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Being a spouse in a young family can be an interesting part of life. On the one hand, there can be so much joy as you build a loving relationship, learn about life together, and find ways to support one another. On the other hand, there are some very real challenges that can be exceptionally difficult to overcome. Among them, the obstacles that can get in the way of being financially secure.


Debt is a huge burden on any family, but especially so on young families. It doesn’t matter if the debt is “good” debt or “bad” debt. It still needs to be paid and can still lead to many feeling like they’ve overextended themselves financially. Debt has been a huge factor in the decision of many millennials to delay milestones like marrying, starting a family, and purchasing a home. It’s not surprising. Millennials carry twice the number of personal loans as Gen X. Until the debt has been repaid, you aren’t really in the best place you can be financially.

Lack of Retirement Savings

If past debts weren’t enough to deal with, thoughts and worries for the future plague young families as well. It’s partially because of the massive debts many young families have that they are behind on their retirement savings. It’s a problem that only gets bigger the longer it goes on. The later you start saving for retirement, the less you’ll have to pull from when the time comes. If you have a job that provides 401(k) matching benefits, you may be able to take advantage of pretax dollars to start squirreling away retirement funds. You can also contribute up to $6,000 in a Roth IRA if you qualify to have one.

A Rising Cost of Living

Life is expensive. Cost of living refers to what it costs to pay for housing, food, healthcare, and taxes. Some places have a much higher cost of living than others, but overall, the trend seems to be that it’s rising, no matter where you go. The rate of inflation is partially responsible for that, but no matter what the reason, it’s unquestionably a burden for a young family trying to become financially secure. Education and job advancements are often seen as the best ways to get ahead of the curve.

The obstacles that young families face to becoming financially secure can be daunting. Large amounts of debt, a lack of retirement savings, and a rising cost of living can be tough challenges to overcome. Do your best to educate yourself about your options for addressing the challenges you face so you can make the best financial decisions for your young family.

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