As many might already know, money and overall financial stress is one of the leading causes of problems with relationships, marital or otherwise. Whether it’s over big-ticket purchases, overspending, debt, or even dishonesty, any kind of financial strain can also lead to stress at home. However, as many couples can attest to, there are ways you can work with your significant other to lessen this stress. Here are a few tasks you can take to get on the same page when it comes to your money.
- Set financial goals with your significant other. No matter the time frame, you should always have some sort of financial goals. Short-term goals can include anything from making a big ticket purchase like a car or RV, taking a vacation, or paying off a credit card balance. Longer term goals can, of course, include buying a home, having children, and planning for retirement. When you go over these goals with your significant other, look at how much you’d need to save for each goal, and set up a savings account. If you’re already talking about retirement, look into opening an IRA to maximize what you can earn on what you save. If you don’t already have a savings account or IRA with us, visit one of our branches or give us a call and we can help you get started.
- Find out your significant other’s issues and concerns when it comes to money. Some people have a hard time saving money, whereas others save quite easily. Similarly, some people have a lot of debt, and others are free of it entirely. Once you’re at a point in your relationship where your finances are intertwined, it’s important to learn where your partner is on that spectrum. If you happen to be on opposite ends, make sure your conversations about money stay positive and healthy, and focus on discussing how you can accomplish those goals together using both of your strengths.
- Figure out where you stand in your day-to-day financial roles. In so many relationships, there’s usually one person who handles the bulk of the finances, making sure bills are paid on time and handling most of the shopping for the home. But everyone has their own strengths and while one person might not be great at keeping bank records organized, their partner might be more on top of the non-financial organizational side of things. Once you’ve both figured out your strengths when it comes to managing your finances together, delegate “jobs” to each other so you don’t have to worry about one of you forgetting something.