Banking, brokerage,
business, or trust:
 Newsroom print   |  font size: A A A A   |

News Releases

<< Back 

Wedding season means newlyweds face financial 'adjustments'

Couples face daunting task in aligning financial attitudes and goals


MINNEAPOLIS (June 30, 2009) – More than 2 million couples will wed this year in the United States, an average of more than 6,000 weddings per day. But after “I do,” it takes real adjustments for loving newlyweds to establish mutually agreeable financial actions and goals.

As most newlyweds soon learn, love may unite hearts, but it won’t pay the rent. It takes effort, communication and time for newlyweds to adjust to their new financial lives as husband and wife.

For example, what if he’s a spender and she’s a saver? Or what if she loves “plastic” but debt gives him ulcers? What’s a couple to do?

Communication is key. It’s essential that couples discuss their financial attitudes, upbringing and values. This won’t necessarily resolve differences that exist between partners, but it will enable each to understand the values of his or her mate. Working from these values, couples can begin to identify mutually acceptable short-term and long-term financial goals.

Once those priorities are in place, many financial experts say newlyweds should create a budget. This is a perfect tool for monitoring income and expenses, and for directing resources toward a couple’s real priorities. By committing their goals to a very specific budget, newlyweds can begin seeing their financial dreams take shape.

Even with a budget, couples will need to determine “Who does what?” There is no one answer to who should pay the bills, balance the checking account or make investment decisions. Similarly, personal preference may dictate if couples should utilize joint or separate accounts, or if they should split bills evenly, by percentage of income or by dollar amount.

Each husband and wife brings different abilities, interests and experiences to the task of money management. These should be considered when determining the “who and how” of a couple’s financial responsibilities.

Common financial challenges for many newlyweds include:
  • Paying off student loans, wedding/honeymoon debt, and credit card debt.
  • Starting or increasing their emergency fund.
  • Adequately insuring their health, property, income and life through insurance.
  • Saving for retirement.
  • Determining how, and how much, to give back to others.

So how can a couple successfully address these weighty financial matters without going bonkers? Thrivent Financial, a not-for-profit financial services organization, offers these suggestions:
  • Talk it out, don’t have it out. When it comes to money, you will have differences of opinion. Resolving those differences in a positive, understanding manner is the key to financial harmony. Communicate (frequently) and keep your cool.
  • Go on a “money date.” At least monthly, get away from “the normal” to discuss your financial goals and your joint financial performance. This must be an uninterrupted time when you can discuss your priorities, income, expenses and budget. If necessary, make adjustments to your plan.
  • Avoid the credit crunch. Couples can avoid relying on credit for unexpected expenses by saving a regular percentage of their income each month. Saving takes discipline, but its value is apparent by the time the first financial emergency occurs.
  • Vow to follow through. Husbands and wives have a responsibility to share philosophies and talk openly about financial challenges – but that’s just the first step. It is important to take action toward achieving your mutually agreed upon financial goals.
  • Visit a financial professional. Financial professionals can help couples create a stable foundation on which to build a marriage. Receiving advice from a financial expert can help couples manage their finances as a team.

Getting settled in to life as a married couple takes time, patience, and communication. The same is true of one’s financial life. Commitment and communication are the keys to a financial happily ever after.

To learn more about how newlyweds can establish a sound financial foundation, visit 10 Tips for Newlyweds.

About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com.

Thrivent Financial representatives are registered representatives for securities offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836), a registered broker-dealer and investment adviser, and a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA and SIPC. They are also licensed insurance agents of Thrivent Financial.

Insurance, investment products, securities, and trust and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, securities, and trust and investment management accounts may go down in value.

-END-
200902147


Contact Information:
   Brett Weinberg
Director, Public Relations
brett.weinberg@thrivent.com
Phone: (612) 844-4272
   Dave Rustad, APR
Senior Media Relations Specialist
dave.rustad@thrivent.com
Phone: (612) 844-7037
   Stacy Eckes-Borys
Senior Media Relations Specialist
stacy.eckes-borys@thrivent.com
Phone: (920) 628-2445

 

 

Find us on Facebook

Follow us on Twitter

 

Appleton Office:
4321 N. Ballard Road
Appleton, WI 54919-0001 USA

Minneapolis Office:
625 Fourth Avenue S.
Minneapolis, MN 55415-1624 USA

Contact Us
800-THRIVENT
(800-847-4836)

ABOUT SSL CERTIFICATES

VeriSign

Dalbar

Insurance products issued by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial.

Bank products and trust services are offered through Thrivent Financial Bank, (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, securities, investment advisory services, and trust and investment management accounts are not deposits, are not guaranteed by Thrivent Financial Bank, are not insured by the FDIC or any other federal government agency, and may go down in value.