Couple Goals - Managing Money Without Conflict

Money can be a touchy subject, and many people choose to keep their financial habits and plan to themselves. While that works when you’re single, it’s different when you’re in a relationship. Monetary woes are often cited as the number one reason for conflict in relationships. You and your partner can avoid this fate so long as you're both willing to carve out some time to discuss your finances and your monetary goals openly. Here are some tips to help you and your significant other to begin your financial conversation. 
 

Discuss Your Goals 

Before you get down to the nitty-gritty details, be sure to have an open and honest conversation with your partner about each of your financial goals. Maybe you want to buy a house in the next five years. Perhaps your partner prefers to send your children to a private school instead of a public school. Do you have a dream vacation that you want to take? Don’t hold back. You both need to know if one of you plans to retire at the age of 45! When you both know where the other stands, you can work together to prioritize your financial objectives and strategize how best to achieve them.
 

Make a Plan 

Now that you know what your financial goals are, you and your partner are all set to make a plan to achieve them. Now is the time to create a budget and dig into those little details that can make or break a financial plan. 

Decide if it’s best to have a joint account or operate using two separate ones. Determine how much you’re going to spend on groceries and gas each month. Establish how many times a month you’re going to eat out or go see a show. Scrutinize all those lessons your kids take and how much they cost. Make sure to account for those expenses that you pay for quarterly or annually instead of monthly.  Don’t forget to include savings for long-term goals like retirement and paying off student loans. Be sure to include an emergency fund in your plan to account for any bumps in the road you may encounter along the way. 

Once you’ve got the numbers straight and a plan in place, you and your partner will feel more confident when you’re making financial decisions in real-time. 
 

Check-in Regularly 

It's easy to become complacent, but don't let that happen. It's important to do regular financial check-ins as a couple. You both want to ensure the plan you've created is working properly and keeping you on track to meet your financial goals. Put a reminder on your calendar to go over your books and check on your financial objectives. It's entirely possible that your goals will change, and you need to take the time to make the adjustments necessary to ensure those goals become a reality.