Money & Marriage – 10 Guidelines for Success

1. Money Is Much More Than Money
Fully grasping this statement can be a great starting point for most couples. Through money and finances is how individuals see themselves, a reflection of how they were raised, and a way their strengths and insecurities surface. Couples need to be open with each other about their financial past and how money impacts them emotionally.

2. Constant Communication
Meeting monthly to discuss current and future financial decisions can be extremely important. These discussions should be held at a set time, with limited distractions and no alcohol. Regular check-ins help remove uncertainty and ensure everyone is on the same page.

3. Agree on Long-Term Goals and Parameters
It’s best to have this conversation before you say “I do,” but if not, it’s important to have it shortly thereafter. This discussion helps ensure alignment on major financial decisions and the best path forward. Once big goals like children’s education, retirement savings, and major purchases are agreed upon, future hurdles are easier to navigate.

4. Together & Separate
Having a joint bank account and shared credit cards works well for most household expenses, while separate accounts and cards for smaller personal purchases can be a formula for success. Even if only one spouse works, it’s important that each person has the ability to spend a certain amount each month without judgment.

5. Avoid Spending Creep
As income grows over time, spending often increases alongside it, which can cause stress. One helpful approach is to revisit the household plan after raises or bonuses to decide how additional income will be allocated. Agreeing that 10–30% of a raise goes toward long-term savings can support future goals.

6. Emergency Reserve Fund
Having three to six months of cash set aside for unexpected expenses can significantly reduce financial stress. It’s also important to agree on what types of expenses qualify to be covered by this fund.

7. Hire a Fiduciary Wealth Advisor
Working with a fiduciary advisory team can make financial decisions easier and less stressful. Because the advisor has no vested interest in specific outcomes, their guidance is often easier to follow and can help reduce disagreements.

8. Household Budget
A budget doesn’t need to be extremely detailed. Having a high-level budget can help couples stay on track and serve as a helpful reference during monthly financial discussions.

9. Mistakes Will Happen
Individually and as a couple, there will be times when spending gets off track. Rather than placing blame, agree to address mistakes and commit to improving together.

10. Transparency Is a Must
As with most aspects of marriage, financial success is difficult without openness and honesty. Transparency around financial decisions, mistakes, and emotions is essential to building trust and long-term stability.

Financial Planning Support for Couples in Saratoga Springs & the Capital Region