10 Tips for Newlyweds

Congratulations! The early months of your marriage are exciting times full of change and adjustment. We've gathered 10 tips to make adjusting financially as smooth as possible.

1. Identify your core values

   What values (or life priorities) are most important to you and your mate? Independence? Security? Family? Faith? Service? Status? After identifying these values, discuss them and how they have shaped your money attitudes and behaviors. Then, use these values as a guide to help you create mutually shared goals.

2. Establish your shared needs and goals

   With your spouse, identify your financial needs and the financial goals you hope to achieve in the next six months, 12 months, five years and 20 years. You may be surprised to find that one of your "gotta have or do" isn't shared by your spouse. This may require additional conversation.

3. Create a budget

   A budget is an ideal financial tool for tracking income, expenses and movement toward your goals. Newly married couples can work to develop a new budget or merge their existing budgets. Besides living expenses, a budget should allow for savings goals such as an emergency fund, building a home down payment, and saving for retirement.

4. Reduce or eliminate your consumer debt

   Consumer debt (i.e., credit cards) can wreck havoc with newlyweds' finances. Resist the urge to "pay on credit" for any depreciating asset (an asset that steadily loses its value over time). Reducing and eliminating consumer debt will enable you to direct your dollars toward your true financial goals.

5. Start or increase an emergency fund

   Establishing a cash reserve is important to financially surviving sudden car repairs, medical bills, broken appliances and thousands of other unanticipated outlays. Set a goal of building a minimum of two month's living expenses for your emergency fund (three to six months is even better).

6. Protect yourselves with appropriate insurance

   When accidents happen, someone pays. If you're not protected, that someone is you! Health insurance, property insurance, disability income insurance and life insurance are designed to protect newlyweds from risks that can devastate your financial stability. If you're not currently insured in one of these areas, consult a trusted financial services professional for guidance.

7. Save for your retirement

   It's never too soon for newlyweds to begin preparing for a financially secure retirement. Traditional and Roth individual retirement accounts (IRAs), and 401(k) and 403(b) retirement plans are among the more common tools to build one's retirement savings. Time is the one commodity you can't get back. The sooner your start preparing for your retirement years, the better off you'll be.

8. Educate yourselves about financial issues

   Quite simply, the more you know, the better prepared you will be to control your financial destiny. Investing time in learning about finances with your spouse can be fun and definitely rewarding. Set aside time every week to understand financial issues that affect your life and share what you've learned with your mate. The goal is to cross the finish line together!

9. Visit a financial professional

   Financial professionals can help couples create a stable foundation on which to build a marriage. Receiving advice from a financial expert can help couples manage their finances as a team.

10. Talk regularly about your financial goals and performance

    Create a regular (weekly, biweekly or monthly) "date night" to discuss your financial goals and performance with your spouse. Make sure this is uninterrupted time where you address financial concerns and questions with your mate. It is also the time to discuss possible adjustments to your financial actions and strategies.

Contact a Thrivent Financial representative to assist you and your spouse in preparing for your financial future.

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