How To Set Financial Goals as a Couple
Your relationship is a partnership. Sometimes, talking about money and how you manage your finances is certainly uncomfortable. But it is an opportunity to grow closer to each other. This also creates a sense of security and builds confidence with each milestone. As Chatzky would say, people with financial plans are much more likely to feel prepared, even in tumultuous times. They’re more likely to think that their dreams and goals are secure.
People with financial plans are much more likely to feel prepared, even in tumultuous times. They’re more likely to feel that their dreams and goals are secure. And, oh yes, they do actually save significantly more. — Jean Chatzky
Setting financial couple-goals
You want to have a better financial future with your lover. It all starts with being intentional in developing the wealth mindset that secures this future. Here are some of the steps you can follow to do this:
1. Set shared goals
When it comes to relationships and goals, staying together is progress and working together is where success lies. You can sit together and set goals for how you can make a down payment on a great purchase, pay off any debts or even save towards your retirement
2. Create a spending plan
A good spending plan shows you where your income goes and how that reflects on your shared goals. Get to see how much you both make and how much goes to expenses, assets and savings. As the saying goes, if you want to go fast, go alone but if you want to go far, go together.
3. Review your finances
Set a specific interval for when you can sit down and talk about your set goals. Create space to learn from each other, exchange ideas and make joint decisions on adjustments to be made. Through regular money conversations, you’ll get to see where you are and where you are heading. And the trust, vulnerability and confidence needed to reach your goals will grow.
4. Set priorities
By prioritizing certain decisions in handling your finances, you and your partner will realize the impact of money. You’ll be in a better position to achieve goals such as paying high-interest debt or creating an emergency fund.
5. Have allowances
It’s good to have money that each partner can get to use at their discretion even as you both dedicate a portion of your money towards achieving your financial goals.
6. Create a focus fund
Set aside money that can take care of your financial emergencies like accidents, repair costs or medical bills. While we accept that anything can happen at any time, being financially prepared for what happens is the best stance.
7. Think long-term
Don’t just see the life you have now. Asking yourself questions about your future helps prioritize your financial goals. As a couple, you will need to start thinking of finances for life events such as children’s education, maximizing savings on retirement, clearing the mortgage and purchasing your home.
8. Be honest
As you look at various aspects of your finances, be honest with each other so that you can both agree on the way forward with clarity of the current state. Honesty promotes accountability in making money decisions. This will help build trust in your relationship and how you handle finances. It will also help you cooperate to achieve your goals
9. Learn the principles of wealth
it’s never too late to learn more about money and how you can earn more, clear all debts, gain financial security and invest to create wealth.
The Financially Fit For Life online program is a self-paced learning experience that can help you and your partner understand more about navigating through your finances and achieving your goals. Follow us on Facebook, Twitter, Instagram or LinkedIn to learn more.
Drop a comment and tell us what you think in terms of setting couple financial goals.
