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How to Make Financial Decisions as a Couple

February 24th, 2024

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Navigating finances within a romantic relationship requires transparency, communication, and often compromise. Major money decisions impact both parties and their futures, so should not be made solo. Here’s how couples can approach big financial choices thoughtfully and as a team.

Review Financial Situations

First, have an open discussion about individual financial situations before combining households. Review incomes, existing debts, assets, liabilities, credit scores, retirement savings, financial goals, money attitudes and anything else financially relevant.

No judgements, just an understanding of where each person is starting from. Debt or assets pre-relationship should be disclosed before joining finances.

Set Shared Goals

Next, align on shared financial goals as a couple for the future. Do you both hope to purchase a home one day or wish to retire early and travel? What about saving for childrens’ college educations or starting a business someday?

Make sure you're on the same page in regard to major money objectives for the future and discuss timelines. This guides collaborative decisions.

Draft a Relationship Budget

Come together to map out a monthly budget that aligns with both parties’ incomes and financial priorities. Which expenses will be shared vs separate? How much can be set aside for joint savings goals?

Make sure major categories align with future visions like vacations, date nights, retirement, home down payments and kid costs. Discuss spending differences.

Research Big Purchases Jointly

For all major purchases, keep one another involved from start to finish. Review costs, options, financing terms, tradeoffs, and possibilities together, rather than one partner presenting another with a unilateral decision.

Whether buying a car, a home, launching a business venture, or investing – collaborate. Consult pros to better understand options before deciding.

Commit to Transparency

No financial secrets! Discreet spending and secret accounts damage trust and stability. Share bank and credit card logins, review monthly statements together, discuss large personal purchases, and notify one another of any financial changes positively or negatively impacting either party significantly.

Welcome questions, accountability, and advice from one another. Secrets invite future conflicts.

Money decisions can affirm commitment or divide couples over time. Regular financial check-ins, synchronized goals and budgets, joint research, and ongoing truthful conversations about all things money will lead to compromise, mutual understanding, and joint progress. Align finances with shared visions!