One of the most common causes of disagreement, stress, and strain in a relationship is money and finances. Significant expenses such as going on a vacation, buying a house or a car, and getting married are some of the tricky financial situations couples usually encounter.
Being on the same page about your finances and money as a couple can strengthen your relationship. So, whether you’re married, newlyweds, or in a long-term relationship, here are some tips on financial planning for couples:
Set Your Goals Together
It’s perfectly normal for couples not to completely agree on everything about money. But, long-term goals like getting a house, buying a car, or traveling should be planned together. Once you figure out the things that you want to accomplish together, you can start saving for those goals, set a monthly budget, and so on. Setting your goals together will allow you and your partner to spend your money wisely on things and experiences that you both value and would help strengthen your relationship.
Having different interests is perfectly normal for couples. In this case, make sure to save some money for your personal hobbies and activities. If you and your partner have a joint account, consider having a separate one for individual expenses. With this, you both get to have a little independence and liberty to spend your money on personal interests.
Talk About Money and Finances Frequently
They say that communication is key to a good relationship, and this also applies to financial planning for couples. Talking about money seems easy for some couples. But money and finances can be a source of stress for others, so you have to be a little mindful about the topic if this is the case for your partner. You can start by letting each other know about small expenses like gas or fast food. It may seem silly, but it helps build your trust and relationship about finances.
Openly talking about your finances is especially important if one of you is a saver and the other is a spender. This could mean that you and your partner have a different approach and outlook on handling money. Frequently talking about your expenses can help you find a middle ground on your finances.
Seek Help from a Wealth Management Expert
If you and your partner have a hard time in financial planning on your own, seeking help from an expert is your best solution. A financial planner would be especially helpful for couples who have different spending habits. They can act as a neutral party and help you find a middle ground that can work for both of you.
Here at Lamkin Health Management, we are experts at budgeting for couples. We’ll be able to help you and your partner develop the best financial plan. Call us at (502) 306-3417, and we’ll be more than happy to assist you.