Between sampling cake and trying on gowns, thinking about finances is probably low on your to-do list…
Still, before you walk down the aisle, it’s crucial that you and your fiancé align on money matters.
Below are practical financial steps to take after getting engaged to help you get on the same financial page.
1. Have the Money Conversation
Hopefully, since you’ve committed to a life together, you’ve already discussed finances. If not, it’s never too late.
Aside from protecting your financial future, the main benefit of an honest money conversation is it will bring you and your partner closer.
And it doesn’t have to be intimidating — more often than not, the chat leads to concrete steps that make the future look brighter.
When Kelan and Brittany Kline got engaged while in college, their money discussion inspired dreams of homeownership… and also prompted them to move back in with their parents.
“We considered renting, but it felt wasteful to pay $1,000 a month for no equity,” Kelan recalled.
That decision and the financial teamwork that followed enabled them to buy a house at age 22.
“We firmly believe that open communication about money is essential to a successful relationship,” he said. “Being transparent about finances has repeatedly strengthened our marriage.”
So, as noted in the post about moving in together, it’s time to define the money.
“Set aside a time to talk so your partner isn’t blindsided and so you can each prepare a bit if needed,” recommends love-and-money expert Farnoosh Torabi.
Share key figures like your income, debts and approximate credit scores.
An easy way to do this is to obtain a free “credit report card” from Credit Sesame.
More valuable than the score alone is the full snapshot the report provides, including all your debts, to whom they’re owed, and whether any are delinquent.
It’s vital to be candid — the good and the bad — with your partner about your financial situation.
2. Address Credit Card Balances
Sometimes “for better or for worse” includes assuming your partner’s high-interest credit card debt. Don’t despair — tackle those balances strategically.
MoneyLion can help you find offers that reduce your interest rate by up to 70% as soon as the next day.
Here’s the concept: MoneyLion can connect you with loan offers at much lower rates — sometimes as low as 5.20% APR*. That’s roughly 70% lower than typical credit card rates, and it’s the way to move forward.
You can use the new loan to pay off existing credit card balances, consolidating them into one (cheaper) monthly payment that accelerates debt repayment.
If your credit score is at least 620, you may qualify for up to $50,000 — with no collateral required — and terms up to 144 months.
3. Begin Saving for the Long Term
Saving can be hard, and having a partner doesn’t necessarily make it easier. What if you could save without feeling it?
Digit makes automatic saving possible.
This clever app automates savings by linking to your checking account and using algorithms to move small (and safe) amounts into a separate FDIC-insured savings account.
Bonus: Savinly readers get an extra $5 when they sign up! Plus, savers receive a 1% bonus every three months.
With this set-it-and-forget-it method, one Savinly Reader saved $4,300 without really noticing — see his Digit review.
If you need the funds sooner, you can access them within one business day.
Digit is free for the first 30 days, then costs $2.99 per month thereafter.
4. Maximize Credit Card Rewards
If you aren’t using a rewards card for regular spending, you and your partner are leaving free money on the table.
Just be careful not to overspend — and make sure the card is paid in full each billing cycle.
One card worth considering is the Chase Freedom Unlimited. The main perk? You earn an unlimited 1.5% cash back on every purchase. Plus, if you spend $500 in the first three months (think groceries), you’ll receive a $150 sign-up bonus.
There’s no annual fee and rewards don’t expire. Using Credible’s rewards calculator, we estimated $417 in yearly rewards based on typical spending.* (You can input your own habits to see your potential earnings.)
Apply now — and enjoy a 0% intro APR for 15 months.
*Annual rewards will vary based on what you enter. Monthly category names and definitions may differ among issuers, and categories may not map exactly.
Information about the Chase Freedom Unlimited card was gathered independently by Savinly. The opinions here are the author’s alone and have not been reviewed, approved, or endorsed by the card issuer. Savinly partners with Credible.
5. Talk About Your Shared Goals
To create the future you want together, you first need a clear picture of what that future looks like.
Even if you’ve covered the major items, it’s worth diving deeper into these areas:
On Kids
If you plan to have children, how will you raise them? Will they receive an allowance? Will you help with college expenses?
Compare notes with your partner about what worked (and what didn’t) from your own upbringings, then decide on your approach.
On Retirement
When you vowed “I do,” you committed to a life together. That future will be far better if you plan for retirement today.
Like many couples, you might not know whether your 401(k) is on track or underperforming.
Chances are your 401(k) could do a lot better. Take charge with Blooom, an SEC-registered advisory service that can optimize and monitor your 401(k) to keep it moving toward retirement goals.
It takes just minutes to get a free 401(k) analysis that reveals whether your investments are allocated correctly and whether hidden fees are eating your returns. It will even project how much more your account could earn by your retirement date.
If you sign up, Blooom monitors and optimizes your account for $10 per month. Bonus: Savinly readers get the first month free with code PNNYHRD.
Think of Blooom as a mechanic fine-tuning your engine so it runs more efficiently — except it’s your 401(k) and your financial future.
On Spending
What are your priorities? Would you prefer a nicer car or frequent trips? Is owning a large home a priority?
Money often creates tension in relationships — usually because partners have different spending values. Clarify your priorities now before they become a source of conflict.
Bonus: Plan an Amazing Honeymoon
After the chaos subsides, it’s time to escape. (Honestly, this might be one of the most fun parts of getting married!)
Your honeymoon may feel far off, but booking early typically means lower costs.
Whether you crave a city break or a beach retreat, here are ways to make it more affordable:
Use Points and Miles
Start early and you might cover your entire honeymoon with miles and points.
Look into frequent flyer programs. One of the simplest ways to earn points is by using credit cards responsibly.
Choose an Affordable Destination
I recommend considering alternative accommodations like Airbnb to save money, and also less-expensive destinations.
Instead of Italy, consider Croatia; instead of Hawaii, try Mexico. Whatever experience you want, there’s likely a cheaper place that offers similar appeal.
Book Flights Strategically
Many factors influence airfare. Your best weapon against high prices is knowledge.
To secure the best deal, learn how far in advance to book and the best times to fly.
By taking these steps before you say “I do,” you’ll give your marriage a firmer financial footing — hopefully helping your money last as long as your love.
