How to set financial goals as a couple when you can’t see the money in your eyes

If you’re in a relationship and things are getting serious, it will soon be time to talk about setting financial goals. What if one of you wants a fancy wedding while the other prefers to save money for a house? How do you find a middle ground when you can’t see the money?

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Here are some expert-recommended ways for couples to set financial goals together.

Identify shared goals and set a budget

“Identify what you want to achieve together in both the short and long term, as well as what you need to do to get there,” advised Andrea Woroch, a nationally recognized consumer finance and savings expert. “When you align yourself with life goals, it gives you something to work towards together and that brings you closer together.”

He said it will also make financial boundaries more meaningful and help guide you on how to spend and save better. “Just make sure you’re willing to make some compromises along the way in terms of what you allocate in your budget so your partner doesn’t feel completely restricted in what brings them happiness!”

Once you’ve shared goals you can work toward together, Woroch said sticking to a budget will be easier. “There are even some budgeting apps made specifically for couples like HoneyFi that help you manage your budget and bills in one place, even if you keep separate bank accounts.”

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Come up with a debt repayment plan

If your partner is overspending and drowning in credit card debt, Woroch said that’s the time to step in and support them through a debt settlement process.

“A quick way to lower your debt payments is to transfer your balance to a 0% balance transfer card. You can find these at places like CardRates.com, which will give your partner more time to pay off the debt without accumulating interest and that can ease the strain on the budget while you reset your money goals,” she said.

Establish spending rules

For couples who may have different values ​​when it comes to spending and saving, establishing spending rules can help you avoid awkward confrontations or outright fights. “A spending rule simply means that you set a budget for purchases that must be discussed together before either of you can spend on them,” Woroch said.

It can be any dollar amount that makes sense for your budget, from any purchase over $50 or perhaps any purchase over $200, depending on your financial situation. “Get parameters about what kinds of purchases should be discussed with each other, such as an expensive new TV, additional video streaming service, or home decor.”

While you’re at it, Woroch advised saving money effortlessly by downloading these tools onto your partner’s mobile device. “CouponCabin offers coupons and cash back when you order online or on mobile, and the Fetch app will give you cash back for grocery receipts and other purchases that are good for free gift cards to various retailers like Amazon and even restaurants.”

She continued, “Take advantage of these free rewards for a free restaurant gift card for a date night on the cheap!”

Learn how to manage your financial accounts

Deciding how to fit your finances together is often a big decision when you’re getting more serious with your partner, but according to Woroch, combining bank accounts isn’t always the best move for every relationship, “especially if you have different opinions on how you should do it.” -ho. spend and save”.

Keeping checking accounts separate can keep frivolous fights at bay. She said, “But consider getting a shared savings account and a shared credit card to make it easier to work toward goals and split shared bills.”

When opening a shared savings account, he recommended a high-yield online savings account like Bread Savings, which offers the most competitive interest rates with an annual percentage return of 4.95% so that your savings grow faster and reach your shared savings goals quickly.

“Achieving a big goal will improve your bond!”

Designate fun money in your budget

Here’s one of Woroch’s top recommendations for couples setting financial goals together: Designate fun money in your budget.

It should be a set amount that you and your partner can spend however you want without permission or judgment.

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This article originally appeared on GOBankingRates.com: How to set financial goals as a couple when you can’t see the money