How To Set Financial Goals as a Couple When You Don’t See Eye to Eye on Money
Written by
Cindy Lamothe
Edited by
Gary Dudak
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If you’re in a relationship and things are getting serious, it will soon come time to have the talk about setting financial goals. What if one of you wants a big fancy wedding while the other prefers to put money away for a house? How do you find middle ground when you don’t see eye to eye on money?
Below are some expert-recommended ways for couples to set their financial goals together.
Identify Shared Goals and Set a Budget
“Identify what you want to achieve together in both the short and long term, plus what you have to do to get there,” advised Andrea Woroch, nationally-recognized consumer finance and savings expert. “When you align on life goals, it gives you something to work on together and this will bring you closer.”
She said it will also make any financial boundaries more meaningful and help guide you on how to spend and save better. “Just make sure you’re willing to make some compromises along the way as far as what you allocate in your budget so that your partner doesn’t feel totally restricted on what brings him or her happiness!”
Once you have shared goals that you can work toward together, Woroch said sticking to a budget will come more easily. “There are even some budget apps made specifically for couples like HoneyFi that help you manage your budget and bills all in one place, even if you keep bank accounts separate.”
Come Up With a Debt Repayment Plan
If your partner is a spender and drowning in credit card debt, Woroch said this is the time to step in and support them through a debt repayment process.
“One quick way to lower debt payments is to transfer the balance to a 0% balance transfer card. You can find these at sites like CardRates.com, which will buy your partner more time to pay off debt with no interest accruing and this can alleviate tension in the budget while you reset your money goals,” she said.
Set Spending Rules
For couples who may have different values when it comes to spending and saving, setting spending rules can help you avoid uncomfortable confrontations or all-out fights. “A spending rule simply means you set a budget for purchases that must be discussed together before either of you can splurge on it,” said Woroch.
This can be any dollar amount that makes sense for your budget, from any purchase over $50 or perhaps any purchase over $200, depending on your financial situation. “Come up with parameters on what types of purchases need to be discussed with each other like a pricey new TV, extra video streaming service or home decor.”
While you’re at it, Woroch advised making saving money effortless by downloading these tools to your partner’s mobile device. “CouponCabin provides coupons and cash back when making online/mobile orders, and the Fetch app will give you cash back for grocery receipts and other purchases which are good towards free gift cards to various retailers like Amazon and even restaurants.”
She continued, “Tap into those free rewards for a free restaurant gift card to enjoy a date night on the cheap!”
Figure Out How To Manage Your Financial Accounts
Deciding how to mesh your finances is often a big decision when you get more serious with your partner, but according to Woroch, combining bank accounts isn’t always the best move for every relationship, “especially if you have different views towards how you should spend and save.”
Keeping checking accounts separate can keep frivolous fights at bay. She said, “But do consider getting a shared savings account and shared credit card to make it easier to work towards goals and split shared bills.”
When opening a shared savings account, she recommended a high-yield online savings account like Bread Savings, which offers the most competitive interest rates at 4.95% annual percentage yield so your savings grows faster and you meet your shared savings goals quickly.
“Reaching a big goal will improve your bond!”
Designate Fun Money in Your Budget
This is one of Woroch’s major recommendations for couples setting financial goals together: Designate some fun money in your budget.
This should be a set amount that you and your partner can spend as you please without permission or judgment.
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