Tips for Couples

August 20, 2019

This week was my two-year anniversary and it was fun celebrating it with my lovely bride. However, it reminded me about all the things we had to think about when we got married.  After the honeymoon phase of the relationship, it is important to discuss a financial plan with your partner.  Half of my job as a financial planner was coaching couples on what they should be thinking about in terms of financials and trying to get their financial priorities on the same page.  Here are a few tips to get out couples in their financial journey.

Have the conversation

I have met a lot of couples that never talk about money.  When you are in a relationship, it is crucial to sit down and ask each other what is important to them. Is it saving for a house, paying off debt, investing, or retirement; whatever it may be, it is important to try and get on the same page. Discuss your finances over a bottle of wine in a relaxed setting, that way you don’t get stressed out. It should be exciting to dream about the future. Make sure you write down everything you discuss and bring it to a financial advisor.

Implement the plan

If you dream of owning a house or retiring on a beach, then it is important to start working towards that goal.  Big dreams can take a few years to accomplish, so it is essential to come up with a strategy, find someone, or a service to help you implement the strategy to make sure you can obtain your dreams. 

Make a financial date

Reviewing your plan and make updates according to your situation can help keep you on track. Your financial situation changes over time so your plan should change with it as well.  A good time of the year to do this is during tax season. The reason being, you are already doing your taxes and probably have a lot of your financial information together.  Sit down with your partner and review your plan and update your goals.  Life changes all the time, so it is important to make sure you are still on track.

Don’t get discouraged

Money issues can destroy a relationship.  You both must stay positive. Yes, it might seem overwhelming, or that you can’t dig yourself out of a hole, but with a good plan and time financial dreams can be achieved if you start now.