How much money should you have before getting married?

Marriage is a significant milestone in one’s life, filled with love, commitment, and shared dreams.

As unromantic as it may seem now, it’s also important to take into account the financial aspects of marriage be fore tying the know.

If you’re wondering ‘How much money should you have before getting married?’ it won’t surprise you to know that there’s no “set” answer – since everyone is different.

But, we can still look at some factors and financial goals to consider for your specific circumstance – such as financial stability, savings, budgeting, the importance of financials – to see how much money you should have prior to your marriage.

Let’s take a look.

Should You Be Financially Stable Before You Get Married?

Financial stability is crucial for a successful marriage, because it lays the foundation for a secure future.

While it’s not mandatory to have achieved complete financial stability before getting married – otherwise, not very many of us would ever get married – it’s essential to look at your financial situation honestly.

Both you and your partner should have a stable income, a manageable level of debt, and a clear plan for handling finances together. Otherwise, marriage may just make an even bigger mess of things.

How Much Money Should a Couple Have to Get Married?

The answer to this question of course depends on each couple’s specific circumstances.

So we’re not looking at a specific dollar amount, but rather a consideration of various factors.

Important factors to consider include:

Wedding Expenses

Weddings can be costly affairs, so it’s important to budget for wedding-related expenses such as venue, catering, decorations, and attire.

Emergency Fund

It is wise for a couple to have an emergency fund to cover unexpected expenses or financial difficulties that may arise after marriage.

Debt Situation

Couples should evaluate their combined debts, such as student loans, credit card debt, or car loans, and determine how they plan to manage and pay off those debts together.

Savings for Future Goals

It’s beneficial to have savings for future goals such as buying a house, starting a family, or pursuing higher education.

Income and Expenses

The couple should have a clear understanding of their combined income, regular expenses, and how they will manage their finances jointly.

How Much Money Should You Have in the Bank Before You Get Married?

While there is no set number that applies universally, having some savings before getting married is only going to help set you up for success.

A general rule of thumb is to aim for at least three to six months’ worth of living expenses saved in an emergency fund.

This fund acts as a safety net during unexpected financial challenges, such as job loss or medical emergencies.

And if you’re able to have more – have more! But as long as you have a plan in place to save and you are familiar with your financials, don’t sweat it if your savings is small.

Do I Need to Have a Budget Set Up Before I Get Married?

While “need” is a strong word – we highly recommend you and your spouse having a budget set up prior to getting married.

A budget helps you and your partner track income, expenses, and savings goals effectively. It ensures transparency, promotes financial discipline, and fosters healthy money management habits.

Collaboratively setting up a budget can also serve as an opportunity to discuss financial priorities and plan for shared financial goals.

And just know – it’s not set in stone. It’s okay for budgets to change. But you’ll never know if it needs changing or not unless you start and try it out for a few weeks or months, first.

There’s a lot of free or cost-effective apps out there too, to help you and your spouse-to-be set up your first budget, if you need help getting started.

How Important Are Financials for Marriage?

Financial compatibility is definitely a big component for a successful marriage.

Disagreements over money matters are among the leading causes of marital stress and conflict.

By being open and honest about finances, setting shared goals, and working together as a team, couples can navigate financial challenges and build a strong foundation for their relationship.

And, if you want to keep your finances separate – go for it! Just have that conversation upfront, so you both know where bills and things are being paid from and how.

Remember: communication is crucial in any relationship, especially in a marriage, and open communication about finances will ultimately set you up for success.

Final Thoughts

While there is no fixed amount of money you should have before getting married, it is crucial to be financially responsible and transparent with yourself and your future spouse.

Assessing your financial situation, discussing financial goals, and creating a budget together are all essential steps towards building a solid financial future as a couple.

Remember, marriage is not just a romantic commitment; it’s also a partnership where financial decisions play a significant role in shaping your shared life ahead.