When you hear about celebrities’ extravagant gifts, like the $2 million Bugatti Beyoncé gave to Jay-Z, do you wish you could do the same or do you roll your eyes? Does your partner have the same reaction? Opposites may attract but differing views on money can result in conflict for couples.
Here are three ways you and your honey can align your financial goals.
- Work as a team
If one of you always handles daily spending and the other focuses on long-term saving and investing, you’ve got a setup for conflict.
The American Psychological Association says couples can avoid disharmony two ways. You can swap roles reach month so each of you understands your household short- and long-term finances. Or, share the roles equally. This way you both have a clear view of your micro and macro financial picture.
- Understand your partner’s money mindset
Many couples think they’re arguing about money, but it’s often really about a difference in temperaments. Some folks are savers, some are spenders. Some like budgets; others can’t stand them. You can better understand each other’s views by having a conversation.
Try these questions to start:
- How did your parents handle money? Were they frugal or spendthrifts?
- Did your family talk about money or was it taboo?
- What’s your biggest fear about money?
If it’s hard to even broach the subject of money with your sweetie, take a lighthearted first step. Go to the Moneyharmony Quiz, where each of you can find out your money personality type (Amasser, Hoarder, Avoider, Spender or Money Monk). Coming at the conversation from this direction may make it easier for both of you to talk freely about what can be a tense topic.
- Eyes on the (shared) prize
Life happens. Priorities change. Take time once a year for a heart-to-heart financial reality check.
Make sure your shared goals are still in synch. Are you saving for a vacation home? Have job or health changes affected your financial goals? Do you want to prioritize paying down debt or saving for retirement?
Whether you want that Bugatti or burgers out once a week, put it all out on the table and make sure your financial goals are aligned.
When you and your partner want help to meet your financial goals, we’re here to help– no matter how big or small! Call us at 800-991-2221 to get your questions answered.
Federally insured by NCUA