Financial Planning Tips for Couples

Financial planning as a couple in 2025 is no longer just about joint bank accounts—it’s about teamwork, transparency, and shared dreams. Whether you’re newly married, living together, raising kids, or planning for retirement, managing your money together can bring you closer and help you build a secure future.

With rising living costs, households hit with a cumulative 4.25% increase in interest rates over an 18-month period out the back of a once-in-a-lifetime pandemic, and evolving work trends like remote and gig employment, it’s more important than ever to plan as a team. Here’s how you and your partner can work together to build a strong financial foundation.

Start with a Joint Budget

Think of your finances like a road trip—you’ll get there faster and with fewer arguments if you agree on the route.

Start by building a joint budget that reflects both your incomes, fixed expenses (like rent, mortgage, or bills) and shared savings goals. If you don’t know where to start, you can use tools like the Moneysmart Budget Planner to break it down together.

Tips:

• Track all expenses for one month to spot patterns
• Review your bank/credit card statements to identify annual expenses such as car registration or insurance premiums
• Allocate money for “joint” and “individual” spending to maintain independence
• If your cash flow allows, perhaps look into whether you could also set up automatic transfers to savings and emergency funds

Example: Ella and James, both in their 30s needed to save $5,000 to get married in Queensland. After assessing their budget they found that they could comfortably save $100 per week from their joint account into their savings account to save for their wedding—without sacrificing their Friday night takeaways!

Save for Big Life Milestones

Whether you’re planning a wedding, buying a house, or starting a family, every life milestone comes with financial implications for which you need to plan ahead.

Considerations:

• Marriage can impact tax, Centrelink benefits, and insurance needs

• Kids bring new costs: nappies, education, health insurance, and future school fees
• Buying a home? Factor in stamp duty, lenders mortgage insurance (LMI), and conveyancing costs
• List all of your goals in order of timeline and priority. Assess how you can start allocating savings towards reaching these goals.

Tip: Review your savings goals quarterly to make sure you’re still on track—just like you would with a gym or wellness goal.

Example: Ella and James transferred $100 per week into a high-interest savings account earning 5% per annum (accruing monthly) to save $5,000 for their destination wedding. After one year, Ella and James had saved $5,200 and earned $121 in interest. This meant that they had a budget of $5,321 for their wedding in Queensland and were able to upgrade their flights.

Plan Your Taxes as a Couple

Combining incomes can offer tax advantages—but only if you’re strategic. Taxation planning can become more complicated depending on the assets you own and how your income is structured. .

According to the Australian Taxation Office, couples can potentially benefit from strategies like:

• Income splitting (e.g., super contributions for a lower-earning spouse)

• Shared deductions (e.g. private health, investment costs)

• Offsetting capital gains or losses when assets are jointly held

Suggestion: It’s best to seek the advice of an experienced Financial Adviser and Taxation Accountant to ensure you are making the right decisions for your situation

Build and Protect Your Credit Scores

Your credit scores matter when applying for a mortgage, personal loan, or even some utilities. You can check your score for free through providers like Equifax or Experian once a year.

Do:

• Pay bills and credit cards on time

• Avoid overusing available credit or applying for credit too frequently

• Consider joint accounts responsibly

“Your credit score is like your financial résumé—keep it clean, accurate, and up to date.”

Key types of insurance for couples

• Life insurance
• Total and Permanent Disability insurance
• Trauma Cover
• Income protection in case one partner can’t work
• Private Health cover (especially with kids or future plans to start a family)
• House and contents insurance
• Car insurance

Why it matters: If one of you is the primary income earner, having the right advice on life insurance means the other partner isn’t left in financial distress. Whilst an emergency fund is your financial buffer for when things go wrong—job loss, car repairs, or unexpected medical bills, it may not be sufficient to cover periods of prolonged injury or illness or provide adequate financial protection should one member of the couple pass away.

Tip: Seek the advice of a Financial Adviser or Risk Specialist who can help you assess clients’ life insurance coverage, considering assets, income, lifestyle, and family, to tailor a strategy based on your specific needs.

Create an Emergency Fund Together

How much to save:
The general rule-of-thumb is to aim for 3–6 months’ worth of joint living expenses in a high-interest savings account or offset account, however, the limit is ultimately up to you.

Tip: Use an account with no debit card access to avoid dipping into it unnecessarily.

“An emergency fund is like a spare tyre—you hope you never need it, but when you do, it saves the day.”

Prioritise Retirement Planning Early

It’s never too soon—or too late—to talk about retirement as a couple. The ASFA Retirement Standard (December 2024 Quarter) suggests that a couple will need around $690,000 in superannuation to live comfortably.

Basic tips on how to plan together:

• Consolidate your super funds to avoid duplicate fees where beneficial. IMPORTANT: It is recommended that you speak to a Financial Adviser before proceeding with consolidation to ensure you do not make choices that are detrimental to your overall retirement plan or lose crucial insurance cover.
• Check for lost super
• Is salary sacrifice a suitable method to boost your super balance?
• Investigate whether it is in your best interest to ‘top up’ one spouse’s super fund through contribution splitting or spouse contributions
• Check you aren’t overpaying premiums for insurance owned via super
• Check your employer is paying the correct amount of super
• Invest in a Retirement Financial Plan to align your goals and start preparing – the sooner the better!

Example: Alison and Mark – both 62, wanted to sell their family home in the city and relocate to a beachside town 2 hours south of where they currently lived. They found that due to the difference in housing prices, they could both make a downsizer super contribution after selling their family home and brought forward their retirement by three years.

Save for Children’s Education

With education costs on the rise, it pays to start early. Whether you opt for public or private schooling, expenses like uniforms, excursions, and laptops add up fast. Don’t forget extracurricular activities such as sports, art and music which all come with their own set of expenses.

Furthermore, if you want to help your child through university, the current cost of a university education in Australia is between $6,888 and $101,952 per year – with many factors impacting the cost.

Options include:

• Offset accounts dedicated to school expenses

• Regular contributions to a high-interest savings account

• Education-specific savings bonds or investment accounts

Tip: Make education savings part of your budget—treat it like any other bill!

Review Your Finances Regularly

Money conversations don’t need to be awkward. Set aside time monthly for a “financial date night” to review spending, track progress, and update your goals.

Things to discuss:

• Budget adjustments

• Insurance needs

• Investment performance

• Upcoming expenses

• If you’re unsure where to start, a qualified financial adviser can provide personalised guidance for your situation and put you on the right track for your needs.

References

• Moneysmart Budget Planner: https://moneysmart.gov.au/budgeting/budget-planner
• MoneySmart Emergency Fund: https://moneysmart.gov.au/saving/save-for-an-emergency-fund
• ASFA Retirement Standard: https://www.superannuation.asn.au/resources/retirement-standard
• ATO Tax Planning for Couples: https://www.ato.gov.au/
• Credit Report Access (Equifax): https://www.equifax.com.au/personal/products/my-credit-file
• Insurance in Australia: https://moneysmart.gov.au/insurance