Navigating Financial Harmony: Strategies for Couples to Align on Money Matters

Discussing money can be hard — especially for couples who may not have the same outlook on managing their finances.

While the traditional role of men handling household finances is long gone, many women today are still anxious about finances and encouraging financial education could prove beneficial in any relationship. The biggest gift you can give your partner is aligning on your future — and that includes discussions about shared finances and your financial habits and goals.

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A serious relationship can affect your finances in many ways such as shaping your ability to save for your financial goals, like buying a home or retirement. It’s important to have an open, honest dialogue about personal finances including your current financial state, priorities and goals, as well as topics like income, savings, investments and debt.

The role of “funflation”

Planning ahead is also important and as we go through a cycle of “funflation,” saving and entertainment planning can go hand-in-hand.

For example, in Colorado, snow sports are big and with daily lift tickets soaring above $200, a couple may want to look at a variation of a season pass. This also applies to summer activities like local theme parks, water parks, museums and zoos. Budgeting items like these in advance can keep your personal finance dialogue going, while also determining what is important to both of you — life experiences or material possessions.

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Housing inflation doesn’t help…

The rising cost of housing is also chipping away at our budgets.

According to Today’s Homeowner, It takes 41% of the median Colorado income to make the monthly mortgage on the median-priced home. At $575,373, Colorado is one of only eight states in which the median-priced home is more than half a million dollars.

Is merging finances beneficial to reaching your goals?

If you’ve been in a long-term relationship for a while and are looking to take the next big step with your finances, try cataloging what each person brings to the relationship, like your financial habits and long-term financial goals, and then ask yourselves whether it would be beneficial to merge your finances.

Every couple’s financial situation is unique based on your specific mix of combined and separate finances, so there is no one “correct” way to go about finances with your partner.

For example, some couples may keep separate credit cards so that each person can build their own credit but have joint checking and savings accounts for shared expenses or to reach future financial goals and rewards.

READ: How to Choose the Best Budgeting Method for Your Financial Goals

Sticking to a budget is key

If you and your partner have recently moved in together, your household income may have changed. Whether you’re working on a double income or single income, it’s crucial to remember to practice patience and discipline with your money to reach your financial goals.

Whether you’re looking to pay off loans, saving for a child or you’re a DINKWAD (Dual income, no kids, with a dog) couple saving for emergency vet visits, practice these simple steps.

1. Understand your income and identify your basic and variable expenses, then determine what’s important and what’s not.
2. Keep track of your progress by creating a budget to help better identify where your money is going and how much you have remaining to put into savings or investing funds.
3. Stick to the plan. Even if you are starting small, you are still in a better position to build for you and your partner’s future.

After determining your goals, consider meeting with a financial solutions advisor who can provide you with personalized guidance to help achieve your unique financial goals and build wealth, as well as provide access to educational tools and resources.

If you choose to use a financial solutions advisor, schedule regular check-ins to track your progress and review your plan to ensure it still works for you.

Mona Hingorani is the Consumer Executive Market Leader, Colorado North Market, at Bank of America.