8 Money Tasks Couples Must Do Before Getting Married

Updated: May 11, 2024

Getting married means more than just committing to love one another. It also means accepting the duty to work together as a team in tackling the financial obligations of the family.

Talking about money is a must for engaged couples. Planning for a wedding is not as important as planning for your future, so don’t skip these tasks before you say “I do”.

1. Learn each other’s financial personality.

People can be spenders, savers, or a varying combination of both. Learn the financial habits of your fiancé, and talk about how both can adapt to each other’s financial personality.

Learn how each handles money, and find ways to correct one another’s bad habits, cooperatively. Always remember that you are a team, so help each other become better at handling money.

2. Have a financial check-up.

Be honest about your financial status. Tell each other the number of assets and liabilities that you have individually.

More importantly, assess your income and estimate your future monthly living expenses. Work on it together and prepare for lifestyle changes, if necessary.

3. Tackle debt issues immediately.

Know how much debt each of you has. And create a plan on how they will be paid. If one has a big debt problem, it would be better to handle that first before planning for your wedding.

4. Assess the family financial situation.

Are any of you a current breadwinner for your own family? Is anyone financially supporting a sibling, a parent, and/or a relative? If so, how will the marriage affect this?

Openly and honestly talk about the situation. Set rules and find common ground, which will create a win-win situation for both the couple and each other’s family.

5. Manage your bank accounts.

Personally, I believe that apart from having a joint bank account, each one should still keep a separate, individual bank account.

The joint account is where both will contribute regularly. The money in here is exclusively for the family’s expenses. Meanwhile, the individual bank account is for discretionary spending and can be from a small portion of each one’s salary.

6. Get proper insurance coverage.

You may have skipped getting life insurance when you were single. But once you get married, having this type of financial protection becomes a priority.

If you have existing policies, then it’s important to update your agent about the upcoming change in your civil status. You can add your spouse later on to the list of beneficiaries and if necessary, get additional coverage.

7. Set financial goals.

Creating a life together means working on the same goals. Give your family a great start by setting financial goals that matter to both of you the most.

By doing so, you can then prepare your finances accordingly. In this way, you’re ensured that both of you are on the same path when it comes to managing your income and making spending decisions.

8. Be financially educated.

Married life will have many financial challenges. And there’s no better time than now to prepare ahead through financial education. Attend seminars together. Learn and teach each other about money.

And best of all, what you’ll learn, you can then teach your kids someday and help them grow up with good money habits.

What to do next: Click here to start your financial journey with IMG Wealth Academy


  1. My wife and me had spent years adjusting our budgeting strategies. It often posed a lot of challenges, but our habit of saving a portion of your net income really paid off. In fact this is an old habit of mine ever since I attained teenage.

  2. I truly appreciate the insights from this blog, I have learned a lot since subscribing. I am over six years into my Semi-retirement in the Republic of the Philippine Islands. Almost three years into my second marriage, having lost my first bride to breast cancer 14 years ago. I see the fiances of marriage as a learning and bonding process as you support each-other in all things and after some time, complete the master financial plan. Perhaps it is because I am American that I think differently about money? Perhaps I think different because of growing up in my Grandparents home where I constantly heard about Great Depression living and WW 2 with ration stamps and all the hardships of that generation. I never did what many other American kids my age did. I am a confirmed saver!! I now see my second beautiful bride (she is Filipino) “borrowing” some of my habits and making them her own. We had “the discussion” on finances as mentioned in the article and I am so happy to say, we have NEVER argued about money matters. Life is getting better and better each day!

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