It’s common that couples have issues with money. Whether you aren’t sure how you should split your finances or feel as though one person in the relationship is spending too much money, there comes a point where you need to discuss finances.
When you learn to set financial goals as a couple, you can start making smarter decisions with the money in your bank account. Check out the guide below to learn more.
Why It’s Important to Discuss Finances
If you avoid engaging in money conversations with your partner, your money issues are only going to get worse. When you and your partner don’t see eye-to-eye when it comes to spending money, it could lead to arguments and stress down the road.
In contrast, when you and your partner are financially stable, it prevents resentment from building and strengthens your bond as a couple.
Creating Long-term Financial Goals
Determining your financial goals with your partner will help you prioritize where your money should be spent. Maybe you’re planning to grow your family and want to save for a house. Then you can do the math as a couple to determine how much money you need to save for a downpayment. Knowing that you’re trying to save for a house can then prevent you from wasting money on unnecessary purchases.
Here are some other financial goals you may want to set as a couple: Paying off debt, putting money toward an emergency fund, hiring a financial advisor, building good credit or making more money than you spend.
Once you’ve prioritized where your money should go, you’ll be in a better position to achieve financial stability.
Outlining a Budget
After creating financial goals, it should be time to outline a budget. This will help you become more mindful about how you should spend your money to work toward your goals. This budget will then help you make decisions about what you should and shouldn’t be spending your money on.
Try creating a budget on Google Sheets or Excel. You and your partner should record the current amount of money you spend per month. Think about recurring expenses like rent, utilities and phone bills. Once you have those consistent costs out of the way, determine how much you’re willing to put toward your goals each month.
The Importance of Communication
In order for you and your partner to get on the same page financially, you need to be able to communicate openly. Consider setting a time once a week or once a month where you discuss your current financial situation. Even if one partner makes a mistake by spending too much on an unnecessary purchase, it’s important to be able to talk through your issues.
So long as you are always communicating with your partner, you can continue to grow together financially and otherwise.
While finances are a common stressor in relationships, it doesn’t have to be that way. Talk to your partner and set financial goals to ensure you’re heading toward a better future. Check out the infographic by Annuity below to learn more about creating couple goals.