n

Every couple should have two savings accounts. One is an emergency fund of no less than $1,500. This can take care of unexpected things like if your car breaks down or even if you lose your job and you need a bit of a cushion.<\/p>\n

The other is an account that’s devoted solely to your marriage. Money that you can use for a much-needed vacation or use on a romantic spa day for two of you.<\/p>\n

Apart from the obvious benefit of earning interest on your savings, a saving account would also prove beneficial in terms of easy access to money, limited or no risk, the money gets automatically debited to your account, and you can always link it with your checking whenever you want to.<\/p>\n

You can also try combining finances before marriage rather than combining finances after marriage; this way, you can further secure yourself from any unexpected event in the future. <\/span><\/p>\n

<\/span>3. Pay down your debts<\/span><\/h2>\n

\"Being<\/p>\n

Virtually everyone has some type of debt, and you need to set some money aside to pay them off. Even if it’s only $25 per month towards a bill, by sending the money in, you’re showing your creditors that you’re taking some type of initiative.<\/p>\n

Plus, it can keep them from reporting you to the credit bureau, which is always beneficial. It will help to prevent your credit score from being affected now and later.<\/p>\n

Be it merging finances after marriage or even marrying for financial security, once you know how to handle finances in a marriage paying your debt would become easy and convenient. <\/span><\/p>\n

<\/span>4. Go easy on the credit cards<\/span><\/h2>\n

Is there anything wrong with having a credit card? No. The problem comes in when you solely rely on the ones that you have to pay for things.<\/p>\n

Credit cards are not cash. They are loans that come in the form of little plastic cards. This means they have interest attached.<\/p>\n

So, you should only use them for booking reservations, in the case of an emergency or to make a really large purchase. Otherwise, cash is always best.<\/p>\n

This one tip alone can save you thousands of dollars and keep you out of future financial debt.<\/p>\n

To avoid overspending on your credit card, remember the following:<\/p>\n

  • Remind yourself that you will eventually have to pay it back.<\/li>\n
  • Avoid using multiple credit cards.<\/li>\n
  • Stray away from unnecessary purchases.<\/li>\n
  • Do not let the credit limit dictate your expenditure.<\/li>\n
  • Shopping on a stressful day – leave your credit card home.<\/li>\n<\/ul>

    To learn more about the financial things that you should discuss before you get married, here is a video by Licensed Professional Counsellor Lisa Lumutenga, that can help you under things further:<\/em><\/p>\n