Financial security should be a shared goal between partners; however, getting there may not always be straightforward.
If you’re just getting to know one another or considering merging finances, it’s essential that both partners discuss credit histories, debts and assets, financial values and long-term goals as soon as possible to avoid misunderstandings and potential conflict.
1. Listen to Your Partner
Coambs suggests sharing early and often to ensure both partners understand each other’s views on money, especially how those may be shaped by personal history. He suggests doing this to avoid miscommunication that can cause hurt feelings and arguments between you two.
Even if your financial goals differ significantly, working together to craft an approach that’s sustainable long term can still be effective. For instance, if both partners are big savers but you disagree about whether to live more frugally for some months to pay off debt is possible and together can devise an arrangement that meets both of your needs.
If your disagreements are more significant, seeking professional financial counseling or relationship coaching services might help break down barriers to dialogue and identify healthy ways for transitioning from “his” and “hers” finances into our finances together. It would be ideal if these conversations occurred when both partners were feeling positive in their relationships.
2. Share Your Goals
Engaging in an in-depth dialogue with your partner regarding future financial goals and intentions is absolutely crucial. Once in a relationship, neither partner will be financially independent anymore – being aware of each person’s goals early can prevent major hiccups in the future. For example, if one wants to save for an extravagant wedding while another prefers an intimate ceremony instead, understanding each person’s desires early on could save time, money, and stress in the future.
Deliberating shared values and your priorities when it comes to spending money can help create a budget for leisure spending, savings, and longer-term financial goals. Make sure to find an easy time and place for you both to talk. Neither party needs to agree on everything related to finances – the goal should be open communication about finances for mutual understanding of each partner and increased financial intimacy which can contribute to successful, long-term relationships.
3. Set Financial Boundaries
Establishing financial boundaries with partners and loved ones is crucial in protecting financial goals and limiting overspending. Setting such limits will prevent overspending while simultaneously protecting retirement savings goals if, for example, dining at an expensive restaurant would compromise this objective; you could suggest an alternative like hosting a potluck instead.
Communicating money boundaries can be challenging at first, but it is critical that both partners remain open and honest about their priorities in order to avoid future disagreement.
For instance, if one partner tends to spend while the other prefers saving, then it may be beneficial to separate your finances – this could involve opening separate checking or savings accounts; you could also schedule regular meetings to monitor each other’s progress and ensure you’re on the same path.
4. Have Regular Meetings
Money talks can be tricky conversations to have, yet they are essential ones. Money issues have often been one of the leading causes of marriage breakdowns; so whether it be prepping for a big purchase or discussing spending habits together, having open and honest discussions about finances is integral for ensuring your relationship’s health and longevity.
Establishing regular “money dates” between you and your partner is an invaluable way to stay on top of your finances and work toward similar goals together. These meetings may take place every week, month or quarter depending on your relationship and finances – they should just remain regular!
Financial wellbeing encompasses numerous facets of life, from budgeting and saving to retirement planning. Financial wellness means having control of short-term finances while working toward present financial freedom and ultimately creating future independence. To achieve financial wellbeing as a couple, values need to be clearly established that guide decisions and goals in regards to money matters.
