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6 Surprising Financial Tips for Newlyweds

From planning the wedding to starting a family, some smart ways to manage your money together


1. Get married on a Thursday.
Here’s a look at the latest wedding trends, including who pays for what and how to save money.


2. Explore your compatibility—as investors.
As you begin to plan your financial future together, a good first step is understanding your different investment styles so you can work with an advisor to create portfolios that help you pursue your goals together.


3. Look for health care savings by comparing your health care plans at work.
Deductibles and out-of-pocket expenses may differ significantly. Consider your family's—and your spouse's family's—health history to help you pick the best plan for your new needs.


4. As soon as your first child is born, appoint a guardian and an executor.
Though you hope you'll never need one, picking the right guardian for your child could be one of the most important parenting decisions you ever make.


5. If you decide to take a career break to raise your child, have your spouse contribute to a spousal IRA.
You'll find insights here to help you decide whether you or your spouse can afford to be a stay-at-home parent. Start by asking your employers about their on- and off-ramp and paid family leave policies.


6. Going back to work after the birth of your child? You may be able to use a dependent-care flexible savings plan to help you cover day care or nanny costs. Doing so will help you reduce your taxable income—and you could redirect the money you save in taxes to a 529 college savings plan for your child's college.

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