We’ve compiled a list of tasks to complete with your significant other to get on the same page when it comes to finances:
- Set goals together.
Discuss near-term, short-term and long-term goals that are important to you. These goals may include paying off wedding debt, buying your first home, retiring at age 65, etc. Estimate how much money you think you’ll need to accomplish each goal and create a savings plan, and separate savings account, for each.
- Understand each other’s financial hot-buttons.
Many folks find themselves in a relationship with their “money style” opposite, meaning one may be more of the planner or saver and the other may be more spontaneous or considered the spender. This may mean that differences in spending and savings habits, debt and ideas about “yours vs. mine” could cause some tension. Try to keep all financial conversations positive and focused on how you can accomplish your financial goals together, using each other strengths.
- Figure out your day-to-day financial roles.
Talk openly about your knowledge, ability and desire to handle some of the following:
- Paying bills
- Monitoring accounts and tracking expenses
- Making investment decisions
- Filing paperwork
- Determine which tasks require outside help.
That may mean hiring a CPA to prepare your tax return or a financial planner to help you decide how much money to put towards each goal, alert you to actions you should take to keep on track and evaluate your progress.
- Schedule periodic check-ins.
These can be monthly, quarterly or annually and will provide you two a dedicated time to review your progress toward your goals, address any changes to your financial situation and shift tasks if needed.
We understand many people dread talking about their finances, but it doesn’t have to be a scary conversation. When you and your spouse are on the same page, the two of you can become an economic powerhouse.
View original post from our Companies That Care partner: Delta Community Credit Union