Getting married is a wonderful life milestone and one of the most significant financial choices you’ll ever make. It’s time to start wedding preparations, fill out your register, arrange your honeymoon, and have a passionate financial discussion.

Because Millennials and Generation Z are more concerned than ever with financial independence and security, couples are preparing ahead of time more than ever. When it comes to Millennials and marriage, financial uncertainty frequently serves as a “barrier to entry.” According to a 2018 Pew Research Center poll, 29% of Millennials who responded to the survey had delayed getting married because they thought they weren’t financially prepared.

Numerous expenses, some of them unexpected, are involved in being married. You’ll need to select a location, a caterer, a florist, and maybe a band or DJ, in addition to wedding attire. This is why having a strategy to save for them is crucial, so all the expenses that make getting married memorable don’t put you (or your family) in debt for years to come.

In this article, we will explain how much money you should save before getting married.

Consider discussing your finances with your future partner

Money and marriage are strongly connected. Before you walk down the aisle, make the initiative to have an honest conversation with your future partner regarding finances. You undoubtedly have a lot to talk about because modern couples tend to be more established in their employment before getting married, already having retirement funds, accumulated debt, or even a house. Remember that discussing money doesn’t have to be daunting if you’re feeling anxious.

Consider setting some restrictions and pledging to refrain from passing judgment throughout your conversation. The objective is to have an open, honest discussion about each other’s financial situation so you can make sure you are ready to be married financially.

Ensure you discuss the primary topics in any pre-marriage finance discussions such as the amount of debt you owe, savings, purchasing a house or renting one, future strategies for saving money, travel plans for the honeymoon, desire to have kids, and so on. With this knowledge in hand, you are prepared to estimate how much money you ought to have saved before getting married.

How much money should be saved before marriage?

The fact is that there isn’t a specific amount you need to have saved up before getting married. However, according to CNBC, the majority of financial experts concur that before getting married, each partner (i.e., you and your significant other) should have an amount of money saved equivalent to your yearly wage.

Therefore, if you make $70,000 a year and your spouse makes $60,000, the experts advise that before getting married, you should both have $70,000 in savings. The idea is that you can pay living expenses for a considerable amount of time while your partner looks for work if they lose their job unexpectedly (or vice versa).

It’s crucial to understand that when we refer to “savings,” we mean entire assets. Everything you own, including retirement savings, imputed income, paystub, and real estate assets, counts. If saving a year’s pay is out of the question, consider saving six to nine months’ worth of expenditures in an emergency fund.

Although this advice from the experts is a sound generalization, keep in mind that each person’s financial circumstances will be unique. The good news is that after having the “conversation” with your future husband, you should both be clearer on what your financial target should be before getting married.

Financial Advice for Couples

It’s best to start saving and preparing for marriage as soon as possible. You and your spouse can use the advice in this area to get ready for your future finances. These tactics should ideally be used before your interaction. If not, don’t panic; they will still assist you in saving money.

Make sure your finances are in order

Before getting married, many couples would avoid discussing money, but doing so can be problematic because past errors could have an impact on your future relationship. Before you say “I do,” get to know each other’s financial circumstances, including how many credit cards you both have and how you spend your money—including the types of items you both enjoy. It will be easier for you to decide how to combine your finances after you are married if you have a solid understanding of your partner’s spending patterns and financial situation.

Create a Budget

Making a budget doesn’t have to be difficult. Put everything on the table, including all of your invoices and records. Determine how much you will ultimately owe each month, how much money you will have overall, and how much will be left over once everything is said and done. Don’t forget to take any prospective honeymoon or wedding costs into account. The process may be completed swiftly with the use of software and autonomous trackers. Knowing where your money is going is also crucial to creating a budget since it helps you set spending limits. Before making such promises, set a cap on the amount of money each of you may spend without first asking the other.

Establish an emergency fund

According to recent research, 34% of Americans and almost 70% of Americans have no emergency savings at all.

You must organize your monetary position before you ever consider getting engaged. Because becoming engaged is just the beginning of a tsunami of incoming bills, including those for a wedding, a home, children, etc. Establish a strong emergency fund today so that you won’t have to worry later.

Some people recommend setting aside six to nine months’ worth of spending. Even if it seems complicated now, you’ll be glad you took the time to prepare a safety net before jumping into an engagement and, eventually, a marriage.

Try to save at least three months’ worth of expenses if you can’t manage six, but after you’re engaged, make sure you’re working your way up to six to nine months.

Saving for the wedding and additional expenses

Open a savings account as soon as you announce your engagement with funds designated for your financial objectives and anticipated costs. In general, many financial gurus advise setting aside at least 10% of your monthly combined income. If you’re saving for a wedding, you can think about increasing that amount so you can keep making your regular savings contributions and yet save money aside for the big day. You’ll probably still want to save some money, perhaps for a honeymoon or a down payment on a new house, even if you’ll have help paying for the wedding.

Consider having a financial date night

There’s no need to wait for things to go wrong to have a chat about money; it should be a healthy, continuing discussion. Set aside sometime each month to discuss future financial decisions, assign new money-related duties, and assess your progress toward achieving your objectives as a couple.


To sum up, make that any internal concerns about debt, savings, and other financial matters have been handled. Then, before getting engaged, make sure you and your potential husband have an honest discussion regarding money. This will contribute to ensuring a lifetime of mutual financial contentment.

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