Financial Planning for Newlyweds - Seven Figure Firm | Seven Figure Firm
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Financial Planning for Newlyweds

Do you have a client who is about to take that big step down the aisle?

Or have they recently tied the knot?

Newlyweds have a unique experience, as they have to combine financial plans, goals, budgets, and household expenses.

If they don’t plan ahead of time, they could run into some rocky money issues early on.

If you know your client is about to get married, it’s a wise idea to start talking money.

Having these conversations before the big day can save the happy couple from real marital strife stemming from financial pressures or disagreements.


Pre-Wedding Checklist for Clients

1. Talk Financial Goals, Memories, and Habits

Clients should be open and share their memories of growing up.

Did their parents fight about money?

Did they grow up comfortably or were they living paycheck to paycheck?

Remind clients that differences between goals, dreams, and habits is no reason to panic; but rather it’s helping you get a sense of with what you’ll be working.


2. To Combine or Manage Separate?

This is the big question.

Either way is fine, but the couple should choose with what they’re most comfortable.

If they decide to pool their finances together into a joint account, they should practice serious financial discipline. If they decide to manage their own accounts, they should create a solid monthly budget.


3. Is Credit Repair Necessary?

Do one or both have debts that need to be settled?

Couples should be open about their finances, even the not so great parts. They should know each other’s credit rating to get an idea of how they stand if they want to buy a car, home, etc.


4. Organize Meetings

Stress the importance of having both spouses involved in finances. They should make money a frequently discussed topic.

If one spouse takes on the role of bill payer, they should regularly discuss what’s going on so the other spouse isn’t in the dark.


5. Plan for Crises

While everything may be great today, we all know that emergencies pop up.

The couple should discuss and agree on an approach to helping out friends or families who may be having financial difficulties. While the situation may never present itself, it can’t hurt to have a plan in place.


Post-Wedding Checklist

Wedding planning can be a whirlwind: visiting with old friends and family members, emotions are swirling; and it can be easy to get caught up in the dream of it all.

However, your clients have to come back down to reality eventually.

They will have quite a few things to do once the big day is over.

  • Change beneficiaries
  • Update an existing will — or start one
  • Calculate joint net worth
  • Review and update insurance coverage

After your clients say their “I do’s”, they should tackle this to-do list. Offer your clients advice, but let them know that these are things they should hammer out at home and have a clear idea of when they’re ready to meet with you.

At the end of the day, let your clients know that it’s most important to work together and don’t hide any assets. Being open and honest about their past and future financial goals is an important aspect of the marriage.


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Financial Planning for Newlyweds
Getting married isn’t just a big step for a client’s life, but can also be a game changer when it comes to finances. Prep your clients with these pre and post wedding checklists.

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