Start with a Shared Vision for Your Marriage and Finances

Before you dive into financial planning for newlyweds and get overwhelmed by the numbers, it’s crucial to discuss where you both want to go. Money isn’t just about making purchases or paying bills—it’s about stewarding your time, energy, and resources toward the life you want to build together.

Action Steps:

• Pray Together: Invite God into your financial decisions from the start. Ask Him to give you wisdom, discernment, and unity as a couple.
  
• Discuss Your Dreams: Ask each other questions like:
  
  • What does financial peace look like for us?
    
  • What are our long-term goals—homeownership, travel, family, legacy?
    
  • What values do we want our money to reflect—generosity, security, stability?
    
• Create a Financial Vision Statement: Together, craft a statement that expresses what you want your marriage to embody financially. This helps you both stay on the same page.
  

Biblical Insight: “Commit to the Lord whatever you do, and He will establish your plans.” – Proverbs 16:3

The key is to align your finances with your broader marriage mission, reflecting your God-given priorities and calling.

Learn to Communicate About Money

Money can be a sensitive topic for many couples, but learning to communicate about it in a healthy way is essential. Not everyone approaches finances the same way, so understanding each other’s financial communication styles is vital.

Communication Styles to Consider:

• The Avoider (doesn’t want to talk about money): Share what they can handle and try not to overwhelm them.
  
• The Planner (wants to make a detailed plan): Be open to structure and budgeting conversations.
  
• The Big Picture Thinker (thinks more about the “why” than the details): Balance their optimism with practical steps.
  

Ground Rules for Financial Conversations When Planning as Newlyweds:

• Pause, Pray, Proceed: Before engaging in a discussion, take a moment to pray and ask for peace and understanding.
  
• Be Honest & Gentle: Approach money talks with openness, honesty, and love, knowing that your partner’s perspective is shaped by their background and experiences. Remember, you’re on the same team now!
  

Build a Budget That Reflects Your Goals

Now that you’ve agreed on your shared vision and communication style, it’s time to create a budget that reflects your priorities. This budget should be a tool that moves you toward your dreams, not a source of stress.

Budgeting Tip: Start simple and adjust as needed. Try a digital envelope system where you assign categories (like bills, groceries, entertainment, etc.) and track spending as you go. The goal is to be consistent and mindful of where your money is going.

Tackle Debt Together: Make a Plan for Student Loans and More

For many newlyweds, student loans and payments are a major source of financial stress. The good news is that you don’t have to let them hold you back. With a solid plan, you can make debt repayment part of your long-term financial strategy.

Debt Repayment Strategies:

• Debt Snowball Method: Pay off smaller debts first for quick wins and momentum. (Recommended)
  
• Debt Avalanche Method: Focus on high-interest debt first to save on interest long-term.
  
• Student Loan Payment Plans: Consider enrolling in an income-driven repayment plan to make monthly payments more manageable while you pay off smaller debts.
  

Creating an Emergency Fund: Before you get too deep into debt repayment, ensure that you have a starter emergency fund—at least $1,000 to cover unexpected expenses. This will help you avoid going into more debt if life throws you a curveball.

Set Up Systems for Financial Firsts

As newlyweds, you’re going to experience a lot of “firsts.” These are important moments that require careful planning and discussion. How you approach them will set the tone for your financial life together.

Key Financial “Firsts” to Plan for:

• First Car Purchase Together: Discuss whether you want to save up for a down payment or finance, and be mindful of monthly payments. Don’t let an impulse buy derail your budget. Paying cash for vehicles IS possible, it just takes careful planning, preparation, and discipline to not buy more vehicle than you can afford.
• First Big Vacation Together: Traveling together is a great way to build memories, but plan ahead. Make sure it fits within your budget, and consider saving a bit each month leading up to the trip.
• First Home Together: Buying a home is a big decision. Research what you can afford and don’t overstretch—your home should fit your financial plan, not the other way around. Buying a home is a great investment and piece to your long-term financial wellness. However, too much home can be disastrous and derail other plans. 
• First Child Together: Children are a blessing, but they also come with a big price tag, between the rising cost of healthcare and the general rising cost of basic necessities like diapers and often child care. If you think babies are in your near future, set aside a ‘baby fund’ to help prepare for some of those expenses. 

Building Your Future: Start Saving and Investing Now

You might not be thinking about retirement yet, but it’s never too early to start building your future. Even small contributions to retirement accounts can grow significantly over time.

Retirement Savings:

• If your employer offers a 401(k) match, make sure to take full advantage of it.
  
• Set up a Roth IRA or traditional IRA to start investing for your future.
  

Debt Payoff: Before you start investing, make sure you have your debt paid off. Investing while your paying off debt can feel like trying to fill a bucket of water that has a hole in the bottom! 

Protect Your Future: Insurance and Estate Planning

As newlyweds, you may not think you need a lot of insurance or estate planning, but it’s essential to start thinking about how you can protect each other in the event of an emergency.

Key Insurance to Consider:

• Health Insurance: Make sure both of you are covered and know how to navigate your health insurance benefits.
  
• Life Insurance: Consider life insurance, especially if one of you has a significant income or as soon as you start a family.
  
• Home/Renter’s Insurance: If you’re renting, renter’s insurance protects your belongings and offers peace of mind. If you own a home already, adequate homeowners insurance is essential to protect you in an emergency.
  

Estate Planning: Even if you’re young, it’s wise to set up basic estate documents—such as a will, power of attorney, and health care directives—just in case. This helps ensure your wishes are followed and reduces stress for your spouse during difficult times.

Set Regular Money Dates to Stay On Track with Financial Planning

Regular money check-ins are essential for newlyweds. The key to financial planning for newlyweds is being consistent and staying on the same page. Whether it’s weekly or monthly, setting aside time to discuss your finances keeps you both on the same page.

Money Date Tips:

• Celebrate your wins! Whether it’s paying off a credit card or sticking to your budget for the month, take time to acknowledge your progress.
  
• Adjust your plans as needed. Life happens, and sometimes things don’t go as planned. Flexibility is key.
  

You’re in This Together—Trust God’s Timing

Remember, when diving in to financial planning for newlyweds, building a solid financial foundation takes time. There’s no rush to “have it all together” right away. As long as you’re working toward shared goals with God at the center, you’re on the right path.

Biblical Insight: “Unless the Lord builds the house, the builders labor in vain.” – Psalm 127:1

Trust that God is guiding your financial journey and that His plan is greater than your own.

Financial Planning for Newlyweds Next Steps: Taking Action Together

Now that you’ve laid the groundwork, take the first step! Whether it’s creating a budget, setting up an emergency fund, or planning for that first big purchase, take action today to strengthen your financial foundation.

Resources:

• Download the Couples Money Talk Cheatsheet to improve your financial communication.
  
• Learn about working together to get personalized advice and a plan that fits your unique needs.
  

Reflection Questions for Newlyweds:

1. What are our top 3 financial goals as a couple?
2. What would we like to accomplish this year? 
3. How will we handle debt repayment?
4. What systems can we set up to make money conversations easier and more productive?
   

Building a strong financial foundation and financial planning for newlyweds isn’t just about money—it’s about creating a partnership that honors God and sets you both up for long-term success. Take the time to align your values, communicate openly, and plan wisely, and you’ll be well on your way to a peaceful, purposeful financial future together.