Financial Planning Tips Every Couple Should Know

Summary: Financial planning is essential for couples who want to build a stable and secure future together. From setting shared financial goals to planning for retirement, this article uncovers seven tips couples can follow to make informed money decisions and strengthen their financial foundation and journey with confidence.

Let’s be honest—talking about money as a couple isn’t always the easiest conversation to have. Whether you’re figuring out how to handle debt, preparing for retirement, or planning for unexpected future costs, it can feel overwhelming.

But financial planning for couples doesn’t have to be stressful. With clear communication and teamwork, you and your partner can handle your finances in a way that supports your goals and keeps you both at ease.

1. Have “money meetings” (Not just one-off conversations)

Talking about money occasionally might seem like enough, but having regular money meetings with your partner can help you both stay on top of your finances and prevent surprises. It’s important to set up monthly or quarterly check-ins to review your income and expenses together, and progress toward your financial goals. This is an essential part of budgeting for couples.

Instead of just focusing on the numbers, take this chance to figure out what’s important to both of you and make changes if needed. Use a shared Google Sheet or an expense tracking app to keep track of your expenses in real time, so you both stay updated as things change.

Key discussion points to cover:

• Are there any major expenses coming up we need to plan for?
• Are we on track with our savings goals, or do we need to adjust?
• Should we tweak our budget because of income changes?

Pro tip: Keep the meetings fresh by rotating the meeting hosts. This way, both partners stay engaged and feel more involved in the process.

2. Combine finances strategically

The debate over whether to have joint or separate accounts often feels like a black-and-white decision. But the truth is, a hybrid approach can give both partners the flexibility and security they need. Rather than choosing one extreme, consider setting up a system that works for both:

• One joint account for shared expenses (rent/mortgage, utilities, groceries, etc.).
• Two individual accounts for personal spending and financial freedom.
• A savings and investment account for big expenses like a house down payment, vacations, or an emergency fund.

This approach allows you to manage your day-to-day living expenses as a team, while still preserving financial independence for personal spending. It’s also a key piece of financial advice for married couples who want to balance shared responsibilities with individual financial autonomy.

Actionable tip: Make automatic transfers to each of your accounts for bills, savings, or personal spending. This is one of the best ways to budget as a couple—it eliminates the stress of deciding who pays for what each month and keeps you both on track toward your financial goals.

3. Pay off debt with a two-person strategy

Debt can feel like a weight on couples, especially if one partner carries more of the financial responsibility than the other. The best way to handle it as a couple is to tackle it together with a clear plan. When you combine your efforts, you not only share the burden but also create a unified approach to eliminating debt.

Use a debt-ownership plan to divide and conquer. Assign specific debts to each partner based on their income, expenses, and strengths. One partner can focus on high-interest debt (e.g., credit cards), while the other tackles long-term debt (e.g., student loans). This way, you can be more efficient and strategic in paying down your debts.

Pro tip: If you’re engaged or newly married, take the time to review your credit reports together.⁽¹⁾ This will help you spot any financial red flags and create a clearer picture of what you’re both dealing with, so you can build a more solid financial foundation as a couple.

4. Build an emergency fund based on your risk level

While the traditional advice says to have 3-6 months of expenses in an emergency fund, this isn’t a one-size-fits-all. Your emergency fund should be tailored to your specific situation—what works for one couple might not work for another.

Adjust your emergency fund depending on factors like job security and dependents. For example:

• If you have a stable job and few dependents, aim for 3-months’ worth of expenses.⁽²⁾
• If you’re a freelancer or self-employed with kids, aim for 6-12 months’ worth of expenses to ensure you’re covered in case of unexpected financial challenges.

Pro tip: Keep your emergency savings in a high-yield savings account to earn interest while keeping your funds safe from market fluctuations. This way, your savings are working for you without taking on unnecessary risk.

5. Maximize couple benefits for retirement and investments

When it comes to retirement and investments, it’s all about teamwork. If one of you has better employer benefits, optimize them together.

Take a closer look at these areas to make sure you’re both covered:

• Health insurance: Compare your options carefully. If one of you has a better plan, it might make sense for that person to be the primary coverage.
• 401(k) matching: Make sure you’re both taking full advantage of employer contributions, especially if one plan offers a higher match.
• Spousal IRA: If one of you doesn’t work, consider contributing to a spousal Roth IRA. This way, you can still build tax-free retirement savings for that partner.

Pro tip: Consider a tax diversification strategy, where one partner can focus on Roth accounts (tax-free withdrawals later) while the other puts more into traditional 401(k)s (which can lower taxable income now).

6. Get the “right” amount of life insurance

Life insurance isn’t a one-size-fits-all product. It’s crucial to get the right coverage based on your specific financial responsibilities, especially if you have dependents.

A good starting point is to multiply your annual income by 10 if you’re supporting others. But don’t stop there—use the DIME formula to fine-tune your needs:

• Debt: What do you owe? Include credit cards, loans, etc.
• Income replacement: How many years will your family need support?
• Mortgage balance: Will your spouse or kids be able to stay in the home?
• Education costs: If you have kids, think about their future tuition needs.

Pro tip: If you’re carrying a mortgage, consider term life insurance. It’s affordable and only covers you for the years you need it—like while your kids are still at home and your mortgage is still a factor.

If you’re unsure about the right amount of coverage or which policy to choose, a financial professional can help tailor a plan to meet your specific needs. They can assess your family’s unique situation and recommend the best approach.

7. Protect your relationship with a financial agreement

Money is a common source of tension in relationships, but it doesn’t have to be.⁽³⁾ The key is setting clear expectations and agreeing on a plan from the start. A financial agreement can help protect both partners, ensuring that there are no surprises down the line.

Types of agreements to consider:

• A financial plan: Having a solid plan for saving, investing, and budgeting can prevent money-related conflicts. A financial professional can help you create a strategy that works for both of you.
• Prenup/postnup: These agreements outline how assets will be divided in case of a divorce and clarify each partner’s financial responsibilities.
• Estate plan: Having a will, power of attorney, and beneficiary designations will help to ensure that your wishes are followed in the event of an emergency.
• Financial exit plan (for business owners): If one or both partners own a business, it’s essential to have a plan in place for how the business will be managed or divided in the event of separation.

Pro tip: Be proactive about updating your financial agreements as your life evolves—when major life changes happen, such as buying a home or having children, it’s time to revisit these documents. A clear financial plan will help prevent misunderstandings and keep your relationship strong.

Turn financial planning into a relationship strength

The strongest couples treat finances like a team sport—working together toward their shared goals. When you’re aligned on money matters, it strengthens your bond and sets you up for a more secure future. By scheduling regular financial check-ins, using smart automation, and creating a solid financial strategy, you can reduce stress and build wealth faster.

Remember, it’s not just about the numbers—it’s about building a life together with a strong financial plan as a couple. If you are overwhelmed or need some guidance, Mutual of Omaha can help. Consider speaking with one of our financial professionals to help you design a financial plan tailored specifically for you and your loved one.

Frequently Asked Questions

Q1: How often should couples talk about money?

Couples should talk about money at least once a month—but quick weekly check-ins can help catch small issues before they turn into big problems.

Q2: What’s the best way to split expenses as a couple?

There’s no one-size-fits-all answer, but many couples find that splitting expenses proportionally to income keeps things fair. Others prefer a 50/50 split if incomes are similar.

Q3: When should we get life insurance?

If you share financial responsibilities—like a mortgage, kids, or joint debt—it’s time to consider life insurance. The sooner, the better, since younger, healthier applicants may get lower rates.

Sources

1. Federal Trade Commission. “Free Credit Reports“ July, 2022
2. CNBC Select. “How Much Should You Really Save in an Emergency Fund?“ October, 2024
3. “Marriage-Killing Money Issues“ September, 2024

 

Disclosures:

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc.,

Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.  Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.

All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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