Money management is an action. However, it's an action that must begin with a great deal of planning, especially when it comes to couples. For all couples, the foundation of healthy money management practices is an in-depth conversation on finances. Learn about some of the things you and your partner should discuss to develop a money management plan and put it into action.
Money management is not just about savings; its primary goal is preparation for the future. A couple cannot develop a plan if they don't have a plan in mind. Your conversation must involve a deep dive into each other long-term goals. From the type of lifestyle you want to lead to the age of your retirement, long-term plans provide you with more information about what you need to do now to reach those goals in the future. Couples should put everything out on the table and use the information as a guide to develop a plan that works for both people.
All couples should know each other's credit scores, or at the very least, their general score range. However, it's also a good idea to learn about the person's past credit mistakes. For example, if the person filed for bankruptcy years ago or had a vehicle repossessed, the information might not be on their credit report today, but it might speak to financial weakness. Bringing this information to the forefront can help the couple develop a money management plan that safeguards themselves from these potential vulnerabilities.
It's a touchy subject, but all new couples should find out what, if any, financial family obligations their partner has. A person might help their elderly or ill parent out with their monthly bills, or they might help a niece or nephew with their college tuition payments from time to time. The point of this question is to find out more about where your partner's money is going and, ultimately, to find out whether or not it will have an impact on your household obligations.
Help Is Available
When it comes to formulating your money management plan — help is available. A money management coach will be more than happy to sit down with you and your partner and help you turn your goals and plans into an actionable strategy.
Remember, it all begins with a conversation. However, after you've had your discussion, partner with a professional who can help you take your goals a step further.
To learn more, contact a couples' money management coach.Share