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When Your Money Gets Married Too

HOUSTON, Sept. 22, 2015 — Wedding bells are in the air. According to popular wedding planning website The Knot, September and October are among the most popular months for weddings in the U.S. Getting married is a big decision, and couples need to be prepared for all the life decisions that come after the “I dos.” That includes important financial considerations. 

“Getting married is a joyous time, but it’s important to make sure the excitement of the wedding doesn’t overshadow the reality of joining your lives,” said John Klipka, retail executive for Cadence Bank. “Managing your money together is often a source of tension for newlyweds, but it doesn’t have to be. A little financial planning can help ease the stress and set a positive foundation for your marriage.”

Cadence Bank offers these tips to help newlyweds start out on the right track financially:


  • Put it all on the table. It’s important to be honest with your spouse about your financial situation. Discuss both partners’ income, expenses, debts and assets. The first step in financial planning in knowing what you have to work with.

  • Decide how to set up your accounts. Going from individual accounts to a joint account can seem overwhelming, but it doesn’t have to be all-or-nothing. A combination of separate and joint accounts can help newlyweds maintain some autonomy as they learn to be a couple with their money. A joint account makes sense for shared living expenses, while individual accounts allow for a measure of freedom with discretionary spending. 

  • Create a realistic spending plan. Budgets can be intimidating. The first step is determining the essential expenses that you need to be prepared to cover each month. Not sure where your money is going? Track your spending for a month or two using a personal financial management tool that categorizes your expenses from housing, car payments and utilities to groceries, insurance and entertainment. A clear picture will help you decide how much you need to put in your joint account and how much you can put in your individual spending accounts.

  • Set savings goals together. Whether it’s saving up to buy a house or just a bigger television, working toward joint goals can make it easier to stick to your budget. Consider both short-term goals, like a tropical vacation to celebrate your first anniversary, as well as long term goals such as buying a new car or starting a family. 

  • Plan for the unexpected. One of your first goals should be to set aside enough money for three to six months of living expenses. No one likes to think about issues like medical emergencies, home maintenance, car repairs or accidents, but these are just a few of the reasons why you need cash reserves in savings. 

  • Protect your investments. Purchasing insurance for your home, property and life can help offset the impact that unexpected events can have on your savings. It’s also a good idea to review your health insurance and any short or long-term disability insurance you may have to make sure the coverage still meets your needs.  

  • Secure your future. Retirement may seem like a long way off for most newlyweds, but the earlier you plan, the more your money will grow. Contributing to workplace retirement accounts is a great place to start, especially if your employer matches your contributions. 

Financial discussions can be difficult, but with open communication and early planning newlyweds can start off on the right financial footing. After joining your lives in marriage, talk with a banker or financial advisor about how you can make comingling your finances an equally blissful experience. 

About Cadence Bank

Cadence Bank, N.A., based in Birmingham, Ala., is a $5.7 billion bank with more than 100 locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 126 years of financial expertise, Cadence serves commercial and consumer clients with a full range of innovative banking and financial solutions designed to keep pace with their lives. These products and services include commercial and consumer banking, small business banking, treasury management, international banking, specialized lending, commercial real estate, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer loans, mortgages, home equity lines and loans, and credit cards. Cadence Bank and its affiliates, Linscomb & Williams and Cadence Insurance Agency, are wholly owned subsidiaries of Houston-based Cadence Bancorp, LLC. Additional information about Cadence Bank is available at Cadence Bank, N.A. Member FDIC. Equal Housing Lender.

Contact Information: 

Danielle Kernell

Cadence Bank, N.A.
713-871-4051 direct | 713-392-7709 mobile

[email protected]

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