8 Money Moves Every Couple Should Make in 2024
Written by
Cindy Lamothe
Edited by
Susan Kim
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Managing finances as a couple can get tricky and challenging. Especially if you transition from single to married or vice-versa, there are some aspects of your finances that you should pay attention to.
“I highly recommend couples to plan their financial future together in 2024,” said Paige Robinson, real estate investor and owner of House Buyers. “After all, money may not buy happiness, but it can surely bring peace of mind and stability to your relationship.”
Likewise, Andrei Vasilescu, co-founder and CEO of DontPayFull, says 2024 is the perfect time for couples to team up and get smart about money.
“Instead of arguing about finances, it’s all about working together,” he explained. “Here’s how we’re doing it. First, we’re going to sit down and talk about our big dreams and goals. It’s like making a wish together, not just on our own.”
Below are some more of the top money moves experts recommend couples should make for the new year.
Create a Budget Together
One key advice Robinson highly suggests for couples is to set a budget and stick to it.
“This may sound simple, but it is crucial in achieving your financial goals and avoiding unnecessary arguments about money,” she said. “Make a plan to save for big purchases, invest for your future and have some fun money for date nights and adventures.”
She says that by having a budget in place, you and your partner can work toward financial success together.
Similarly, Christopher William, a CPA finance expert and founder of Balanced News Summary, says a budget allows couples to plan their spending and financial goals in advance, and gives them a better understanding of where their money is going and how much they can save.
“It also helps them to prioritize their expenses and set aside money for their future,” he said.
Apply the 50/30/20 Rule
Stefan Campbell, business expert and owner of The Small Business Blog, suggests using the 50/30/20 rule.
“It’s a common piece of advice we’ve all heard. But now you’ll need to recalculate this rule based on the income of both individuals,” he explained. “Basically, your investing proportion should increase as a couple and expenses should come down because now you’re living together. You’re not paying double rent, double electricity bills or double food expenses.”
He said to try to minimize the expenses that you’re paying and become consistent with 20% of the salaries of both individuals directed toward investing.
Create an Emergency Fund
One of the biggest things experts highlighted was the need for couples to set aside money that could cover at least three to six months of living expenses. This, they say, will provide an important financial safety net.
“It’s never too early to start planning for the future,” said Andy Chang, founder and CEO of The Credit Review.
For your emergency fund, he suggests contributing to a high-yield savings account which earns a higher interest rate than traditional savings accounts.
Tackle Debt
“If the plan is to pay out your debt as quickly as possible, then work out which is the most expensive debt to pay off in terms of interest rate,” said Dionne Lee, financial coach and CEO and director of A Woman Inspired.
Once you do that, then she recommends determining which is the fastest debt to pay off in terms of the balance owed and which of the debts has the highest minimum repayment.
“Order these debts [like this]: most expensive interest rate, the highest balance [owed] to the lowest and the highest to lowest minimum repayment.”
Then, she says to decide which debt you will concentrate on first.
“Continue until all debts are paid out,” she advised. “Also consider your living expenses and if you are spending any extra money there unnecessarily.”
Start Investing
According to William, couples should consider investing in assets such as stocks, bonds or mutual funds. Investing in assets allows couples to earn returns that can be used toward their future financial goals.
“For those who are more risk-averse, they may want to explore index funds or low-cost ETFs, which are diversified investments with low fees,” he said.
Vasilescu agrees that couples should plan to invest in their future together. He says to look at options for things like retirement and projects you’re both excited about. “It’s like doing a dance where we both lead and follow.”
Don’t Splurge When Moving In Together
If you’re moving in with your partner, Campbell recommends spending minimally and wisely on your new home items.
“High-ticket items like television, refrigerator, remodeling or reconstruction of the house are expenses that are worth over $5,000,” he said. “So if you’re moving in with your partner, you’ll need to strategize how you both as a couple can incur these huge [expenses] without disturbing finances.”
He emphasizes that the more strategic your approach is, the better you’ll do with your finances.
Prioritize Retirement
Experts note that couples should also consider taking advantage of tax-advantaged accounts such as IRAs or 401(k) plans.
“These accounts allow couples to save for retirement and benefit from tax-deferred growth,” said William.
Taking these steps will empower couples to strengthen their financial foundation and work toward a prosperous future together.
Develop a Financial Plan
“A financial plan outlines their short-term and long-term financial goals and provides them with a roadmap to achieving those goals,” said William.
He says this plan should include such things as saving for retirement, investing in assets, budgeting and debt management.
That said, Vasilescu argues that it’s equally essential for couples to have fun with their money, noting the value of planning for vacations and hobbies you both enjoy.
“It’s important to find a balance between saving for the future and enjoying life now,” he added. “So, in 2024, we’re making our money work for us as a team. We’re combining our goals, being clear with each other and adding a bit of fun to it. We’re turning our finances into something we can celebrate together, not something that pulls us apart.”
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