7 Smart Money Moves for Couples

It’s a beautiful thing when two people fall in love and decide to bring their lives together. But when mixing families, values and beliefs, there are bound to be some issues to work through. That’s especially true when it comes to money. Financial disagreements can be a major source of strife, even in the strongest relationships. So talking about money early, often and openly can help you navigate a partnership with fewer conflicts and misunderstandings. Here are some tips for uniting your finances.

1. Decide How You’ll Handle Household Expenses

Personal finance is just that—personal. There are many ways to approach your finances as a couple. Whether you plan to maintain separate or joint accounts, the most important thing is that you're both transparent about money and have a way to track how much you are earning, spending and saving.

Work together on a plan for how you’ll manage household expenses. If one partner earns more than the other, you could consider a budget where each of you devotes a percentage of your income to joint expenses rather than splitting bills down the middle. This way, each partner feels like they are contributing equitably.

2. Come To an Agreement About Personal Spending

Couples with limited resources may want to set guidelines for spending within their means. But monitoring each other’s every transaction can lead to mistrust and resentment. A healthier approach might be to agree to discuss any big-ticket items—like appliances, furniture or technology—ahead of time while allowing each other the freedom to make smaller purchases at your own discretion.

3. Write Down Family Goals

Chances are you have had conversations about your personal and couple goals in the past, perhaps before moving in together or tying the knot. But as your lives evolve and become that much more intertwined, it’s a good idea to check in on these goals and adjust them to account for any changes in priorities or circumstances.

Setting goals collaboratively can help ensure you are on the same page about how and when you will make major purchases, the kinds of investments you’ll take on and your eventual vision for retirement. Does one of you want to start a business? Do you plan to pay for your children’s college? How much support will you provide for elder relatives? Schedule time at regular intervals to discuss how you’ll allocate resources to your short- and long-term goals, then update your financial plan accordingly.

4. Ensure Financial Documents and Estate Plans Are Up to Date

If you’re newly married, you may still need to update the beneficiary information on your financial accounts, retirement plans, insurance policies and more. Even if you’ve been together for a while, you may need to update these documents to include children you’ve welcomed. Also revisit your estate plan and the related documents to ensure they reflect your current reality.

5. Share Information About Financial Accounts

Many couples leave the management of financial activities to one partner. That can work for some, but it’s important for both halves of a couple to know basic information about the family’s financial standing. And critically, both partners should have a full view of all accounts, where they reside, and their respective usernames and passwords. That way, both people are able to access assets and make important decisions in case of emergency.

6. Speak With a Professional

Working with a Financial Advisor can lend professional and objective insight to your situation—like couples counseling for your money! Whether you want to plan for retirement, save for your children’s education or make a major charitable contribution, a Financial Advisor can help you map out a strategy that honors both partners’ views and values. 

7. Communicate With Each Other

When it comes to relationships, communication is key. Communicating about money can be touchy for some couples, but being open and honest—about the state of your finances and your future plans—can save you a lot of turmoil now and in the years ahead. You might even consider scheduling regular "money dates," where you celebrate progress and discuss your goals. In this way, your shared financial vision can be something that brings you closer as a couple.

The Bottom Line

Combining two lives can be a complicated process. The more you’re able to speak transparently about your financial habits, concerns and goals, the more you and your partner will be able to get on the same page financially.