Love and Money: Money Management and Planning Tips for Couples
“Invest” in your relationship.
Many couples avoid discussing their attitudes toward money and their financial situation. It’s important to talk openly about your financial issues regularly so you find common ground and can make sound financial decisions together.
Make a realistic plan together.
Create a budget and stick to it. This can be challenging depending on the spending habits of your partner, but setting realistic financial goals can help keep your budget on track in the long term and create a strong structure to have the money talk more often.
Cut back your date budget –but not completely.
Cutting back your spending is a smart thing to do, but it doesn’t mean you have to cancel all those romantic Friday dinner dates. Make sure you still have enough funds in your budget to have some fun together and forget about money for a while.
Spending habits are a common cause of money arguments, but keep your disagreements constructive. Take a step back and look calmly at your financial situation and work together to find solutions.
Look for ways to save.
Setting aside even small amounts regularly can help you accumulate an emergency fund and keep your long-term budgeting goals on track.
Seek professional advice.
You know yourself and your relationship better than anyone else, but it doesn’t hurt to get advice from your financial advisor. They can help you develop a plan to help you juggle your competing priorities and ensure you’re prepared for all contingencies.