So, you recently got married. Congratulations!

My wife and I were married on May 26, 2025, and are currently enjoying our newlywed phase too.

But with as much excitement as marriage brings, there is still a big to-do list that comes after the wedding day.

Combining our personal finances was naturally a top priority for me as a financial advisor, and I want to share with you four areas my wife and I focused on to make that transition seamless.

Creating joint accounts

Some couples prefer to combine all their finances into joint accounts, while others prefer to keep their finances separate; how you choose to approach personal finance as newlyweds is part of a larger conversation with your spouse.

Should you choose to combine your finances, you’ll first need to decide which checking and savings accounts you’ll be keeping and which ones you’ll be closing.

For the bank accounts that you are keeping, you will need to stop into the bank to add your spouse as an owner of the account. Make sure to bring the following documentation with you:

• Government-issued photo ID, such as a driver’s license or passport
• Proof of address
• Social Security number

Once your accounts are opened, each spouse can set up direct deposit so that all paychecks are deposited into the new joint account.

Then, you can pay expenses and contribute to savings all from one, central account!

Budgeting with your spouse

Budgeting could end up being one of the more important conversations that you have with your new spouse, so set aside time to sit down and discuss what your budget will look like.

Each dollar that you earn should have a designated category, which may include:

• Mortgage
• Groceries
• Utilities
• Car payments
• Savings
• Entertainment
• Other

A budget isn’t meant to constrain you from spending your hard-earned money, but simply to make sure you enjoy it responsibly. Here are a few things to consider when creating yours.

Start With Your Needs

First, you want to make sure that your living expenses are less than what you and your spouse make.

This allows you to maintain your lifestyle while putting money aside for your future.

Your budget should account for everything in your life. An easy place to start is to write down all your needs, like your mortgage, insurance, groceries, gas, car payments, student loans, etc.

Once all necessary expenses are deducted from your income, you’ll be left with your discretionary spending.

These are categories that you can get by without but that add to the quality of your life. However, this is where most people tend to overspend.

Traveling, entertainment, and similar expenses all fit into this category.

Plan Your Savings

Another category that is necessary in any budget is your savings.

You should set these funds aside in an “emergency fund” for unexpected expenses. Think about things like new tires, job loss, medical emergencies, etc.

In addition to your emergency fund, you’ll also want to consider saving for longer-term goals.

This is money that you can invest for your future.

For most people, the biggest goal will be eventual retirement, but it can also be college, weddings, a new home, and other major purchases.

Stay On Top of Your Budget

Once you have a budget in place, you are not done yet.

You and your spouse should regularly review your budget to see if there are any places where you are overspending or areas where you think you might be able to cut back.

This can help prioritize saving, investing, or reallocating funds to activities that you and your spouse love to do.

Setting realistic financial goals

As part of your budgeting process, you and your spouse can begin to set financial goals.

These might include paying off your home early, fully funding an emergency fund with three to six months of living expenses, building up your investment accounts to a certain level, and anything else you’d like to achieve.

But, make sure they are attainable goals and not a pipedream.

Once you have goals established, ensure that your budget allows for the necessary cash flows.

See how an extra mortgage payment a couple of times a year fits into your expenses or how much extra you could be putting into investments each month to reach your savings goals.

Maybe you can cut expenses in one area to help fund extra savings toward a fully funded emergency fund.

Updating beneficiaries

Once you are married, you will want to update your beneficiary information if it isn’t already your spouse.

For those of you with retirement savings in an IRA, 401(k), or any other retirement plan, you can add your spouse as a primary beneficiary.

You can also select secondary beneficiaries in case your spouse isn’t around to receive the account when you pass.

Have a conversation with your spouse, and decide who should get the account if something happens to both of you.

If you have kids, they could be the secondary beneficiaries. If you don’t have family, you could list your favorite charities as secondary beneficiaries.

Look at your non-retirement accounts as well. If you have investment accounts or any other bank accounts that are only owned by one spouse, you can list the other spouse as a beneficiary.

This should all be part of a larger estate planning conversation.

Depending on your financial situation, it may be helpful to visit with an estate planning attorney for more complex situations.

A guide to combining finances for newlyweds

This is not a comprehensive list of financial housekeeping items you’ll need to take care of once you are married, but it is a good starting point to get all your financial affairs in order.

If you and your spouse are ready to start investing in your future and are looking for a partner along the journey, give me a call. I would be happy to help you make a plan!