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Financial Planning for Newlyweds: Setting Joint Financial Goals

When you tie the knot, you embark on an exciting journey. Among the many new experiences is the crucial task of financial planning.

Financial Planning for Newlyweds: Setting Joint Financial Goals

At TDECU, we understand that setting joint financial goals can be thrilling and challenging for newlyweds. This guide will help you navigate this important aspect of your new life together.

Understanding Your Financial Starting Point

Before setting goals, you need to know where you stand financially. Start by listing all your assets and liabilities. Assets include your savings, investments, and property. Liabilities are debts such as student loans, credit card balances, and car payments.

Next, compare your monthly income to your expenses. Create a detailed budget that includes all sources of income and a comprehensive list of costs. This will give you a clear picture of your financial health and help identify areas where you can save.

Discussing Financial Goals Together

Communication is vital to any successful relationship, especially regarding money. Sit down together and discuss your financial dreams and priorities. Do you want to buy a home, travel the world, or start a family? Understanding each other's aspirations will help you set realistic and mutually agreeable goals.

During these discussions, be honest about your financial habits and attitudes. Are you a saver or a spender? Do you prefer conservative investments, or are you more risk-tolerant? Knowing these traits can help you find common ground and avoid conflicts.

Setting SMART Financial Goals

To ensure your financial goals are achievable, make them SMART: specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of saying, "We want to save money," specify, "We want to save $10,000 for a down payment on a house within two years."

Break down large goals into smaller, manageable steps. For example, if your goal is to save for a house, determine how much you need to save monthly. Track your progress regularly and celebrate milestones to stay motivated.

Creating a Joint Budget

A well-planned budget is essential for achieving your financial goals. Start by combining your income and expenses. Identify fixed expenses like rent, utilities, and loan payments, and allocate funds for variable expenses such as groceries, entertainment, and dining out.

Include savings as a line item in your budget. Decide how much to save each month and set up automatic transfers to your savings account. This will ensure you prioritize saving and reduce the temptation to overspend.

Managing Debt Together

Debt management is a critical part of financial planning. List all your debts and prioritize them based on interest rates and balances. High-interest debts, like credit cards, should be paid off first to minimize interest payments. We have a blog where you can learn more about debt repayment strategies.

Consider consolidating your debts to lower interest rates and simplify payments. TDECU offers various debt consolidation options to help you manage your debt more effectively. Always communicate openly about your debt situation to avoid misunderstandings.

Building an Emergency Fund

An emergency fund provides a financial safety net for unexpected expenses like medical bills, car repairs, or job loss. Aim to save at least three to six months' worth of living expenses. This fund should be easily accessible but separate from your regular savings to avoid unnecessary withdrawals. Here is a resource for learning best practices for an emergency fund.

Start small if necessary and gradually increase your contributions. Consistency is key, so make saving for emergencies a non-negotiable part of your budget.

Planning for Long-Term Goals

Long-term goals, such as retirement, require careful planning and disciplined saving. Discuss your retirement plans and consider opening a joint retirement account. TDECU offers various retirement savings options to help you build a secure future.

Invest in diverse portfolios to balance risk and return. Regularly review your investments and adjust them based on your changing financial situation and goals. Remember, the earlier you start saving for retirement, the more you benefit from compound interest.

Protecting Your Financial Future

Insurance is a vital part of financial planning. Ensure you have adequate health, life, and disability insurance to protect your income and assets. Consider getting a joint policy to cover both partners.

Create a will and estate plan to ensure your assets are distributed according to your wishes. While it may seem daunting, planning for the future provides peace of mind and protects your loved ones.

Reviewing and Adjusting Your Plan

Financial planning is not a one-time task. Regularly review your budget, goals, and investments to ensure they align with your changing circumstances. Life events such as a new job, a baby, or buying a home may require adjustments to your financial plan.

Schedule monthly or quarterly financial meetings to discuss your progress and make necessary changes. Keeping each other informed and involved strengthens your partnership and keeps you on track.

Seeking Professional Advice

Sometimes, navigating financial planning can be overwhelming. Do not hesitate to seek professional advice. Financial advisors at TDECU can provide personalized guidance tailored to your unique situation. They can help you create a comprehensive financial plan, manage investments, and prepare for the future.


Setting joint financial goals is a crucial step for newlyweds. You can achieve your dreams together by understanding your financial starting point, communicating openly, and creating a detailed plan. Remember, financial planning is a continuous process that requires regular review and adjustments. With dedication and teamwork, you can build a secure and prosperous future.

For more tips on financial planning, visit our Personal Financial Education Center.


Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRASIPC).

Insurance products are offered through LPL or its licensed affiliates. TDECU and TDECU Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using TDECU Wealth Advisors, and are employees of LPL. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, TDECU or TDECU Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency; Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations; May Lose Value