Newly married or getting married soon? It's exciting to choose to live your life together! It also means learning to navigate difficult topics like money  but open and clear discussion about finances leads to a happier, more honest relationship.

Couple painting house

How do we start talking about money?

Tell your money story

First, you want to get on the same page and understand your partner's approach to money. Tell your money stories to each other. Here are some questions to help guide the discussion.

  • How did your family approach money in your childhood?
  • Did you view money as abundant or scarce?
  • How do you think about money now?
  • What are your spending habits? Do you give yourself guilty pleasures, or do you adhere strictly to a budget?
  • What are your debt levels? What kind of debt do you have – student loans, car loans, mortgages, credit card loans?

Decide your goals

Next, talk about your goals – your individual and shared goals. This will help establish what you're working toward. Remember your goals during difficult conversations and decisions about money.

How do we start sharing our money?

Once you establish shared goals, creating a shared budget or cash flow plan will be easier because you'll be focusing on your priorities. Figure out your necessary spending like bills, then determine how much money you'll put toward the less necessary items and how much you'll save. Once you establish a budget, check in at least monthly to make sure that you're on track.

If one of your goals is to travel internationally as a family once a year, go ahead and add a line item in your budget to save a little each month toward that. If you decide to eliminate all of your student loans together, include your plan to pay off debt into your budget. Now that your retirement includes each other, make sure you include putting away money in retirement plans with your employer or individually.

How Everence helps

Use our free cash flow planning guide to start the budget conversation. You can also download the free cash flow plan template and plug your numbers into the spreadsheet. Use the template as your guide and evaluate all of your expenses and savings each month to check if you're adhering to your budget.

How do we set up a joint checking account?

A joint checking account makes it easier to share your money. Couples choose to share in a variety of ways; some establish one joint checking account while other use a combination of joint and individual accounts. The two of you can decide what makes the most sense for your situation. It's usually helpful to establish an amount for personal funds each month, and decide how much money you can spend on your own and when a purchase should require a conversation. The goal is to avoid surprises and communicate frequently about your spending.

How Everence helps

Establish your joint checking and savings accounts with Everence Federal Credit Union. Download our switch kit that includes the information you need to transfer your funds.

Do we really need a will?

Yes, a will helps establish what your wishes are and helps relieve some of the decision-making stress in the event that something unexpected happens. It also ensures that your wishes are carried out, instead of leaving those decisions to the legal system.

It's much easier now to talk about what should happen if one of you passes away or is incapacitated. And if you have kids, you will definitely want to create a will to make sure that they're taken care of.

Talk to a lawyer to get started on your will.

How Everence helps

If you have a large amount of assets, Everence can help you develop a legacy plan that ensures you decide how your estate is managed. If you own a product that makes you a member of the Everence Association, you can take advantage of the will preparation grant to reimburse part of the cost of preparing a will.

What is life insurance – how would it help us?

Life insurance helps protect your spouse and other family members by providing money in the event that you pass away. A sudden loss of income could be devastating, especially if you count on that person's income to pay your essential bills.

Disability insurance is a related protection that offers tax-free income if an accident or illness prevents you from working and earning a salary.

How Everence helps

Talk with an Everence financial representative to get you and your family the right level of protection.

Ask Everence

Do you have specific financial questions about combining your finances or need more information?

Find an Everence financial professional

Or learn more about how a custom financial plan can help you gain confidence and clarify about your finances.

For more information

Call (800) 348-7468 or visit any of our offices to talk to an Everence representative.

Savings goal calculator

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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