Marriage marks the beginning of a new chapter, filled with excitement, dreams, and shared goals. As newlyweds, it’s natural to want to enjoy life together—whether it’s travelling, decorating your shared home, or planning for the future. However, building a strong financial foundation early on is just as important as making memories. From saving for a house deposit to buying a car or preparing for retirement, many of life’s biggest milestones come with a price tag. The good news? With smart planning and teamwork, you can start growing your nest egg without sacrificing the joy of your new life together.
With this in mind, it’s important to look at ways to save money as a newly married couple so that you can work toward building a nest egg for your future. You need to consider everything from how you can cut day-to-day costs to whether you can get benefits, such as tax benefits (you can use tools like this free marriage tax calculator to help with this).
In this article, as part of our post-wedding tips, we will provide some tips on how to build a nest egg as a newly married couple.
Steps You Can Take
You can take various steps to save money for your future when you get married. Some of these are:
Set Financial Goals
In order to start building your nest egg, it is important to set financial goals together as a couple. Even if you each had financial goals individually when you were single, once you’re married, these can change. So, take some time to sit down, go through what you want to achieve financially, and start making a plan to help you reach your financial goals. This could include creating a joint budget and looking at both short and long-term objectives.
Make Cutbacks
Making cutbacks is one of the most basic steps to take if you want to start putting money aside. With two of you contributing to the nest egg, you can both look at ways to cut your spending wherever possible. This means going through your individual or joint accounts with a fine-tooth comb to weed out unnecessary payments. Whether it’s subscriptions you no longer need, downgrading mobile phone plans, or reducing the amount you spend on eating out, there are plenty of ways to reduce your expenses.
Look at Investing
It’s also important to look at potential investments that could help your money grow as a couple. Rather than just putting your money into a basic savings account, check out other options that make your money work for you. This could include mutual funds, retirement accounts, and real estate. Contribute to retirement accounts like 401 (K) or an IRA as early as possible to make the most of their benefits.
Avoid Unnecessary Debt
Some debt is unavoidable as you build your future together, such as a mortgage if you are buying your own home. However, to build your nest egg, ensure you both avoid unnecessary debt. While splashing the cash on a credit card might be fun at the time, you end up paying the price financially once the interest hits. Stick to spending within your means and allocate as much as possible toward savings.
