Read my practical financial advice for newlyweds because if you don’t know, you don’t know.

My husband and I got married over 20 years ago. We both admit that we didn’t make good financial choices as newlyweds.

Which is why I want to share with you my top financial tips for newlyweds. Practical advice of what you can do – and what I recommend that you do do, after you are married.

When Wayne and I got married, we really didn’t have a clue about finances. We certainly weren’t on the same financial page.

We did set up a joint bank account but for reasons that I won’t go into here, it was a disaster.

I really do wish that someone had sat down with us and given us practical financial advice for newlyweds.

We had marriage prep classes, marriage mentors and a financial advisor. But no one told us that we needed a plan.

Sadly, like us, many people go into marriage without thinking of the financial implications.

If you are getting married, be sure to read this blog and have a chat with your partner about this practical financial advice for newlyweds. It’s the advice that I wish we’d been given over 20 years ago!

Read more: Finances for newly married couples

Decide how you’ll manage your newlywed finances together

Working out your personal finances is personal. What works for your friends might not work for you.

What’s important is that you find out what works for you both.

You’re now married and you’ll be working on your finances together for the rest of your lives!

Working out what works best for you may take time, so be patient. You also need to show grace and more importantly, be open and honest with each other, not only about the numbers but how you are feeling.

Here are a few different methods you can use to manage your money together.

Joint finances: You and your partner combine your bank accounts 100%. You have a joint current account and a joint savings account. Bascially, both of your names are on the accounts and you both have access to the money.

All paychecks go into this account and all money flows from this account.

Separate accounts: You and your spouse keep your own bank accounts. As a team, you decide together how you’ll divide the bills and who will pay each one.

A mixture of both joint and separate accounts: You and your partner have a joint bank account where your income flows into and expenses flow out of. You also each maintain a separate checking account for personal spending.

Whatever you decide, it’s especially crucial that you keep talking about money. Be open and honest.

I highly recommend that you sit down together at least once a month (we choose to create our monthly budget around pay day) to go through your numbers.

Equally important, you need to celebrate what’s going well and decide together, where you can improve and what money goals you can set as a team… more on that later.

Read more: Celebrate the small wins

Update your financial accounts

An important job for you both to complete is informing your banks / savings accounts / building societies / pension providers that your spouse is now your beneficiary.

If something happens to you, the money in the accounts will go to your spouse.

Update your Wills

I get it, updating your Will is not a fun thing to think about but it is very important to get it done and tick it off your list!

Updating your Will will ensure that your wishes are accurately reflected in your Estate Planning.

For this reason, speak to your solicitor as soon as possible.

Life insurance

If you don’t currently have life insurance, now is a good time to set one up.

While no one wants to think about the worst-case scenario, you don’t want to leave your partner unprepared if something happens to you. If you already have life insurance, be sure you both update your name and beneficiary as necessary.

You should also consider income protection.

Income protection is an important insurance to take out. Let’s face it, many of us would struggle to keep on top of our essential outgoings, such as mortgage and rent, if we lost an income due to illness or an accident.

Income protection is a long-term insurance policy that makes sure you get a regular income until you retire or are able to return to work.

Update or create Power of Attorney

Putting in place a power of attorney can give you peace of mind that someone you trust is in charge of your affairs.

If you’re aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself, you can arrange for someone else to make these decisions for you in the future.

An important point to note is that by completing all the paperwork and having a power of attorney in place, it doesn’t mean that they can make financial and health decisions for you now. It means that they can make decisions for you, when you are incapable of making them for yourself.

Set joint financial goals

It’s time to set some SMART money goals together.

I appreciate that my practical financial advice for newlyweds has been a bit dull so far, but this one is actually fun!

Setting financial goals together is all about dreaming about and making a plan for your future. When you sit down together, take time to dream about what you want your life to look like one, five, ten, and even twenty years from now. Where do you want to live? Do you want to travel? Buy a home? Start a business? Retire early? Will you have children?

Once you have that vision, write down all of the goals you would have to reach to get there.

While some of these goals may seem a long way off, now is the time to start preparing your finances.

Read more: Setting financial goals

Make the most of each other’s employee benefits

Find out whether either of your employers offers other benefits to your spouse. These could include benefits such as dental or optical cover.

I always think that it’s always worth asking, and you never know what might come out of it!

Save on car insurance

Tell your insurance provider about your wedding. Your annual rate may drop now that you’re married, and you could get a multi-car discount if you combine coverage under one policy.

Even better, shop around for coverage, especially if you’re moving. The company that offered the best rate in the past may not be the most competitive for you now.

Taking Your Husband’s Name After Marriage

If you decide to take your husband’s name after marriage, you don’t need to change your name by deed poll to do this, but you do need to send a copy of your marriage certificate to all relevant authorities, such as the DVLA, and your bank.

Check to see if the organisation you are contacting requires the original marriage certificate or if they will accept a copy. You will also need to apply for a new passport: if you want to book your honeymoon tickets in your new name, you can apply in advance.

Who You Need to Notify of a Name Change

The passport office
The DVLA (driving licence, vehicle registration)
HM Revenue and Customs
Child Benefit
Local Authority (Council tax and electoral register)
Land Registry
Student Loans
Your employer
Your bank or building society
Your mortgage provider
Your pension providers
Credit card companies
Your phone & broadband provider
Your doctor
Your dentist
Your vet
Your gym
Your motoring organisations (breakdown cover)
Utility companies (gas, water, electricity providers)
Your insurance company (motor, home, travel, pet)
Loans companies
Magazine subscriptions
Store cards & online accounts
Any clubs or societies you are a member of

So, that’s it! Eight practical things to do after you get married that will improve your finances.
I know that many of the above will take more than five minutes, but don’t let that put you off.

In Summary

In summary, if you follow my practical financial advice for newlyweds, it will give you peace of mind, give you reasons to talk to each other about money and give you the best possible financial future.

In my experience as a Finance Couple, many couples that I meet don’t have a serious conversation about money.

Most couples have separate bank accounts.

At first, this is well and good.

Then, after time, expenses change. One partner pays a disproportionate amount, the other not paying enough.

At the beginning, it seemed to make sense but in the long term, it doesn’t make sense.

What if…

You combined your finances and could see the bigger picture.

Wouldn’t that make things easier?

Wouldn’t you be able to handle your finances together? As a team.

Working together on your finances doesn’t need to be stressful.

Budgeting together doesn’t need to be a chore.

Creating and crushing your money goals as a team doesn’t need to be complicated.

It can be FUN! And it’s definitely worthwhile!

If you want:

To get on the same financial page as your spouse
Set some money goals together
Work as a team to build wealth

And are willing and open to:

Invest in time for your financial future
Put in the necessary work and effort
Be open and honest

My ‘Get On The Same Financial Page As Your Spouse Coaching Programme’ could be for you.

By all means, leave me a comment below and I can send you details of how you can join my Get On The Same Financial Page As Your Spouse Coaching Programme.

Your future self will thank you!