Navigating Marriage and Money
Marriage and Money: Resources and Tools for Your Financial Union
If you’re puzzled by the financial dynamics of marriage, you’re not alone. Countless couples face these challenges, so we’ve crafted a comprehensive guide to help the two of you manage your finances together. Whether you’re in a serious relationship or recently married, we’re here to help guide your financial conversations.
“We need to talk…money.”
Before saying “I do,” — and throughout the years that follow — it’s essential to have some important conversations about money. While the phrase “we need to talk” often carries a serious tone, these discussions are a proactive step toward a successful financial partnership. By addressing key topics like debt, financial goals, and budgeting, you can turn potential challenges into opportunities for growth.
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Talk #1:
Debt and
credit historyTalk #1: Debt and credit history
Why it’s important:
Understanding each other’s debt and credit history is crucial for avoiding surprises and ensuring you’re both on the same page financially. It helps build trust and prepares you to tackle financial challenges as a team.
Goal of the convo:
The goal is to openly discuss existing debts and credit scores, understand each other’s financial situation, and create a plan for managing and improving your finances jointly.
Questions to ask:
• What types of debt do you have (e.g., student loans, credit cards, mortgages)?
• What is your credit score, and how do you manage your credit? Do you carry a balance or do you pay it off?
• Do you have any outstanding loans or financial obligations?
• How do you handle debt repayment and credit monitoring?
How to prepare:
• Review your own credit report and debt situation before the conversation. Determine if you’re responsible for your spouse’s debt.
• Gather any relevant documents, such as loan statements or credit reports.
• Be ready to discuss how you’ve managed debt in the past and your strategies for the future.
• Approach the conversation with openness and a willingness to collaborate on solutions.
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Talk #2:
Financial goals and prioritiesTalk #2: Financial goals and priorities
Why it’s important:
Discussing your financial goals and priorities ensures that you and your partner are aligned on what you want to achieve. It helps prevent conflicts and enables you to work effectively together.
Goal of the convo:
The goal is to identify and align on both short-term and long-term financial goals, such as buying a home, saving for retirement, or starting a family. This can help you create a cohesive financial plan.
Questions to ask:
• What are your top financial goals for the next 5-10 years?
• What long-term financial dreams do you have, such as retirement plans or major purchases?
• How do you prioritize these goals (e.g., saving for a home versus investing for retirement)?
• Are there any financial goals you’ve already started working on?
How to prepare:
• Reflect on your own financial goals and priorities before the discussion.
• Consider personal and joint aspirations you’d like to achieve.
• Be ready to discuss how you envision achieving these goals.
• Approach the conversation with a willingness to compromise and align your objectives.
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Talk #3:
Budgeting and spending habitsTalk #3: Budgeting and spending habits
Why it’s important:
Discussing budgeting and spending habits can prevent conflicts over money from arising and help both partners feel comfortable with how their finances are managed. It creates a unified approach to spending and saving.
Goal of the convo:
The goal is to understand each other’s spending habits, agree on a budgeting strategy, and establish how to effectively manage household expenses.
Questions to ask:
• What are your current spending habits, and how do you manage your money?
• Do you follow a budget, and if so, what does it look like?
• How do you handle discretionary spending versus essential expenses?
• Are there any specific spending areas you think we should adjust or prioritize?
How to prepare:
• Review your own budgeting and spending practices beforehand. Using SoFi’s 50/30/20 monthly budget calculator may help.
• Gather information on your monthly expenses, and think about any changes you might want to make.
• Approach the discussion with an open mind and a willingness to adapt to a joint budget plan.
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Talk #4:
Savings and emergency fundsTalk #4: Savings and emergency funds
Why it’s important:
Discussing savings, including having an emergency fund, is vital for financial security. It ensures that you both understand how to handle unexpected expenses and have a plan for saving towards future goals.
Goal of the convo:
The goal is to agree on how much to save regularly, establish an emergency fund, and create a strategy for saving for future needs and goals.
Questions to ask:
• How much do you think we should have in our emergency fund?
• What is our target savings amount for each month or year?
• How do you envision dividing savings between an emergency fund and other goals?
• Do we need to adjust our current savings strategies to meet our goals more effectively?
How to prepare:
• Review your current savings and emergency fund status before the conversation.
• Determine your monthly or annual savings capacity and goals. SoFi’s emergency fund calculator can help with this.
• Consider any unexpected expenses you’ve faced in the past and how you managed them.
• Approach the discussion with a plan to set specific savings goals and agree on contribution amounts.
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Talk #5:
Financial roles and responsibilitiesTalk #5: Financial roles and responsibilities
Why it’s important:
Clarifying financial roles and responsibilities helps prevent misunderstandings so that both partners are on the same page about who handles what. This can lead to a smoother financial management process.
Goal of the convo:
The goal is to define and agree on how to divide financial tasks and responsibilities, such as bill payments, financial planning, and investment management.
Questions to ask:
• How should we divide responsibilities for paying bills and managing expenses?
• Who will handle budgeting, and how will we track our spending?
• Are there specific financial tasks or decisions you prefer to handle individually or together?
• Do we want to have joint bank accounts, separate accounts, or a combination of both?
• How will we make financial decisions and resolve disagreements about money?
How to prepare:
• Reflect on your own strengths and preferences for managing finances.
• Consider the existing financial responsibilities you already handle and how they might be shared.
• Think about how you prefer to make joint financial decisions and address potential conflicts.
• Approach the discussion with a readiness to balance responsibilities and collaborate effectively.
“It’s important to remember that ‘money talks’ are as much about listening as talking. Understanding each other’s values, goals, fears—and just getting on the same page—can help couples literally build their future together.”
Know these finance terms like you know your partner.
Asset allocation
The strategy of dividing investments among different asset classes (e.g. stocks, bonds, etc.) to help manage risk.
Learn more: Asset Allocation by Age: 20s and 30s, 40s and 50s, 60s
Budget
A plan for managing income and expenses to meet financial goals.
Learn more: How to Make a Budget in 5 Steps
Credit score
A numerical representation of your creditworthiness, based on your credit history.
Learn more: How To Check Your Credit Score for Free
Debt-to-income ratio
A measure of how much of your income goes toward paying debts, which is used to assess financial health.
Learn more: Why Your Debt to Income Ratio Matters
Emergency fund
Savings set aside for unexpected expenses or financial emergencies.
Learn more: How to Build an Emergency Fund in 6 Steps
Estate planning
The process of arranging how your assets will be distributed after your death, including wills and trusts.
Learn more: Does Everyone Need an Estate Plan?
Net worth
The total value of your assets minus your liabilities, indicating overall financial health.
Learn more: How to Calculate Your Net Worth
Calculate your way to financial harmony.
Explore these calculators designed to help you and your partner manage your finances effectively and plan for a successful future together.
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50/30/20 monthly budget calculator
Effortlessly split your income into needs, wants, and savings for balanced budgeting.
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Emergency fund calculator
Determine how much you should save to cover unexpected expenses and maintain financial security.
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Savings account calculator
Estimate how much your money can grow in a savings account by factoring in APY, contributions, and time.
Using the free calculators is for informational purposes only.
Say “we do” to a joint bank account with SoFi.
Opening a joint bank account with SoFi is a great way to streamline your finances and work towards shared goals – plus, get access to:
Compound Interest Calculator
Compound Interest Calculator
By Pam O’Brien | Updated Sept 6, 2024
Use our compound interest calculator to see how your savings can grow faster by earning interest on both your initial deposit and the accumulated interest over time.
*Actual interest credited by your financial institution may vary based on institution-specific calculation methodology.
Calculator Definitions
Before using a compound interest calculator, it’s important to understand the different metrics you’ll need to fill in. They are:
• Initial Deposit: The amount of money you first put into your interest earning account. It represents the starting point of your investment journey. The larger it is, the more you can earn from interest. In addition, some financial institutions require a specific dollar amount for your first deposit to open the account or secure a higher interest rate.
• Monthly Contribution: The amount of money you expect to add to the account each month.
• Time to Grow: The number of years and months you plan to save the money in the account so it can grow
• Expected Rate of Return: What you estimate the interest rate for the account will be.
• Compound Frequency: The number of times per year that the interest will be calculated and compounded on the account. Depending on the account, interest might be compounded daily, monthly, quarterly, or annually, for instance.
• Interest Earned: The total amount of interest that accumulates on your initial deposit and any additional contributions over the specified time period. You can calculate this figure with the estimated rate of return, the compounding frequency, and the time elapsed. Higher interest rates create more earnings.
• Total Contributions: Total contributions represent the sum of your initial deposit and all the monthly contributions made over the specified time period. It gives you a clear picture of how much money you have contributed to the account.
What Is Compound Interest?
There are key differences between compound interest vs. simple interest. Simple interest is the interest that accrues on an initial amount of money deposited in a savings account (aka the principal). If you multiply the principal by the interest rate earned on the money over a year, you get the simple interest amount. If you deposited $1,000 in a savings account that has an interest rate of 1%, in a year you would earn $10 in simple interest.
By comparison, compound interest is a method in which interest is added to the principal and interest is earned on the principal plus that added interest. For example, if you deposited $1,000 in a savings account and it earned $10 of interest in the first month, you’d have $1,010 in the account. (That’s the same amount of money it took you a full year to earn with simple interest.) For the next month you would earn interest on that new higher amount of money. As your savings continued to grow monthly, you would be earning interest on the new higher amounts.
With compound interest, your money can grow faster over time. And the sooner you begin saving with compound interest, the longer you can benefit.
Dive Deeper: Simple vs Compound Interest
Compound Interest Formula
There is a specific formula to determine compound interest. The formula is:
A = P(1 + rn)n*t
Where:
• A represents the final amount of money you’ll get.
• P stands for the principal, or original amount deposited.
• r is the interest rate expressed as a decimal, such as 0.3 for 3% and 0.5 for 5%.
• n is the number of times the interest compounds each year.
• t is the number of years the interest will be compounding.
How often interest gets compounded (the “n” above) is instrumental. If the interest is compounded monthly instead of annually, for example, your savings may grow much faster. That’s because the more often your money compounds, generally, the more potential it has to grow.
Compound Interest Example Calculation
To calculate compound interest, you can use the compound interest formula above.
The formula is typically used to calculate compound interest based on the principal (the amount of money you initially deposited), the interest rate, number of times the interest compounds per year, and the length of time the interest will be compounding.
To see how compound interest works, in the example below, $5,000 is deposited in a savings account in which the 5% interest is compounded monthly for 10 years. Here’s what that looks like:
| Year | Account Balance | Interest Earned (5%) | New Balance |
|---|---|---|---|
| 1 | $5,000.00 | $255.81 | $5,255.81 |
| 2 | $5,255.81 | $268.90 | $5,524.71 |
| 3 | $5,524.71 | $282.65 | $5,807.36 |
| 4 | $5,807.36 | $297.12 | $6,104.48 |
| 5 | $6,104.48 | $312.32 | $6,416.79 |
| 6 | $6,416.79 | $328.30 | $6,745.09 |
| 7 | $6,745.09 | $345.09 | $7,090.18 |
| 8 | $7,090.18 | $362.75 | $7,452.93 |
| 9 | $7,452.93 | $381.31 | $7,834.23 |
| 10 | $7,834.23 | $400.81 | $8,235.05 |
At the end of 10 years, your savings will be worth $8,235.05 — thanks to the $3,235.05 of compound interest you earned.
As you can see, the amounts can add up quickly. You can use a compound interest calculator to plug in different initial savings amounts, interest rates, and length of time the interest will be compounded.
Looking for a savings account with a competitive APY?
With a SoFi high yield savings account, get up to 3.60% APY1, no account fees2, and up to $300 with direct deposit†.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at http://www.sofi.com/legal/banking-rate-sheet
2 No Account Fee
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
† †
Who is eligible for a Direct Deposit Bonus?
How do I earn the Direct Deposit Bonus?
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit?
Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.
What else is important to know?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
$300
Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)
•This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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