Approaching the conversation of how to manage your finances in a marriage doesn’t have to be stressful. When two individuals merge their lives, they also blend their financial habits, beliefs, and goals. Discussing your needs and financial goals with StackStone Wealth financial advisors can help you and your spouse get on the same page with your finances.
Understanding Each Other's Money Mindset
One of the first steps in navigating your finances as a couple is to have a “Money Talk.” Set up some time to discuss finances with your partner. We suggest the following conversation starters to get started:
- Start discussions sooner. Set aside time for regular conversations to help you stay on the same page financially as your priorities and life circumstances evolve. Talk about family finances before you get married and before a major life event occurs, such as buying a new house or having a child. Include how you will continue to communicate about your finances along the way.
- Create shared goals and priorities. Talk about your vision of the future. What’s important to you now, and what do you want to achieve in 5 - 10 years? What are your goals for retirement? Set an agenda to help stay focused. Be realistic about what you can cover in each session, and plan for complex topics to take a few meetings.
- Discuss financial mistakes openly. If either of you have made financial mistakes in the past, talk about it openly with your partner but without pointing the finger.
- Work with a financial advisor. A financial advisor can help guide money conversations and provide guidance for the long term. They’ll take the time to understand what’s truly important to you and your spouse and provide personalized advice based on your goals and needs as a couple.
For more information, visit Getting Married: The Money Conversation.
Create a Joint Strategy
Once you have a better understanding of your partner’s goals, fears, and strategies—develop a joint financial plan. This plan should cover budgeting, savings, investments, debt management, and retirement planning. Regularly revisit and adjust your plan to stay on track with short-term and long-term goals. Setting aside time each month to connect with your partner and discuss finances might be helpful. Consider adding a recurring finance date to your calendar to check in with one another.
Regular Financial Check-Ins
We believe that regular financial check-ins help with tracking progress. These check-ins allow couples to review their financial plan, track their progress towards goals, and adjust their strategies as necessary. Celebrating financial milestones can also be a great way to stay motivated and ensure that both partners are on the same page. Ask our Team about Total View—our online tool that allows you to add and view all your financial information in one secure online portal.
Prepare and Plan for the Unexpected
Life can be full of surprises, so it is important to prepare for unforeseen events. This includes having an emergency fund, adequate insurance coverage, and an estate plan. Life insurance can help provide protection while protecting one’s lifestyle. Review your life insurance coverage to see if you are prepared for the unexpected and have the protection you and/or your partner need(s). This can help provide more peace of mind in case of an unexpected event such as job loss or loss of a loved one.
Combining love and money in a relationship includes balance, understanding, and teamwork. By communicating openly, planning together, and meeting regularly with your financial advisors at StackStone Wealth, couples can look to build a financial foundation.
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