Money and Relationships: How to Set Financial Goals

Continuing our series about relationships and finance, it is important to talk about your big financial goals, so let’s look at some pointers.

Agree On The Basics

As you begin your discussion, lay out some big-picture groundwork that you and your spouse can agree on. Figure out where you want to be in 10 years. Ask yourselves what big-ticket items are you want to save for. Look closely at your budget to break some bad spending habits.

From these three simple ideas, you and your spouse can figure out what is financially most important to you as a team.

Keep The Conversation Flowing

Once your framework is laid out, you can continue your discussion periodically. At this point, take any opportunity to talk amongst yourselves: talk to each other over dinner, date night, a lazy Saturday afternoon, etc. Anytime you can check in and discuss how the finances are going for your goals will help you both stay on track. We always recommend setting specific appointments to discuss the finances if you're unable to snag a few seconds here and there.

You can also take advantage of computer programs like Quicken or Moneydance to converse with one another electronically. When both of you can add information to your financial balance sheet on such programs, it becomes simple to update one another on money spent or saved, or bills paid.

Be Honest When Things Get Tough

Finances are never easy, and joint finances are even more difficult. Anytime you feel emotionally overwhelmed, bring it up to your spouse. This feeling can pop up for any reason, so whether you splurged on a pair of shoes or your credit card debt is overwhelming, sharing your concerns is always going to be better than hiding them.

Together, you should be able to figure out a solution to any financial issue — two heads are better than one. And don't forget to cut each other a little slack.

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