How To Make It to the Middle Class When You’re Married
Written by
Cindy Lamothe
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Chris Cluff
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The first step in any successful marriage is communication, and this holds true for financial matters as well. Research from H&R Block shows that many middle Americans aren’t married, with only 43% of millennials wed. This means you have to be especially proactive when it comes to moving up the socioeconomic ladder.
According to experts, transitioning from poverty to the middle class for couples will involve a strategic approach combining financial planning, career development and lifestyle adjustments.
“Climbing from humble beginnings to the middle class with your partner is like a strategic game plan,” said Paige Robinson, real estate investor and owner of House Buyers.
She says to start by setting clear goals together — think education, better jobs and saving up.
“Budget like a boss, stash some cash for things that grow in value,” Robinson explained. “Upgrade your skills whenever you can, and don’t forget to network! Stay committed to this journey, supporting each other along the way. Together, you’re not just building a bank balance, you’re building a brighter future.”
Below are more expert recommendations for making it to the middle class when you’re married.
Develop a Budget
As you work toward achieving your goal of becoming a part of the middle class, experts say one important step is to create and follow a budget as a way of helping you keep track of your expenses and ensure that you aren’t overspending.
Linda Chavez, founder and CEO of Seniors Life Insurance Finder says to start by listing all your sources of income, including any job or side hustle earnings, government assistance, or support from family or friends.
Then, make a list of all your expenses, including rent/mortgage, utilities, groceries, transportation costs, and any other necessary purchases. “Once you have a clear understanding of your income and expenses, you can make adjustments to ensure that you are not spending more than you earn,” she noted.
Prioritize Saving
“Saving money should be a top priority for anyone looking to improve their financial situation,” said Chavez. “No matter how small the amount may be, make it a habit to put aside a certain percentage of your income every month.”
She says this will not only help you build an emergency fund but also give you some financial cushion in case of unexpected expenses or job loss. Additionally, she says to consider investing in a retirement account even if you are young. “This will ensure that you have enough savings to support yourself in the future.”
Educate Yourself About Personal Finance
Many people from low-income backgrounds do not have access to financial education, said Chavez, which can make it difficult for them to manage their money efficiently. However, she notes there are plenty of resources available online and at your local library that can help you learn about budgeting, saving, investing and other important financial concepts.
“Take advantage of these resources,” she said, “and educate yourself about personal finance to make informed decisions about your money.”
Andy Chang, founder and CEO of The Credit Review, similarly advocates for focusing on financial literacy: “Increase your knowledge about managing money effectively.”
He advises to learn basic budgeting techniques and educate yourself on more complex investment choices.
“This enhanced understanding can result in significant economic gains over time.”
Increase Your Income
While budgeting and saving are important, experts say they can take you only so far when it comes to improving your financial situation.
“In order to truly make it to the middle class, you will likely need to increase your income,” Chavez said.
She says this can be achieved through a variety of ways, such as obtaining a higher-paying job, getting a raise or promotion, starting your own business, or developing additional skills that make you more valuable in the job market.
Surround Yourself with Successful People
“It is often said that we are the average of the five people we spend the most time with,” Chavez said. “Surrounding yourself with successful, hardworking individuals can motivate and inspire you to achieve your own goals.”
She recommends seeking out mentors or joining groups and organizations where you can meet like-minded individuals who are also working towards building a better financial future.
Maintain Regular Communication
It’s important for couples to openly and honestly discuss their financial goals, priorities, and concerns. Experts say this communication should include both short-term and long-term plans, as well as any potential challenges or obstacles that may arise.
“Consistently communicate with your partner about financial matters,” Chang urged. “You can strengthen your financial and marital health by dividing your financial responsibilities or working together on a shared budget.”
He said regular discussions help ensure that both partners are aligned toward financial goals. A key aspect of effective communication is listening, experts emphasize. Both partners should actively listen to each other’s perspectives and be open to compromise and finding solutions together. It’s equally important not to place blame or make assumptions, but rather to approach financial discussions with empathy and understanding.
Develop a Comprehensive Financial Plan
This includes setting short-term and long-term goals and should cover budgeting, saving, debt reduction, and investments, said Liam Hunt, finance writer for Gold IRA Guide. “Both partners need to be actively involved in this process.”
Second, he says to prioritize education and skill development.
“Investing in education and skill enhancement can open doors to better job opportunities and higher income,” he said.
This could mean pursuing additional certifications, degrees, or vocational training relevant to high-demand fields.
Third, Hunt recommends diversifying your career opportunities.
“Look for opportunities for career advancement in your current jobs or consider diversifying income sources,” he said, adding that this can involve one or both partners taking on additional work either through freelancing or starting a side business.
Lastly, Hunt urges couples to manage their debts. “Prioritize paying off high-interest debts, as this can free up more income for savings and investments.”
Consider strategies like debt consolidation or refinancing if they offer more favorable terms.
“Regularly review and adjust your financial plan to stay on track with your goals, accommodating changes in income, expenses, and life circumstances,” he advised. “Achieving middle-class status requires consistent effort, patience and teamwork as a couple. It’s a gradual process that involves making informed financial decisions, investing in personal and professional growth, and adapting lifestyles to align with financial objectives.”
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