Marriage and Money: Finance Tips for Newlyweds - Millstream Area Credit Union
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August 05, 2021

Marriage and Money: Finance Tips for Newlyweds


Marriage and Money: Finance Tips for Newlyweds

So you just got married.

Let us start by saying congratulations! This is a very exciting time for you and your spouse, but we understand the entire planning process was stressful, and that stress probably hasn’t gone away. 

Once the gifts are unwrapped and the honeymoon is over, it’s time to start talking about the bigger aspects of your future together, like finances. 

Having the “Money Talk” 

Diving into the “money talk” may seem overwhelming at first. In fact, many couples don’t put enough value into discussing their finances before or after the wedding. 

However, understanding the importance of having this discussion will keep you both on the same page and aid in avoiding financial issues down the road. Being on the same page allows for better communication and understanding of your partner’s spending habits and financial state.

This next chapter of your life will bring plenty of challenges. We’re here to help you ensure that finances aren’t part of them.

3 Options for Money Management

There are three options to consider when it comes to handling finances after you get married. While they each have pros and cons, it’s important to pick an option that works best for you and your spouse. 

1.) Manage and Maintain Separate Accounts

Not every couple is ready to combine their hard earned cash into the same account as their spouse. Many couples prefer to keep their money in separate accounts and divide expenses up evenly. A pro for this is that you won’t have to worry about a combined budget or your partner’s spending habits. You can still discuss this of course, but you have more flexibility for individual expenses with this option.

2.) Merge Halfway

If you’re not comfortable having entirely separate accounts, but you’re also not ready to fully combine, the second option is to combine halfway. This means you and your spouse each have your own accounts that your paychecks go to, but you also have a joint account that you both can access for combined expenses. 

3.) Combine Accounts Fully

The final option is to fully combine your accounts. In this instance, all money would go into this account and you both would have access to it. This option requires more discussion on spending habits and budgets since you both will be withdrawing from this account. 

More Marriage Benefits

Marriage offers a plethora of benefits but one you may not yet have considered is employee benefits. Once you have decided on a money management option, you may want to begin researching other ways marriage can help you save money. 

For example, take advantage of each other's employee benefits. Some employers may offer benefits to your spouse as well, like dental or vision insurance. 

In addition to employee benefits, there are lots of insurance companies and policies that allow you to save money with your spouse. Contact your current company, or shop around to make sure you’re getting the best deal.

Home Planning

As you get the rest of your financial affairs in order, you may also be looking into buying a home together. As if all the other decisions aren’t enough, buying a home can add more questions to your financial queries.Take into consideration these Home Buying Tips, and start your life together with a strong foundation both figuratively and literally.

  • Figure out how much you can afford
  • Determine your credit score
  • Save your money! You'll need a down payment and closing costs
  • Get pre-approved for a loan
  • Buy a house you like!

When you’re ready to take this important next step, Millstream Area Credit Union has options for you. 

It’s important to do your research to make sure you are making appropriate financial decisions, especially as newlyweds. If you aren’t sure if you’re taking the right steps, or you don’t feel comfortable doing it alone, check out our website to learn more about our services for newly married couples.


Learn more about how Millstream Area Credit Union can help you get on the right financial path after marriage.

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