Here’s Where, and How, Newlyweds Can Thrive Financially

Couples have a financial advantage over their single counterparts. Dual incomes and shared expenses are, indeed, great extra perks of getting married. Where the couples live, or where they decide to move, is another important factor in achieving their financial goals as a family. Some cities are better equipped than others to provide an environment where new couples can succeed in things like buying their dream home, saving money for travel — perhaps for an amazing Reykjavik Northern Lights tour — college funds, or, why not, early retirement.

A StorageCafe research looked into the best cities nationwide for newlyweds, analyzing a number of indicators, including the share of married population, household income for 25- to 44-year-olds, the availability and affordability of housing options, and the job market, as well as access to leisure and entertainment. As it turns out, Arlington, VA, is the country’s best city overall for those who recently tied the knot.

However, newlyweds who want to start their marriage on the right foot financially have some other excellent options when it comes to choosing the right city to move to.

Fremont, CA, hits the right spot for financially conscious newlyweds

Newlyweds interested in living in a family-oriented place where they can also enjoy a more-than-comfortable income should check out Fremont, CA. Almost 62% of the population here is married. This creates the right kind of environment for newlyweds, who will have a better chance of making friends with like-minded people here. And when it comes to reaching their financial goals, this California city boasts the highest median earnings for millennial couples among the country’s large cities: $186K. Homes might be a bit pricy in the area, at around $730K, but new couples have the opportunity to save up for a down payment since only 20% of their income goes to rent. Renting a small apartment in Fremont might reduce even more the share of income that goes toward rent. And if storage space at home is not enough, a self storage unit in Fremont, at around $174 per month, is an affordable and easily accessible way to help newlyweds enjoy a neat and tidy love nest.

Another great option for new couples interested in climbing the property ladder is Chesapeake, VA. The unemployment rate is under 3%, while earnings for millennial households are at almost $95K. The affordable housing market, where rents take up only about 20% of income, and home prices hovering around $228K, under the national threshold, help newlyweds prosper and build wealth.

Two other cities where newlyweds will find the right environment, financially and socially, are Gilbert, AZ, and Lincoln, NE. Both cities provide great employment opportunities, nice incomes for millennials, and good access to housing, whether we’re talking about renting an apartment or buying a home.

How newlyweds can make the most of these financial advantages

The financial advantages associated with getting married and living in a place that allows couples to save up materialize only if both partners are on the same page about money. Talking about finances might not sound like the most romantic way of spending your first months as newlyweds. However, it is one of the best things you can do for the long-term success of your marriage and will help you achieve your long-term goals as a family.

Here’s how to approach the hot topic of finances as a couple so that there are fewer money-related conflicts and misunderstandings in your marriage:

• Discuss your financial values

The first step, which, ideally, should happen as soon as possible after deciding to be together long-term, is having a discussion about your financial values and priorities. People can have different views and strategies regarding finances. Some are focused on saving money aggressively, while others might be willing to spend more on fun things such as traveling, indulging in holiday packages for Europe, and going out, for example. Therefore, it’s important that you discuss your attitudes toward money and see how they align — and where they diverge. This way, you can come up with money management strategies that work for both of you.

• Create a common budget

Creating a common budget is an essential step for building a financially sound future for your family. Start by discussing your individual financial situations, including debts, income sources, and financial goals. This way, you can come up with a realistic budget that allows you not only to cover your bills but to save for the future as well. Using spreadsheets and budgeting apps is generally a good idea because it makes it easier for you to visualize how you are spending your hard-earned dollars and how to make better choices.

Combining your incomes and expenses can be stressful sometimes, either because of income inequality between the two partners or because of clashing spending habits. Couples in one or both of these situations should consider creating separate accounts for personal discretionary spending while maintaining a joint account for shared expenses. This allows for both autonomy and transparency in spending.

• Set financial goals and work together toward them

It’s important to discuss in detail your short-term and long-term financial goals, such as buying a house, saving for retirement, or starting a family. Create a plan to achieve these goals together, while also making sure you leave some wiggle space financially so that you can still enjoy your new life as a couple. Work together to identify the financial goals you both value. Finding common objectives can align your efforts. However, you need to also understand that financial planning is an ongoing process, and your circumstances may change over time. Review your financial situation regularly and adjust as needed to stay on track toward your shared goals.

Remember that it’s natural for partners to have different attitudes toward money, but with open communication, empathy, and a willingness to compromise, you can find ways to manage your finances together harmoniously. The key is to approach your financial journey as a team, supporting and respecting each other’s perspectives along the way.