Tue Sep 10 2024, by Tyler Gardner

3 Essential Financial Steps to Take Before Getting Married

If you are thinking of getting married, here are the three most important financial steps you need to take today. I'm Tyler, a former financial advisor and portfolio manager, and now I make financial content to share my knowledge for free.

Step 1: Open a High Yield Savings Account

Commit 5% of every paycheck going forward to a high yield savings account until you have six months of living expenses saved up. This will act as your 'it's okay if it hits the fan' account. Given that the US divorce rate is still over 40%, it’s smart to hedge that bet.

Step 2: Stay Involved in Financial Discussions

Even if you feel unskilled in money management and investing, it is crucial that you do not let your partner control the finances. You must be involved in every conversation regarding assets, investments, passwords, and login information. Your partner should support and empower you to make these financial decisions.

Step 3: Have the Hard Money Conversation Early

Discuss whether you will have shared accounts. Money continues to be the number one cause of divorce in America. It is always better to have important financial discussions early on when things are good rather than waiting until they potentially become contentious.

If any of this advice is helpful, please like and follow for more tips as I strive to help you get one step closer to financial security.

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