There are two categories of savings that everyone, not just newlyweds, should have: an emergency fund and retirement savings. It may be hard to save if you're young and just starting your career and married life. However, if your car breaks down, you have a medical emergency or you lose your job, you'll be glad to have that rainy day fund established.
Experts recommend saving 5 to 10 percent of your income every month, with an emergency fund that's easy to access and has six months of living expenses in it. And while retirement may seem like a lifetime away, the major advantage to setting up a retirement plan now is compound interest. Even if you are only able to put a little money into a retirement account now, doing so regularly means your money will grow faster, giving you more options as you reach retirement age. If your company offers a 401(k) or similar plan, maximize your contributions, especially if your employer matches them. If not, consider setting up an individual IRA through an investment company.