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ASC ExternalSite > Investors > Investor Resources > You ASC'd Blog > Posts > Marriage & money: 4 key financial tips for newlyweds (and 1 for their wedding guests)

August 07
Marriage & money: 4 key financial tips for newlyweds (and 1 for their wedding guests)

Spring and summer are seasons of change – certainly one of the busiest times of year for high school and post-secondary graduations as well as weddings. Throw in the arrival of new bundles of joy and the odd retirement party and people of all ages are going through major life changes this time of year. This edition in our “Summer Celebrations” blog series focuses on weddings, one of the most popular events on the summer social calendar.

For love or money

First comes love, then comes marriage, then comes... joint chequing accounts? Maybe, or maybe not. The choices you and your new spouse make about money are likely going to be as unique as your first dance song or honeymoon destination – planning your future together is integral to your new partnership. It’s important to make thoughtful decisions about how your marriage will work financially in order to pave the way for a long and happy life together.

Merging finances

When you’re combining your financial future with a spouse be sure to keep the lines of communication open. Sadly, one of the leading cause of divorce and separation is disagreement over money matters.

  • Have honest discussions about money. There is a large selection of easy-to-read books on newlywed finances in your bookstore or local library; take the time to read one or more from well-respected, credible authors, and discuss the topics in detail with your significant other. Nothing worth doing was ever easy!
  • Set mutual financial goals for one, five and even ten years, and make agreements about how you plan to spend and save to achieve these goals.
  • Maximize your retirement savings. Whether you’re in your 20s or 40s, it’s tempting to put this on hold while you make other joint purchases like a house or car. Keep in mind that the earlier you begin saving wisely, the better chance that you’ll enjoy a comfortable retirement.
  • Think about talking to a registered financial adviser to learn more about how you and your partner can maximise your financial situation. For example, there may be tax incentives that you can take advantage of, or considerations to be aware of when adding your spouse to the title of a property you already own.
  • If you’re not the one getting married but invited as a wedding guest, consider giving the joyous couple a gift that is both highly valuable and lasts a lifetime; the gift of knowledge. ASC’s “Basics of Investing” course, offered at Mount Royal University in Calgary and Metro Continuing Education in Edmonton, offers a reduced rate for couples’ registration.

Our next post will conclude the “Summer Celebrations” blog series with a look at the financial considerations that come with starting (or adding to) a family.

Have a great summer everyone!

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