5 Tips for a Financially in-Sync Relationship

Are you and your partner on the same financial page? Or are you a few chapters ahead or behind? According to divorce data along with insights from debt.com and Therapy House Mental Health, 42% of all divorced couples reported that money issues caused the breakup. Among those money matters, financial infidelity (hiding debt and large purchases) and mismatched money personalities topped the list. Let’s look at tips on how you can both be more aligned when it comes to saving, spending, and overall money priorities.  

1. Review Your Recent Financial Wins and Losses: Together, look closely at your finances from the last month and look for areas where you did well and could do better. Did you and your partner stay under budget? Were you able to put a little extra into savings? Where could you still trim your expenses?
2. Ponder a “What If” Scenario: What if your debts were paid in full? What if you had an extra $1,000 every month? What would you and your partner do with the money? Discuss what it would do for your future to put that money into savings versus spending it.
3. Create a Money Bucket List: As a couple, what are your interests? Do you both love to travel, try new foods, or volunteer more of your time? Create a list of things that could be within your financial reach if you cut expenses, paid down debt, and put more into savings.
4. What Makes You Both Feel Secure: An emergency savings account is a great way to add security to your life, but not everyone agrees on the amount that needs to be in that account. Together, decide how much is enough for your emergency savings, keeping in mind that most experts agree that three months of living expenses is generally enough. 
5. Identify Upcoming Big Expenses: Whether it’s college tuition for a child, a new vehicle, or healthcare-related expenses, write down the top 5 big expenses coming in the next five years. Together, formulate a plan to save for and pay for them. 

Financial Alignment Starts at Mid-Atlantic FCU
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