Making financial decisions as a couple involves more than just dollars and cents. There are also feelings and relationship dynamics.
If you’re thinking about getting married, merging finances, or just improving your financial communication, here are some tips for navigating money in your partnership.
1. Invest in communication
Strong communication is key to a successful relationship, especially when it comes to finances. Open and honest discussions about spending, budgeting, and financial goals can help ensure you and your partner are on the same page.
If talking about money feels uncomfortable, consider starting with a money date. Perhaps you'll already have some financial agenda items to discuss, but if not, consider beginning with your financial history and attitudes about money you each bring into the relationship.
Acknowledge the feelings you both have around money. Try to understand what's important to your partner, and communicate what's important to you. Most importantly, be honest and transparent. Remember that you're on the same team.
For more tips about how to communicate about money, read Viewpoints at Fidelity.com: Tips for couples: Improving money talks.
2. Come up with a plan
Once you agree on some financial goals, build a detailed plan together. Specify timelines, the approximate dollar amounts you'll need, and the relative priority of each goal.
Consider writing down these goals and posting the hard copy somewhere visible as a reminder of what you are working toward. It could also be a good idea to set time aside every month to review your progress together.
For resources on setting goals and keeping track of progress, visit the Fidelity Goal BoosterSM homepage.
3. Look for blind spots
Look for financial habits that could cause conflict. For example, if one person tends to spend more than the other, work together to understand this habit without judgement. Ask what they spend money on and whether these purchases are planned or impulsive. Open communication about money habits helps you manage finances in a way that supports your shared goals.