Starting on the right foot
Getting married is a big step and planning for it can be a very
exciting time. But with so many things to work out, it is easy to
overlook how you will manage your money as a married couple. Taking
time to make a few simple decisions now will pay off for your
finances and your relationship in the long run.
Plan your wedding
Weddings can be very expensive. Our wedding infographic shows
the average Australian wedding costs over $36,000. But there are
lots of ways to keeps the costs of your wedding down without
spoiling the magic of the day.
wedding ideas - work out how much money you need, tools for
saving toward your goal and some simple ways to keep the costs
- Wedding saving and
budgeting - practical tips on how to make sure your big day
doesn't blow the budget .
Work out who is going to pay which bills. Being clear about this
means you won't incur late fees or accidentally pay the same bill
Relationships can run into trouble if
people have different saving and spending habits, so it's important
to decide whether you want to share a joint account, keep separate
accounts, or have both.
Having a joint account can make it easier to pay shared bills,
but there are risks with pooling all of your money
into one account.
Some couples prefer to keep their own separate bank accounts and
set up a joint account as well. This way, both partners can
transfer a set amount each payday into the joint account so there
is enough money to cover shared bills. This can be a good option if
you have very different incomes or if you just want your own
Some people simply keep their own separate bank accounts and
work out who is responsible for each type of payment, rather than
setting up a joint account. Every couple is different, so talk to
each other about which system will work best for you.
See our page on joint bank accounts for more
Discuss your financial
People sometimes don't realise that their partner has completely
different financial goals to them. For example, one person may
think paying off the mortgage as soon as possible is the most
important goal, while the other wants to save money for an overseas
The best thing to do is sit down and work out the goals you want
to save for together. Whatever your plans are for the future, talk
about them with your partner so you are both clear on what you want
and when. Then you can work together to achieve your goals.
Work out how long it will take to meet your savings targets.
Savings goals calculator
Organise your will, insurance
Now that you're officially a family, anything that happens to
you will directly affect your partner. So it is important to update
your will, insurance policies and superannuation to reflect your
new married status.
The single best thing you can do to keep your
finances on track as a couple is to keep talking to each other. By
having regular conversations about your bills and your savings, you
will both know whether you're on track to achieve your goals, or if
you need to work together to adjust your plans.
Last updated: 09 Aug 2017