It may sound harsh but key to a happy and stable married life lies in financial stability to some extent. Marriage not only brings happiness but a bundle of responsibilities also comes along with it. It happens to both the partners and the best way to tackle the pressure is sharing the load. Financial planning is one of the most important aspects of married life.

Newly-married couples should always initiate to plan their finances together because from now on they have vowed to sink and swim together. Planning finance together is not a difficult task. The things you require to chalk down a plan are patience and understanding. Below, I would discuss few things for newly-married couples on how to initiate financial planning together.

Things You Discuss Before Marriage

As couple, you should not hide your present financial condition from each other. Before taking the plunge both of you should be fully aware of the post marriage financial scenario. Aware decisions later help in formulating any plan regarding expenses and savings. Things you should disclose to each other before marriage are-

  • Your present earning or salary
  • If you have any debt, obligation or liability
  • Any big financial decision you are going to take in near future or have already taken
  • Responsibilities that you wish to carry even after marriage

Above mentioned information about each other will bring out weaknesses and strengths of the financial condition as couple. Now, post marriage you must follow these following tips to create a secure future based on a sound financial planning-

  • Discuss about finances. Now, if your partner has certain debt, it should be considered as your debt too. Your active support will let him/her get rid of it soon and you will be able to channelize resources to create fresh investments.
  • Disclose each other’s bank details and saving. For meeting various needs and expenses you can open a joint account. However, it is better to segregate each other’s duties and make pay from your own account in order to maintain clarity. Try to utilize digital payment methods to make such tasks easier.
  • Decide financial goals for various needs and create a road map to fund them accordingly. You can divide goals accordingly between you and your partner depending on your strength and weakness.
  • Figure out each other’s bad habits regarding spending and put them to check.
  • Create a monthly budget and try to stick to it and revise it if needed.
  • Create an emergency fund by setting aside 15%-20% of your salary on a regular basis. These funds come handy for emergency needs that might pop in anytime without any prior notice.
  • Start planning your retirement as early as possible. If your company is offering you any retirement plan, do not hesitate to take it.
  • Keep 5%-10% of salary outside the ambit of calculation. You should not take interest on how he or she wants to spend this amount.


Do not make it complicated by initiating unrealistic financial goals. Keep your partner always aware of your financial decisions even if she does not earns a penny and refuses to take interest in understanding finances.

Next: Read our related article on goal-based investment planning.

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