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M.A. Kluemke and Associates

Financial planning for newlyweds

If you are recently engaged and preparing for your wedding, you’ll be planning your life together as a married couple in so many ways. One of the major changes you will need to address is what you want your financial future to look like, together.

It’s important to set your financial priorities as a couple. Know what each of you wants. One of you may want to purchase your dream home, while the other may want to focus on saving for retirement. Seeking the support of a financial advisor will help you set your priorities so you can make decisions together. It is extremely important for both of you to be on the same page where money is concerned.

Ensure that you discuss your finances on a regular basis. Discussing money is never easy, but you need to be comfortable talking about debt, bills, savings and goals in order to secure your financial future. It is vital that both of you know where you stand financially and that you also have common financial goals.

With the expense of a wedding, the honeymoon, perhaps your first home as a married couple; the costs add up and saving takes a backseat. However, it’s important to save just a little bit each month to get you back on track. Try taking 10% of your combined income each month and putting it away in an emergency account before investing in a retirement account that may limit access to your funds. Once your liquid savings is sufficient, it may be time to ensure your retirement savings is on track.

Address any debt that you have as a couple; if debt existed before you married your credit rating can be negatively impacted. In addition, you are likely paying interest charges and other fees. Make a plan to address your situation.

Be realistic about your situation as there may be some tough financial times ahead. The purchase of your first home together, starting a family, or perhaps launching a business venture, all of these actions will impact your finances in a big way.

Whatever you do, make sure you are open with one another about your finances, about your debt, credit score and the stability in your job. Keep in mind; your family backgrounds could influence your feelings about money as well. As a newly married couple, communication is key. Make sure you are on top of your finances now and that you are planning for a successful financial future.

 If you need help or have questions, please call us for at 217.679.1043 or e-mail

By Mark Kluemke

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck