Planning Your Finances as a Newlywed

Managing your money when you’re married

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Once you are married, you enter a partnership with your new husband where you share things, including managing the money. Your new role as a wife will see you running a household with your husband and in order to do this, you need a budget.

Budget Planning

Work together to identify your long term goals and wishes — can you afford to put money aside to achieve your dreams one day? Consider any investments you’d like to make, retirement savings and potential property purchases. What you hope to be able to do in the long term must not hinder your ability to pay for important things in day to day life, such as groceries, bills and taxes.

You and your new husband may have different dreams and goals for the future. If this is the case, you need to compromise and work together to make sure you can both afford to be happy doing something you both want to do. If you plan on having children, you need to budget for this too and make sure you can afford all the costs that come with having a child.

Make sure you’re ready to manage your money together in married life by updating all your paperwork. Have your marriage certificate stored in a safe place, and update your wills to ensure protection should anything happen.

Decide together whether to share all your money, or to contribute so much to a joint account, or whether you want to keep your finances separate. Just remember to be honest in whatever situation you choose — don’t lie about debts, gain or excessive spending.

It makes sense to have a joint account to pay for bills and food, and to create a sensible month to month budget for running the household. This will help to keep spending at a sensible and steady level. It’s also wise, if you can afford to, to set up an emergency fund which could help see you through times of crisis, such as a job loss or large bill.

For more advice on budgets read our planning articles.



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