For any relationship to progress, you will agree that there must be an alignment of goals. Whether you are married or planning to, you and your partner need to align on decisions surrounding parenting, lifestyle choices, finances, etc.
Undoubtedly, finance is one of the most significant determinants of a lasting and healthy marriage. In this article, we look at eight couple financial goals to set this crucial aspect of your relationship in order.
1. Be on the Same Page
The first step in reaching your financial goals as a couple is to ensure you are on the same page. Discuss your current financial situation. Remember the times you had clashes regarding finance and seek solutions to prevent reoccurrence. Talk about each other’s personal financial goals and priorities without compromising your shared goals.
2. Set S.M.A.R.T. Goals
Identify what matters to both of you in the short, medium, and long term. Create goals that are:
Specific— “We want to own a house in Banana Island.”
Measurable— “How much will it cost?”
Achievable—“Can we save that much given our current and possible future income?”
Realistic—”Does it make sense in our situation?”
Time-based—“How long will this take?”
3. Talk Openly About Money
Talking openly about money is important. This is because you both likely see money differently. Saving and investing might be a big deal for you while your spouse prefers to “live in the moment”. When you talk about money, you are more likely to create and achieve your financial goals together.
4. Have a monthly budget
Another crucial step in reaching your financial goals as a couple is living by a budget. You can use budgeting apps to achieve this. Identify all your expenses such as rent, insurance, school fees, internet, groceries, fuel, etc. Next, find where you can cut your spend especially if your monthly expenses are more than your monthly income. Live less than you earn.
5. Be Big on Savings
Saving is how you meet your financial goals as a couple. Every time you stay disciplined to your budget, live below your means, or cut an expense, you save indirectly. Saving is a slow process. This is understandable and that is why you and your partner need to talk about money often and encourage each other to follow through to your end goal.
Find out more here on how to save money every month.
6. Get Out of Debt
Now that you’re living on a budget and below your means, it’s time to take care of your debt. The earlier you do this, the earlier you can make your financial goals a reality. Pay all your bills on time. Create an emergency fund to avoid getting into debt again due to unforeseen circumstances. A debt-free life brings you closer to your financial goals.
When you give, the law of attraction starts to work for you. The law of giving and receiving says if you wish to receive anything in your life, you first need to give it. This could be setting aside some money for charitable causes or volunteering. Giving is surely one of the ways to enrich yourself and your family.
8. Protect Your Family with Insurance
Things happen. Life happens. But at least you can have peace of mind knowing that your family’s financial needs are covered. If you haven’t already, the Leadway Target plan helps you and your spouse meet your future financial goals. Learn More.
Having a budget, tracking expenses, regularly discussing money, and having insurance can reduce financial clashes as a couple and help meet your future financial goals. Buying your dream home, going on your dream vacation, sending your kids to the best schools, and retiring well are all achievable. So go ahead and start working as a team with your partner from today.
We’d love to hear from you. What big financial goals are you working towards this year?