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5 Practices for Couples to Achieve Financial Freedom

Feb 24, 2024
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As a financial advisor with more than a decade of experience serving clients, I’ve seen firsthand how important it is for couples to exercise healthy practices with their finances. Because achieving financial freedom requires more than just focusing on the numbers and making investments; it’s also about having a solid foundation of trust, honesty, and open communication in your relationship.

To do this, being committed to the right practices is what will set you up for success. It's like laying down the tracks for a smooth financial journey. Whether you're just starting out or you and your partner have already been together for years, now is always the best time to start.

So in this article, let's discuss the things you can do together to put you both on the path to financial freedom.

Practices to Do Today

  • #1: Have a regular, healthy discussion about money. 

    For some couples, money can be a sensitive topic, but avoiding it may only lead to miscommunication and even resentment. Having a regular talk about your finances with your partner will help you both develop trust and understanding with each other.

    Start by setting aside a dedicated time for this discussion. Then, follow a structure of talking about your goals, identifying each other's emotions, and finding out the best course of action. For more guidance about this, check out this article I’ve written before.

  • #2: Talk about your needs and wants. 

    While you are now a couple, you must be aware of each other's needs and wants. Because this will guide both of you in making wise financial decisions, especially when it comes to your conscious spending plan.

    Just like discussing your finances, set aside time to discuss your personal needs, wants, and priorities. List all that truly matters to you as a person. And from there, be willing to compromise and strive to reach a balance that will work for both of you.

  • #3: Identify your shared goals. 

    Knowing your common objectives will help you have a sense of purpose and direction. Whether it's paying off debt, investing for the future, or saving for a vacation, having shared goals will strengthen your commitment to each other and your financial well-being.

    Sit down together and brainstorm your long-term and short-term financial and life goals. If you've already identified each other's wants and needs, you can find out what the common ones are. And then, write them down and create a plan to accomplish them, including specific milestones and deadlines.

  • #4: Find a money system that works. 

    Every couple is unique, so it's essential to find a system to manage your money that suits your lifestyle and preferences. Regardless of whether you prefer joint accounts or separate ones, or maybe using your own sheets for your cash flow or utilizing mobile applications, the important thing is to identify a structure that encourages transparency, accountability, and mutual trust.

    Don't hesitate to explore different money management methods and talk about which would best suit your values and financial objectives. Establish guidelines on how you'll both handle your income, expenses, savings, etc. Remember to regularly review your financial transactions together.

  • #5: Be transparent and honest. 

    Healthy relationships are built on trust, and trust is made through transparency and honesty. It shows your commitment to the partnership and builds a sense of security. It allows both partners to understand where they stand financially and empowers them to make informed decisions together. In addition, being open and honest about any financial difficulties or mistakes can help you resolve them as a team, which in turn strengthens your relationship.

    Commit to transparency when it comes to your finances. Avoid keeping secrets or making big financial decisions without talking to your partner first. And do not be afraid to seek support and ask for advice from each other when facing any difficulties.

On top of your personal habits, these are some of the things you can do today as a couple. Understand and exercise each one of these to be headed toward financial freedom.

Now, keep in mind that your journey may not be an easy one; challenges may come your way, but our aim is for you and your partner to progress together in the right direction.

That's why here are a few simple reminders for the both of you.

Reminders for Your Financial Journey

  • It’s not you against your partner (and vice versa). You are a team.
  • Enjoy your own journey as a couple, and don’t compare it to others.
  • Acknowledge every financial achievement and celebrate it together.
  • Revisit your goals and revise your plans accordingly.
  • If either of you ever feels lost in your journey, forgive yourself and give it another try.

And last but not least, remember that it’s okay to ask for professional advice. Find someone who will provide guidance suited to your unique situation and help you and your partner make informed decisions that will lead you to financial success.

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