10 Financial Planning Tips for Couples to Keep You Stable

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Married couple financial planning

Which couple financial planning tips to keep you safe ? A lot of financial planning advice is targeted at individual people, but what about couples? Married couples especially have different goals than individuals, and if you’re planning to spend your lives together, you might as well plan to do so successfully!

What do you believe is the most important factor in determining whether a marriage will last?
Isn’t it money?
Money can be the source of arguments and conflict between couples, but it doesn’t have to be that way.
In fact, if you are wise with your financial planning, you can use it to ensure that your marriage lasts for a long time.
Here are ten tips to get you started on the road to financial planning for couples.

Table of Contents

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10 couple financial planning tips

couple financial planning

1) Talk about your relationship goals

Finances often become a point of contention between couples, but as long as you communicate about your finances with your partner, the two of you can come up with a plan that works for both of you.

2) Do a financial health checkup together

money

Talking about money together is a great way to keep your relationship healthy. Try this simple financial health checkup with your partner.

Spend five minutes discussing each of these topics:

  1. How much money do we currently have?
  2. What are our monthly expenses?
  3. Do we have any debt?
  4. Do we have any savings or investments?
  5. What would happen if one of us lost our job right now?

3) Pick a joint budgeting tool you both can agree on

One of the most important decisions you’ll make when you start a family is how you plan to manage your money.

The first step in creating a joint budget is deciding what kind of budgeting tool will work best for both parties. Consider using an online service like Mint, or one of the many personal finance apps available on smartphones that can help track spending habits.

4) Discuss your priorities

marriage and money

When it comes to couples, it’s important for both parties to have an understanding of the other’s priorities.

There are a lot of things that need to be considered when doing couple financial planning, from budgeting and saving, to investing and retirement.
For example, one partner might want to save more money than the other in order for a future goal. This can lead into some disagreements on how much each person should spend on things like food or clothes.

5) List down all your monthly expenses

It’s a happy day when you tie the knot. Everything is new and there’s a sense of future excitement. However, as with any change in life, new challenges arise with married couple financial planning. Two incomes can make your expenses skyrocket.

6) Get rid of any recurring debt you both have

The first step to any financial planning is getting rid of any recurring debt you both have. It doesn’t matter which one of you owes the other, or if your debt is from different types of loans. It’s important that you both work on paying off these debts so that they don’t become a problem in the future.

7) Create an investment plan together

The best way to approach couple financial planning is to take the time together to understand your individual financial goals and create a plan that will allow you both to achieve those goals.

  • Be honest about what your spending habits are, how much you make, and how much debt you have.
  • Discuss what your long term goals are. Do you want a home? Kids? Travel? College funds? A boat?

8) Invest in good life insurance cover

Life insurance is an essential part of any couple financial planning because it will help provide a monthly income for your spouse if the unthinkable happens.

This can help make things easier on them so that they don’t have to worry about money as much, at a time when their life will be going through enough changes. So now that you know what’s best, invest in some good life insurance cover before it becomes too late.

9) Fight fair! (Relationship mustn’t affect financial stability!)

It can be hard when you’re in a relationship with someone who is financially irresponsible, but you have to remember that it is your responsibility as well. It may not seem like it, but everything they do affects your finances.

10) Start by looking at your finances as a team

Open up a joint account that’s separate from any individual accounts you might have. Discuss your personal finances with each other. If there are any assets or debts that belong solely to one of you, work with them on what you’ll do with those in the event of a divorce. Finally, make sure that someone is taking care of your day-to-day financial tasks, so you don’t have to worry about it while trying to maintain a healthy marriage!

Additional Advice for Married Couples on Financial Planning

  • Be proactive about finances! Figure out what is most important to you (i.e., saving for retirement, having enough money in emergency savings).
  • Ask yourself what if? Questions about potential emergencies that could happen.
  • Determine how much money you need before moving forward with any other financial decision like buying a house or investing your savings. Remember that being proactive will help avoid surprises later on!

Conclusion

For many couples, financial decisions are an area of disagreement. This can be exacerbated by the fact that each spouse may want different things or may have different levels of risk tolerance.

Regardless of your preferences or needs, it’s important that you sit down with your partner to discuss what you want out of life so that your financial needs can be met in a way that works for both spouses.

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