Being on the same page is important in any marriage, and that includes alignment about your finances.
A third of American couples say money is a source of conflict in their relationship, according to an Ipsos survey. A quarterly “money day” can help. Research shows that talking about money can help ease financial worries and managing money together instead of separately can help strengthen your relationship.
Not only can you compare notes and agree on next steps, but you can also create your own savings path to a smooth retirement. Financial planning can turn from a source of tension into a shared project – and one you can have a glass of wine at home or at a restaurant that you’ve been wanting to try.
Why should you talk about money
Talking about money can be difficult, especially if you were brought up with a different way of looking at money, have very different incomes or spend money differently than your partner. But avoiding the topic can lead to different savings goals and two different retirement plans.
One partner may feel like they are pulling all the weight, while the other partner may feel that the current budget is too limited. One spouse may save for long-term goals while the other spends for short-term ones.
A regular money “day” – such as meeting once a quarter to discuss your spending, saving and investing – can help. This is the time to talk about your different ways about money, whether that’s related to saving for retirement, a down payment or an upcoming vacation. Giving a regular cadence to your checks means you don’t have to talk about money all the time, which can be awkward.
How much should the quarterly cash date include?
Giving your organization quarterly “finance days” helps ensure you have productive meetings and discuss important financial details. These are some of the topics you can discuss during these meetings:
- Retirement account contributions
- Progress towards savings goals
- Budget changes
- Debt payment
- Big expenses to come
- Beneficiary updates
- Insurance
- Any changes in income or employment benefits
Some meetings may be more focused on certain sections. For example, paying off debt may be your top priority if you have $20,000 in credit card debt, but once it’s paid off, you may turn to increasing contributions to your 401(k).
If you’re not sure what to discuss about your money dates, you may need to talk to a financial planner. This planner can help you create a roadmap for reaching long-term goals with your partner.
Retirement cash dates
Even when you’re in retirement — and maybe you’ve been with your partner for decades — a scheduled time to look over your finances can help keep you on track and make your money last. Your retirement plan will change as your income, expenses and lifestyle change.
You can take this time to review your Social Security benefits, investment accounts, whether you’re living the life you want for retirement and more.
