Managing money as a couple can be difficult to achieve with two incomes and two financial situations. Here are several ways that you and your loved one can work together to improve the financial side of your relationship!
Have regular discussions on money: Whether you have only been sharing expenses for a few months or you have been married more than five years, it is important to be on the same financial page as your partner. Have an open discussion and talk about your individual and shared long-term and short-term financial goals. Then come up with a plan for how you intend to reach them together.
Ask questions: “Are you a spender or a saver?” If one of you is a saver and the other a spender, create a budget that considers both styles.
“What are your financial goals?” or “Where do you want to be five or twenty years from now?” People who identify specific goals make faster progress toward savings and investing targets. First, you need to agree on what those targets are: buying a home, starting a family, or being debt-free. List your individual goals, then share them with each other and make a joint plan.
What do you value more, things you can keep or experiences to remember? Maybe one of you wants to buy a house while the other thinks saving for retirement is essential. It is important to get these things out in the open.
Stay informed: There is no shortage of financial literacy available, from financial blogs to personal finance books, podcasts, online classes and so much more. Sit down together and listen to SeaComm podcasts on money topics that interest you, or click here to read our latest newsletters for a full-suite of valuable information!
Track your spending together: There are a number of consequences of not tracking your spending, including less financial security and a higher likelihood of going into debt. Together, you can conveniently monitor your accounts from your computer or mobile device with SeaComm’s digital platforms, NetTeller™ and Mobile Branch.
Ask for help when you need it: SeaComm’s partnership with GreenPath Financial Wellness can help you and your partner improve your financial outlook. GreenPath provides SeaComm members with access to free one-on-one financial counseling, student loan counseling, debt management services and more. To learn more about how SeaComm’s partnership with GreenPath can help you, click here or call (800) 550-1961.