THE COUPLE’S GUIDE TO SETTING FINANCIAL GOALS for 2023

New Year, Old Advice: Here’s why setting financial goals as a couple is important for a healthy relationship.

There are many meaningful ways to build a true connection with your partner. Some of them are romantic and fun, while others are more practical and necessary. One of those necessary tasks is to create financial goals as a couple to prepare for the future you’ll have together. Relationships and money go hand-in-hand, regardless of whether you’re married or yet to get married. 

Here’s your guide on how to prep for 2023 Financial management-

SET GUIDELINES FOR SPENDING

Your partner may be more liberal with their spending, while you tend to take on the squirreling habit of stowing away everything for a rainy day. Though you should both still reserve some of your financial independence, you need to align on what’s appropriate when you have common money interests. To avoid friction and make progress towards your goals, set some basic rules regarding spending. This could be limits on how much you spend on gifts for others, what percentage of your income streams will go toward your goals and savings, and individual ‘no-explanation’ spending.

CREATE A PLAN TO SAVE FOR THE RETIREMENT YOU WANT

When you think of those glorious days when you don’t have to work throughout the week, where do you see yourself? Are you living on a beach, enjoying the sound of the waves and the warmth of the sun? Or, are you tucked away in the countryside where you can finally write that murder mystery you’ve been brewing? Do you want to be finished with the traditional job demands by 65? Or earlier? These are all essential aspirations to discuss with your partner since hopefully, you’ll be thriving in those golden years together.

COMMUNICATE YOUR GOALS AND PRIORITIZE THEM

One of the biggest challenges couples face when combining finances is the trade-off between personal financial goals and their partner’s goals. Though it may be tricky to wrap your head around after years of flying solo, it’s important to remember that being in a relationship doesn’t mean ditching your personal goals. Far from it. Instead, Kumar reminds us that the goal is to simply be on the same page as your partner about your bigger financial goals. 

ADDRESS INDIVIDUAL NEEDS

Once you have determined your household needs, start talking about individual needs and wants. They can include items such as gym memberships, clothing costs, haircuts, and other items you may spend different amounts on.

You may be inclined to give your spouse a hard time about not cutting back on the amount they spend on video games, while you continue to spend what your partner might feel is an exorbitant amount on your skin care.

Having a proper discussion and plans about the finances is one of the most important key to lead a happy and healthy married life. 


www.defencewardsmatrimony.com

<br>Facebook Comments