By Lance Alston Updated: 16 Sep, 2020
In This Article
- Talk about your financial goals
- Be aware of each other’s debt
- Know what works for you
- Have a fair expense strategy
- Hire a financial planner?
- Plan for your retirement
How should couples start the conversation about shared financial goals?
I like to start with a question – “what’s your first memory of money?”
It’s amazing to see the range of emotions that arise from this simple question. Often people are fighting old battles of their parents and carrying around emotional baggage that doesn’t even belong to them.
Once you know their history with money, the obvious next question is, “what do you want your money to do for you?”
Are you looking for peace of mind, security, greater wealth compared to your friends or family? Do you prefer to travel or material things – that’s a big one, and there’s no right answer.
The point is to build a framework for understanding both partners’ feelings and expectations when it comes to money.
Believe me; they’ll have plenty of opportunities to discuss the day to day issues – braces or a Disney cruise, saving for retirement or college, etc.
Those conversations will be more productive if you have that original framework of understanding.
1. Talk about your financial goals
I think it’s important for couples to pre-commit to a general goal for saving. Can you both agree to save 10% or 12% of your total income in good and not so good times?
Say it out loud to each other and write it down. An early saving habit can make a huge difference in your life choices and overall happiness many years later.
Conversely, struggling to pay the bills with nothing in your savings account can drain the energy and time that should be going to your spouse and kids.
Couples should try to talk at least once each year about their total financial picture – without interruptions.
READ MORE: Roadmap to Building Financial Literacy in Your Marriage