Living in Financial Harmony - Successfully Managing Money as a Couple

Family & Estate

April 10, 2024

1:23 min

Couple on computer

Money is one of the many things that can cause tension in a relationship.

Dean McCullar, CFP®
Vice President
Financial Advisor, LPL

Money is one of the many things that can cause tension in a relationship. In fact, it’s cited as the number one cause of divorce! To avoid the strain, you need to start with open communication and a well-thought-out plan so that you and your partner can successfully navigate finances in unison. To begin managing money as a couple, it is important to build trust and set financial goals that are clear, attainable, and fair. Both parties should be creating a budget that aligns with their shared vision for the future.

Open and honest communication is essential for success. We recommend sitting down with your partner and discussing both individuals’ financial histories if you haven’t already. This includes savings, debts, assets, spending habits, and overall expectations. Establishing this baseline will help you both understand the other’s financial situation and ensure there are no surprises down the road. From there, work together to set both short-term and long-term goals. Whether that means saving for a dream vacation, buying a home, or planning for retirement, having these shared objectives will keep you both motivated.

The next step is to create a join budget. Allocate funds for different aspects of your finances such as bill payments, savings contributions, and investment decisions. Continue this planning by regularly reviewing your budget and making necessary adjustments to ensure you’re on track to meet your goals. Throughout this process, try to remember that compromise is key! This process may require sacrifices and adjustments. Challenges may appear along the way, but with teamwork and commitment to your financial plan, you can build a strong foundation for a prosperous future as a couple.

Category: Family & Estate

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