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Budget Planning for Newlyweds

Updated on June 27, 2013
Newly Married
Newly Married | Source

A budget tells us what we can't afford, but it doesn't keep us from buying it.
William Feather

Balanced budget requirements seem more likely to produce accounting ingenuity than genuinely balanced budgets.
Thomas Sowell

It's clearly a budget. It's got a lot of numbers in it.
George W. Bush

Exchange of vows

A couple exchanges their vows amidst their family and friends. Share little laughter with them and go on to their honeymoon to discover each other. Discovering period comes to an end when they are back to reality. The real challenge starts now.

Challenges after marriage

They ought to make their house a home where peace shall prevail and stress is invisible. Finances need to be sought out since; earlier they were single and now being a couple, everything will mount up if not prioritized and planned.

Financial planning and Money management

Financial planning is not only important to build a strong foundation for a long lasting trust and cooperation in a marriage, but it also helps the couple face any financial distress in the future.

Money management done on time also helps to decide who gets what if the marriage does not work.

The husband and wife has a couple of rules to abide by, when planning out their finances.

Use the CPR method.


1. Be Honest to each other

  • Open up your balance sheets and show each other your monthly dues such as credit card debts or student loans, if you have any.
  • Disclose your 401(k) s, stock or bond investments or other valuable collectibles.
  • Decide on whether to have a joint account or keep it separate.
  • Decide on who pays the bills and whose paycheck goes into the bank for savings.
  • Disclose all your expensive hobbies such as shopping only brand names, traveling to exotic places, dining and lodging only in five stars, skydiving, mountain expeditions etc.



1. Redefine your financial goals such as home ownership or early retirement by planning a realistic budget where savings can be made. Try to save at least 10-15% of the gross salary for the emergency fund/retirement.

2. Play turns to splurge in your expensive hobby month to month. This will enable you to save and enjoy at the same time.

3. Meet up with a financial planner on investment options like CDs and money market accounts. The couple should update their 401 (k) and IRA retirement and life insurance accounts.


1. When looking for a house, the couple’s monthly mortgage payment should not exceed half of their monthly take home salary.

2. The couple should update their 401 (k), IRA retirement and life insurance accounts.

3. The couple should not be making minimum payment on their credit cards, since that will eventually carry too much credit card debt for them and they will feel the pinch especially when they have a family.

4. A couple should make a living will of their assets and keep updating it as they accumulate them. Having a health power of attorney also matters especially when one of them is on life support and the document gives the other the right to pull the plug, if required.


  • Marriage makes a couple share a bond between each other and they should not falter when they come across an economic turmoil. If they can withstand that, their bond will be stronger.
  • CPR is the best way to abide by each other.
  • Amidst handling the finances, the couple should not forget romance even if it is a simple form of having a candle lit dinner and soft music. Romance will keep the marriage alive.
  • Research indicates that a married couple has a better and secure financial future with long lives, good health and personal happiness than divorcing your partner over some reason. Think twice before taking that step.


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    • profile image

      IntegrityYes 5 years ago

      That is another informative one and I voted way up.

    • alocsin profile image

      alocsin 5 years ago from Orange County, CA

      I know a couple who would benefit from this hub, since they just got married. Both of them have always been good with money management, so budgeting probably isn't a big issue for them. Voting this Up and Useful.

    • midget38 profile image

      Michelle Liew 5 years ago from Singapore

      It's important for a couple to have shared financial goals right from the start! Making disclosures is important for all to see where they stand. Thanks for raising the awareness and useful tips, which I share!

    • tillsontitan profile image

      Mary Craig 5 years ago from New York

      I love your new definition of CPR (always thought of it as Cardio Pulminary Resuscitation)...however the way you use it it could be construed as resuscitation...though if used early enough and in the right way you won't need to resuscitate a good marriage.

      Finances wreak more havoc on a marriage than in-laws ;)

      Your advice is sound and should probably be handed out with marriage licenses!

      Great job. Voted up, useful, and interesting.

    • Brett.Tesol profile image

      Brett Caulton 5 years ago from Thailand

      This is great advice for newlyweds! Joining your life with another is tricky, but as you say, if you are open it is something that can be overcome and even a success story. I also found the POA idea to be very useful ... something many never consider.

      Shared, up, useful, pinned and tweeted.

    • Lord De Cross profile image

      Joseph De Cross 5 years ago

      Very useful info for newlyweds Ruchira. Marriage is a serious step in everyone's life. Family comes and responsabilites as well. Your points are sound and so true. Thanks for taking your time Ruchira ~ Great tips in here.

    • Lipnancy profile image

      Nancy Yager 5 years ago from Hamburg, New York

      Great suggestions for any married couple just starting out. Budgeting is never an easy thing.

    • Vellur profile image

      Nithya Venkat 5 years ago from Dubai

      Very useful hub for newly weds, budget is a very important part of a new life with a partner. Valuable and a great hub.

    • always exploring profile image

      Ruby Jean Fuller 5 years ago from Southern Illinois

      Very useful..Good article..

    • anglnwu profile image

      anglnwu 5 years ago

      Good tips. I think that if every couple practice CPR, there will be less financial fallout later when life and things can get complicated. Rated up.

    • daisydayz profile image

      Chantele Cross-Jones 5 years ago from Cardiff

      Well that all seems pretty sensible. We have done some of them, but need to sort out the pension and living will bits!

    • Just Ask Susan profile image

      Susan Zutautas 5 years ago from Ontario, Canada

      Excellent advise!

    • Frank Atanacio profile image

      Frank Atanacio 5 years ago from Shelton

      Ruch I love hubs that are clear practical and useful.. this is all of the above.. voted useful :) Frank

    • remaniki profile image

      Rema T V 5 years ago from Chennai, India

      I love your practical, real-world advice to couples Ruchira while also emphasizing the fact that while focusing on their finances, they should not forget the romantic aspect of a marriage. Great hub. Voted up and shared across. Cheers, Rema.

    • shampa sadhya profile image

      Shampa Sadhya 5 years ago from NEW DELHI, INDIA

      Voted up, useful and awesome!

      You have given very important advice to the newly-weds. It is very much needed especially when the tolerance power has come to zero in most of the young couples.

      I have marked this as useful because it is full of much required advice but I have voted up as awesome too. It's because your article portrayed what kind of a person you are! Your last point is the essence of this article. Well Done! Ruchira. Sharing and Pinning.

    • teaches12345 profile image

      Dianna Mendez 5 years ago

      Great advice for couples just planning their life together. This is a great piece of advice and will save many from those first arguments about money. Voted way up!

    • Ruchira profile image

      Ruchira 5 years ago from United States

      Thanks Bill. I am glad you enjoyed it. Cheers!

    • billybuc profile image

      Bill Holland 5 years ago from Olympia, WA

      I love it....the CPR Method! LOL These are valuable suggestions for any young couple starting out....heck, for any couple period! Great job Ruchira!