Love and Dollar Bills: Navigating Finances as Newlyweds

Hey there, lovebirds! 

You’ve shopped for rings, chosen a date, said ‘yes’ to the dress, and sent the invitations, but there’s one more item to add to that wedding to-do list. Let’s talk finances! And not Mom and Dad’s. It’s time for you and your intended to discuss the how, what, when, where, and why of your future financial life together. 

Recent statistics show that 41% of Gen Z and 42% of Millennials argue about finances monthly. Before you start hyperventilating into your wedding vows, take a deep breath. The problem often stems from a need for better communication and cooperation, which is why One Goal Finance exists. We're here to help you navigate the newlywed money maze (and maybe go with you to sample cake flavors … mmm … red velvet). 

Start Here

Picture this: candles, soft music, and … bank accounts. Yep, you heard it right! Schedule a money date night. Pour a glass of wine or sparkling cider, snuggle up, and get cozy with your financial details. Share your dreams, fears, and credit score (the ultimate trust exercise). And if you’re looking for a ready-to-go system that makes financial planning as easy as saying, “I Do,” then check out One Goal Finance. We aim to provide couples with a simple way to communicate, coordinate, plan, spend, and save together—without the stress. 

Create a Spending Plan that Reflects Both of You 

The word “budget” can sound scarier than tripping on your way down the aisle. Budgeting sounds restrictive, like a diet plan for your money. But fear not! Instead of thinking about your finances in terms of can’t or shouldn’t, turn that negative viewpoint on its head by creating a Spending Plan together. This shift in mindset can make all the difference in your financial relationship. Make it a team effort. Sit down and list your monthly expenses, such as rent, groceries, and those late-night Grub Hub deliveries. Be realistic, but also leave room for some fun - you know, for those unplanned date nights and spontaneous road trips. 

Joining Accounts?

You have a lot on your wedding plate. And maybe combining your financial accounts is something you’re hoping to tackle post-honeymoon once life gets a bit more settled. Just don’t put it off forever. According to Jenny Olson, assistant professor of marketing at Indiana University Kelley School of Business, “When we surveyed people of varying relationship lengths, those who had merged accounts reported higher levels of communality within their marriage compared to people with separate accounts or even those who partially merged their finances. They frequently told us they felt more like they were ‘in this together.” But even before you’ve joined accounts, you don’t have to manage your money separately. One Goal Finance’s system allows you to add your personal accounts and view them in one place so you can begin your cooperative fiscal efforts right away. 

Set Goals Together

Remember those dreams you shared on your money date? The next step is to stop dreaming and set some goals to make them happen. Whether it's saving for a dream vacation, buying a house, or adopting a herd of cats - make a plan and conquer it together. But what does a dream “plan” look like? First, agree on an amount you want to save and record that in your Money Plan. Second, track your progress toward your goal. Third, discuss your progress during your weekly or monthly money dates and decide whether to adjust your plan. Fourth, you did it! Go and get that dream! Teamwork makes the dream work. 

Tackling Debt

Student loans, credit card debt, that loan from your cousin Vinny ... debt can be overwhelming. It’s tempting to sweep it under that new rug from the wedding registry, but denial only leads to financial anxiety. Prioritize and tackle it together. Create a plan to pay off those balances, and celebrate the small victories along the way. Soon enough, you'll be debt-free and dancing on cloud nine.

Emergency Fund

Let's face it: life can throw some curveballs. Whether it's a flat tire, an unexpected trip to the ER, or a surprise sale on shoes, having an emergency fund is like having a superhero cape for your finances. Agree on an amount that makes you both feel secure and stash it away for a rainy day.

Plan for the Future

We know your lives together have just begun, but that makes this the perfect time to discuss retirement. Starting early can make a world of difference. Look into retirement plans and investments together. It's like planting seeds for a financial garden that will bloom when you need it most.

Keep the Lines of Communication Open 

Communication is the secret sauce to a happy marriage. Be honest about your spending habits, financial goals, and even that secret love for impulse owl figurine buying. Regular check-ins will help you stay on the same page and avoid financial surprises.

Celebrate Financial Wins

Whether it's paying off a credit card, staying in budget for an entire month, or hitting a savings milestone, celebrate your financial victories! Go out to dinner, do a happy dance, and revel in the joy of reaching your goals together.

Navigating finances doesn't have to be tedious or stressful. With a sprinkle of love, a dash of honesty, and a pinch of financial wisdom, you and your partner can create a happily-ever-after that's as financially sound as it is full of love. 

This is the “goal” of One Goal Finance…to help couples’ financial journey be one of bliss. Get started with us today and set yourselves on the successful path of cooperation. We’re here to help (still looking for a best man?)

Cheers to your happily ever after!

Finding balance between spending & saving with One Goal

One Goal helps the spender and saver get in sync by transforming “yours and mine” into a united ”ours”. This creates a space where spending habits and saving goals happily coexist, merging today's pleasures with tomorrow's plans.

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