5 Moves Every Couple Should Make

By Melanie Vu

 

An exclusive survey on love and money shows that how you handle your finances affects how happy you are in your marriage.  Following these 5 moves may improve your financial compatibility.

1.       Get Financially Naked with each other – lay it all out on the table. Financial transparency will set a solid foundation for your relationship, whether you are dating, about to get married, or already married. Knowing your significant other’s savings, debt and goals will give you a good idea about how they handle their finances. If you and your significant other aren’t already open about finances, don’t rush them into it.  To avoid coming off as confrontational, wait until the mood is happy and plan to make lists together. Make a list of assets and liabilities and monthly expenses together, as well as setting individual and mutual goals.

2.       If you haven’t already discussed retirement yet, start by creating a vision plan. Write down what age you want to retire, where you want to retire, what activities you would like to do together in retirement. See how much you have each saved for retirement and how much you will need in order to achieve retirement success.

3.       Tackle the biggest source of tension – If you and your partner are on opposite ends of the spectrum when it comes to spending and saving, meet halfway. Many couples hide purchases from their partner to avoid conflict. Make lists of what each of you have spent for the month and decide together what is necessary and what is excessive. Make compromises that both partners can agree with.

4.        Handling Debt – debt can be one of the biggest silent killers of a relationship. Credit card debt and student loans impact a person’s self-confidence, also making it harder to save for specific goals.  If you create a plan together to pay off debt and review your progress periodically, you will both feel accomplished and be more motivated to continue paying it down.

5.       Keep Tiny Tiffs from Escalating – Practicing all of these steps doesn’t guarantee that you and your partner will always agree and find a solution. The important thing is how you handle your disagreements. When you do argue about money, don’t wait too long after you cool down to have another discussion. Relationships are give and take; don’t let money rule your relationship.

 

This content was adapted from Time Money’s article “Five Money Moves Every Couple Should Make.”

Written by Dan Kadlec with Kerri Anne Renzulli.

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