Money Smarts Blog

Whether you’re still happily dating, newly married or have been in it for the long haul, money is a big part of your relationship.

We caught up with two IHMVCU members in various stages of life to see how they navigate financial challenges.

Tyler & Makenzie

Engaged and buying a home

Both Tyler and Makenzie recently lived with their parents, allowing them to build up a nest egg that helped them make the down payment on their first home together. Paying down each of their student loan debt is the next financial burden they’re committed to tackling together.

As they prepare for their upcoming wedding, they’ve also discussed having a joint bank account for monthly expenses, but also having separate accounts with a monthly “allowance” that each can spend as they wish.

In their words ...

“There should be as few surprises financially as possible when going into a marriage. I’m thankful I found a partner who likes to communicate about everything in advance. However, there have been disagreements related to the wedding planning. I’m trying to keep as much money in the bank for unexpected home repairs and other emergencies, but I also want to give Makenzie the wedding of her dreams. So, the balance of the two is important and having someone who likes to talk both sides helps.” — Tyler

Andrew & Jami

Married nearly 16 years

Saving for retirement wasn’t a big priority for Andrew and Jami until they started a family several years into their marriage. Since then, they make sure to pay themselves first directly into a savings account before paying other obligations and adjusting their budget as necessary. Their saving strategy has allowed them to afford a home, family vacations and they’re working toward early retirement to travel. As parents, they’ve taught their two kids the value of saving, the concept of borrowing and making sure they know to be prepared for the unexpected.

In their words ...

“Early in our marriage, we didn’t have a financial ‘cushion’ and mistook credit as cash. This was a bandage and not a solution. We had to work harder at budgeting and being disciplined about what was a necessity versus a luxury. It took time, but we managed to work out of the situation and get back on track. It’s so hard to not ‘keep up with the Jones’ at times, but we always think of our retirement goals and know that how we’re budgeting is working and just keep moving forward.” – Andrew

 

PRO TIP: Commit to a monthly check-in with your partner so you both have a current snapshot of your family finances. Make it a standing date, like the first Monday of each month, and order your favorite takeout or pizza to keep it fun and casual. Be sure to review recent bills, budgets, goal progress and setbacks (this information is especially important to share if you don’t have the transparency of a joint account). Don’t forget to set a timer to keep you focused.

Whether you’re still happily dating, newly married or have been in it for the long haul, money is a big part of your relationship.

We caught up with two IHMVCU members in various stages of life to see how they navigate financial challenges.

Tyler & Makenzie

Engaged and buying a home

Both Tyler and Makenzie recently lived with their parents, allowing them to build up a nest egg that helped them make the down payment on their first home together. Paying down each of their student loan debt is the next financial burden they’re committed to tackling together.

As they prepare for their upcoming wedding, they’ve also discussed having a joint bank account for monthly expenses, but also having separate accounts with a monthly “allowance” that each can spend as they wish.

In their words ...

“There should be as few surprises financially as possible when going into a marriage. I’m thankful I found a partner who likes to communicate about everything in advance. However, there have been disagreements related to the wedding planning. I’m trying to keep as much money in the bank for unexpected home repairs and other emergencies, but I also want to give Makenzie the wedding of her dreams. So, the balance of the two is important and having someone who likes to talk both sides helps.” — Tyler

Andrew & Jami

Married nearly 16 years

Saving for retirement wasn’t a big priority for Andrew and Jami until they started a family several years into their marriage. Since then, they make sure to pay themselves first directly into a savings account before paying other obligations and adjusting their budget as necessary. Their saving strategy has allowed them to afford a home, family vacations and they’re working toward early retirement to travel. As parents, they’ve taught their two kids the value of saving, the concept of borrowing and making sure they know to be prepared for the unexpected.

In their words ...

“Early in our marriage, we didn’t have a financial ‘cushion’ and mistook credit as cash. This was a bandage and not a solution. We had to work harder at budgeting and being disciplined about what was a necessity versus a luxury. It took time, but we managed to work out of the situation and get back on track. It’s so hard to not ‘keep up with the Jones’ at times, but we always think of our retirement goals and know that how we’re budgeting is working and just keep moving forward.” – Andrew

 

PRO TIP: Commit to a monthly check-in with your partner so you both have a current snapshot of your family finances. Make it a standing date, like the first Monday of each month, and order your favorite takeout or pizza to keep it fun and casual. Be sure to review recent bills, budgets, goal progress and setbacks (this information is especially important to share if you don’t have the transparency of a joint account). Don’t forget to set a timer to keep you focused.