Let’s face it; we live in tough financial times. People everywhere are desperately trying to make ends meet and attain financial independence. Money is a hot topic for lot of people, and it gets way hotter when couples are involved! The problem is, you may have developed financial discipline and learned money saving strategies, but that may not be the case for your partner. That’s why you need to stay on top of your game. Our mission is not only to develop a stable family but also to have a healthy financial life. And in order to get from where you are today to where you want to be, you have to have a plan. These easy-to-implement strategies will help!
Nothing within a relationship works without communication, including finances. Prioritize open and targeted conversations about your financial goals. The goals need to align with your personas and ambitions. Only then can you both be fully dedicated to the success of these money saving strategies. Even so, you’ll have to make sacrifices. Find common ground and run with it. Just be aware that there is a difference between open communication and being controlling and manipulative.
Discuss your money goals and create a plan to track your progress. Some goals may be urgent, while others are important but not so urgent. Reaching a decision here and implementing it is your road to financial success. Formalizing such discussions only adds impact and meaning to money-saving conversations. You could organize a coffee date at the end of the month (or quarterly) to check in on your goals and milestones.
Alone, you can only go so far. But together, you’re stronger and able to accomplish more. Consider if combining your finances will be good for your shared goals, or not. As an example, if you share costs you may be able to sign up for a family health or cell phone plan rather than paying for individual plans. Similarly, having a joint checking and savings account my help you both keep track of your budget and expenses. That said, there should be room and liberty in any agreement for each person to be true to themselves. If your partner’s oversight feels like an infringement on your freedom, you may both prefer to have individual checking accounts where you can do your thing.
Set a Budget
Once you have a joint checking account, you need to set a budget line. Maybe it’s along the lines of “any expense greater than $50, we check in with each other first.” Impulse buying without your partner’s forethought displays a lack of accountability. Budgeting also eliminates excuses for unwarranted expenses. Need some guidance? You can use an online tool to organize your finances.
Learn and Relearn
Look, there’s no magic pill out there that will pull you out of your current financial situation into financial freedom. But these money saving strategies are meant for couples ready and willing to learn! Be open to learning from the gurus about investing and money saving techniques. It doesn’t help much if only one of you is financially literate. Both of you need to learn! And your ability to learn should match up with your ability to relearn and unlearn old habits. For instance, do you need to take a look at your pre-Covid spending behavior now that we’re in the post-Covid world?
Celebrate Any Progress
Your goals are not written in stone. Therefore, it’s not realistic to make a big fuss each time you don’t realize the goals at the appointed time. Instead of focusing on disappointment and negativity, embrace the positive! Have you seen a change in your mindset? Did you make a wise financial decision? Even something as small as avoiding the tempting tchotchkes at the Marshall’s checkout? Celebrate small accomplishments and encourage each other!
Daniel Miller is an experienced specialist in the business and financial area (installment loan online). Daniel has also worked as a financial advisor and provided consulting about budgets, savings, insurance, stocks, retirement funds, tax advice, etc. He is currently doing specific research on these topics.