Key tips on how newlyweds should organise their finances

A lot of recently married couples come in to see me about how to arrange their finances. There is something about the commitment of marriage that makes them now want to look at everything as a couple.  Here are my key tips on how newlyweds should organise their finances.

  1. Create a budget. How much will mortgage. electricity, gas, internet etc cost for the year. Then add 15%. Revise this at the start of each year.
  2. Open a household account. All household bills, mortgage and joint saving are paid from this account.
  3. Both parties don’t have to put in the same amount. It’s unlikely you will both be earning the same amount so it is unfair to expect the person on the lower salary to contribute the same.
  4. Build up an emergency fund. The amount that goes into it depends on how secure your job is. A civil servant will require less in the fund that someone who is self employed.
  5. If saving for a mortgage, have a “mortgage” account. Put money into this on a monthly basis and don’t make withdrawals. It will count against you.
  6. Your current account is your own. This is for you to spend on whatever you want.
  7. You may want a second, personal savings account. You can use this for saving for holidays, Christmas presents, car insurance etc.
  8. Be intentional with your saving. Put money away at the start of the month. If you wait to see what is left at the end of the month, it won’t happen.

You will have 6 bank accounts between the two of you. It sounds like a lot, but it’s not really. It’s only the start, over time, you will open up lots of different accounts and policies between you.

If you have any questions, please email me directly at