A newlywed money checklist starts with two documents that marriage quietly cancels. CPF Board says marriage revokes any existing CPF nomination, and MoneySense says a will is nullified when you marry. If you do nothing, your CPF savings and estate are distributed under the default rules, which may not match what you both want.
After those two, the checklist moves to insurance, bank accounts and tax. Set aside an afternoon in the first three months of marriage and work down the list together.
The short version: Redo your CPF nominations and wills, review insurance against MoneySense’s rules of thumb, set up shared accounts and an emergency fund, and check the tax reliefs you can now claim.
1. Make New CPF Nominations
CPF Board states that upon marriage any existing CPF nomination is revoked, and asks members to make a new nomination after marrying.
A CPF nomination covers your CPF savings only; your will does not. Our guide to CPF nomination types explains the options, and CPF nomination vs will shows what each covers. CPF Board’s nomination page explains how to make one online.
2. Make New Wills
MoneySense says a will can be revoked by a later will and is nullified when you marry or remarry. If either of you had a will before the wedding, it no longer stands.
A will covers assets outside CPF, such as bank accounts, investments and your share of property, and can appoint guardians for future children. Our guide to what happens without a will shows the default rules. While you are at it, consider a Lasting Power of Attorney; our LPA guide explains the steps.
3. Review Insurance Together
Marriage usually means someone now depends on your income or shares a home loan with you. MoneySense’s Your Financial Basics gives rules of thumb:
| Need | Rule of thumb | Illustrative person earning $60,000 a year |
|---|---|---|
| Death and total permanent disability | About 9 times annual income | About $540,000 |
| Critical illness | About 4 times annual income | About $240,000 |
| Total spent on protection | No more than 15% of income | Up to $9,000 a year |
Rules of thumb only, not advice on your situation. Check what you already have: employer group cover, policies bought when single, MediShield Life and any Integrated Shield Plan. Then list what each policy pays, to whom and for how long.
What to look at, in order:
- Who is named to receive the payout on each policy, and whether that still reflects your wishes.
- Hospital cover for both of you. Our health insurance guide explains MediShield Life and Integrated Shield Plans.
- Life and disability cover if one income would struggle without the other. See our term life insurance guide.
- Home loan cover. If you use CPF for an HDB flat, the Home Protection Scheme may apply; see our guide to the Dependants’ Protection Scheme and Home Protection Scheme.
MoneySense also reminds readers that you do not need insurance for everything, only for losses that would set back your finances or goals. Our protection gap calculator helps you size it.
4. Set Up Shared Accounts and an Emergency Fund
Decide how shared bills are paid and open a joint account if you want one; our guide to combining finances after marriage has a simple system. MoneySense’s rule of thumb is three to six months of expenses as an emergency fund.
5. Check the Tax Reliefs You Can Now Claim
- Spouse Relief. $2,000 if your spouse lived with or was supported by you and had annual income of no more than $8,000 in the previous year, according to IRAS. The $8,000 threshold applies from the Year of Assessment 2025.
- CPF top-ups for a spouse. Cash top-ups to a spouse with income of $8,000 or less may qualify for CPF Cash Top-up Relief.
- Reliefs for children come later; see our guide to child tax reliefs.
6. Finish the Newlywed Money Checklist: Update Your Records
- Marital status. If you married overseas, LifeSG asks couples to update their marital status in their Singpass profile before MSF can assess eligibility for family benefits.
- Employer records, for medical benefits and future parental leave.
- Emergency contacts at your bank, insurer and employer.
What To Do Next
- Make new CPF nominations and new wills in the first three months.
- List every policy you each hold, then compare the total with the rules of thumb.
- Set up the joint account and start the emergency fund.
- Put a yearly review in the calendar, and redo the checklist after each child is born.
