The Couple’s Guide to All Things Money
Setting financial goals with your significant other is a crucial step to settling both personal and money-related issues that may arise. Creating financial aims will help you and your partner better prepare for your future together, as relationships and money go hand-in-hand. Since money is one of the lead causes for financial stress, joint financial planning will help settle much more than monetary issues. Failing to address money in a healthy way will cause serious problems down the road. However, for couples that have consistent money conversations, they increase their opportunities for personal and financial growth.
Here are a few tips you may find helpful in avoiding potential causes of friction within your relationships when it comes to financial health:
1. Communicate Your Goals
The first step is having open conversations regarding your ideal financial situation with your significant other. The larger goal here is to see if you and your partner are on the same page. Openly discussing larger financial aims you both may have can make sure you will be compatible in your efforts to reach joint financial goals. A good way to start is coming together to make a list of these larger financial goals, and possibly sorting your list into “essential goals” and “aspiring goals.”
2. Discussing Your Financial Background
If you and your partner are becoming more serious, it is important to have open conversations about your past financial situations. This may include conversations regarding how you were raised, how your parent’s sorted their financials, and how early interactions with money has affected your current relationship with money.
3. Schedule Regular Check-Ins
An important step in measuring financial success is tracking your progress. Without scheduled “check-ins,” you and your significant other may fall back into old habits that do not align with your financial goals. An important step here is making sure you maintain positivity during your discussions. Avoid pointing fingers or shaming your partner, as this will cause added stress. Instead, treat missing targets as a learning opportunity and focus on discussing why a goal was missed.
4. Set Direction For Spending
Without having clear spending guidelines, you and your partner will have trouble aligning your money interests. Set some basic rules that you both find fair and relatively easy to follow, including limits on how much you spend on gifts, how much of your income should go towards saving accounts, and other financial expenses.
5. Don’t Stress “Fun” Purchases
Enjoying the present is just as important as planning for your financial future. To relieve some of the stress that comes with everyday life, consider devoting some of your income to “fun” purchases. Couples who enjoy spending time together often have an easier time dealing with challenges that may arise, so don’t stress over spending money on vacations or dinners. The key here is to find things that make you both genuinely happy, and spending money on those things without guilt. The goal is to have a balance between saving for your priorities and enjoying life.