Finance
How to navigate financial conversations with your partner as newlyweds
FOX Business’ Lauren Simonetti took to the streets of New York City to get people’s take on the recent Bankrate survey that revealed 40% of Americans who are married or living with a partner commit ‘financial infidelity.’
After the wedding and honeymoon bliss wears off, it’s time to get back to reality.
Money is a topic that requires discussion between you and your partner, hopefully before nuptials take place. Finances can be a huge point of contention between couples, so it’s important to establish a plan early on about how you both, as a married couple, are going to deal with money.
Money is also often an awkward topic between partners, but it’s vital to be honest with each other through financial conversations. After all, 44% of couples argue at least occasionally about money, according to Bankrate.
Below are tips to follow as newlyweds to help you navigate through the sticky situation of finances.
Discussing finances is a difficult, but important conversation to have with your spouse. ( / iStock)
WHEN SHOULD I START SAVING FOR MY WEDDING?
- Put the discussion of money out there
- Determine your long-term and short-term financial goals
- Figure out how you are going to save as a couple
- Create a budget
- Adjust finances when necessary
1. Put the discussion of money out there
When you sit down with your partner to talk about finances, put it all out there. Be 100% honest with each other, so there aren’t any surprises down the line.
One important topic is debt. This includes everything from personal loans, credit card debt and student loans. Figure out how much you both have and come up with a plan on how you will pay it off.
Also, talk about your spending and saving habits. What do you spend a lot of money on? Do you consider yourself a spender or a saver? How much money have you already saved? Do you have a retirement plan in place?
2. Determine your long-term and short-term financial goals
Establish the goals that you have together, short- and long-term.
If you have outstanding debt, one goal is probably going to be to get that paid off as soon as possible. Maybe you want to save for a down payment for a house. Do you have an emergency fund set up yet? If not, maybe one of your first goals is to get that funded.
You can also talk about short-term money goals. This includes things like saving for a vacation or maybe a new vehicle.
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When talking about finances with your spouse, be open and transparent about things like debt and your own personal spending habits. ( / iStock)
3. Figure out how you are going to save as a couple
There are three different ways you can handle finances together. The first is doing everything jointly. The second is keeping your finances completely separate and the third is a combination of both.
Today, 43% of U.S. couples who are married, in a civil partnership or live together have only joint accounts, according to Bankrate.
Thirty-four percent of couples have a mix of joint and separate accounts, according to the source, and 23% have completely separate accounts.
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The stats do show that keeping money separate as a couple is an idea posed by younger generations, with 69% of millennials keeping separate accounts, according to Bankrate.
How you and your spouse plan to handle your finances is a personal decision. Some, like Dave Ramsey, for example, believe that when a couple is married, their money should get married too, and all income should go into the same pot.
Others would rather keep things separate, although this does pose difficulty when bills and children come into play.
Certain couples find value in a combination of both ideas.
For most couples, individuals won’t have the same debts and income, which can quickly create financial imbalance and hostility towards one another.
That is why it’s so important to talk through all of these options with your partner, and determine what is best for you during the stage of your life that you’re in. Remember, you aren’t stuck to one way of doing things forever. If the method you choose isn’t working, you can always change things.
That said, lumping everything together still remains the most popular option.
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4. Create a budget
Creating a budget is a great way to keep you on track with your goals and see spending habits clearly.
Whether you’ve made a budget before or not, creating one with your partner for the first time is a new experience. Even if you’ve made one as a single individual for years, it’s going to look different now that you’re married.
When creating a budget, key things to consider are your combined income, expenses and saving plans.
Revisit your budget monthly to make sure you are on track with your goals and to make any necessary adjustments. ( / iStock)
Once you know your combined income, list out all of your expenses, including bills as well as debts that you need to pay.
Then, don’t forget to also include how much you want to save from month to month. A popular budgeting method for couples and individuals is the 50/30/20 rule, where 50% of money goes toward needs, 30% toward wants and 20% to savings.
5. Adjust finances when necessary
An initial money conversation is great, but it should not be the only one you have. Check in with each other on a monthly or bimonthly basis to ensure changes are made and points are heard.
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Make any adjustments you need to make in order to maintain a healthy relationship with your significant other and your finances.
JPMorgan Chase CEO Jamie Dimon said Wednesday the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.
Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.
“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos. “National security trumps a little bit more inflation.”
Since taking office Monday, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the EU is treating the U.S. “very, very badly” due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the EU through November 2024.
Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Trade Agreement is up for review in July 2026.
Dimon did not get into the details of Trump’s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.
“I look at tariffs, they’re an economic tool, That’s it,” Dimon said. “They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.”
Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week.
“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.
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