Financial stability is important for a healthy relationship. When you aren’t seeing eye-to-eye with your partner on topics about money management, then it could lead to arguments or an eventual breakup. For this reason, it’s important to create financial goals and priorities as a couple.
While you might not start your relationship in a place of financial stability, our guide will help you discuss and overcome your obstacles with money.
The Importance of Financial Fitness
If you avoid talking about finances early on in a relationship, it could lead to resentment down the road. This is why it’s important, to be honest, and forthright with your partner about how money should be spent.
For some couples, this might mean that you split finances equally or share a bank account. For other couples, if one person makes more money than the other, you might collaborate to come up with a different arrangement. What’s most important is that each party feels good about the way you deal with money from the get-go.
Put simply, when you have your finances in order as a couple, it prevents resentment and creates a healthier relationship.
Creating Financial Goals
When you create financial goals as a couple, it helps you ensure you’re on the same page when it comes to spending. Goals give you a road map on what you should next save for and spend money on. This means that one person won’t be blindsided when the other puts money toward an expensive purchase.
Some financial goals you can set as a couple include:
- Saving for a home
- Paying off debt
- Investing in a retirement fund
- Putting money aside for emergencies
- Making more money than you spend
Once you have your priorities straight, you can work toward one goal at a time. For example, after you pay off your debt, you may want to start saving for retirement.
Budgeting
Once you have your goals laid out, you can start outlining your budget as a couple. It’s easy to put off this step, but creating a budget helps you become mindful of your spending habits. By creating a budget together, you and your partner can hold one another accountable and make progress toward your larger goals.
You can create a budget with pen and paper or in a program like Excel or Google Sheets. Make sure to first budget out money for necessities such as rent, gas, or food. From there, you can set aside money for luxuries. It might be difficult to stick to your budget at first, but with some effort, you’ll start to better understand your spending habits.
Closing Thoughts
Since finances are a common source of stress in relationships, it’s important to ensure that you talk openly about money with your partner. By setting financial goals and budgeting, you can ensure that you’re on the same page in your relationship. To find out more about creating a couple of goals, check out the infographic by Annuity below.
Please include attribution to Annuity.org with this graphic.