Finances may not be the most romantic thing to talk about, but they are important to shared success and happiness as a couple. Here are some practical financial tips for couples to consider so you and your partner can build a future together.
Set Shared Goals (Short and Long Term)
The first step to achieving your goals with your partner is to set them. Maybe you want to save for a down payment for a house. Maybe you want to go to Paris next year. Whatever your goals are, you will want to make sure you and your partner are aligned so that you can work toward them together.
Emergency fund: If you do not have an emergency fund, it’s a good idea to make this your first goal. Decide how much of a fund you need, and work together to achieve it.
Decide What to Share and Keep Separate
There is no right or wrong way to do this, as long as you both agree on it. A popular method is to create a joint account for bills and expenses and keep separate accounts for discretionary spending.
Be Transparent and Honest
Whether you’re a saver or a spender, it’s important to be honest. Discuss any debts, savings, assets, and spending habits, and be transparent.
Tackle Debt Together
Plan on how you will manage debt, whether it’s paying a certain amount extra each month or setting a goal to be debt-free by a certain timeline.
Create a Budget That Reflects Both Partners’ Priorities
Set aside some time to go through your needs and wants together as well as your savings goals. It’s important to consider each partner’s goals and plan accordingly.
Check in Reguarly
Keep each other up to date on money goals, progress, credit card and account balances, and all financial matters.
