Financial Planning for Two - Things to Consider

Financial planning is one of the most important aspects of a successful marriage. If you are a married couple, you need to know how to effectively plan your finances in order to ensure financial stability and reduce future conflicts regarding finances and financial goals. The following are 4 things you need to consider in regards to financial planning for two.

#1: Are you both on board with the same financial goals?

First, are both you and your spouse on board in regards to financial goals you want to achieve in both the long term and short term? Common financial goals include things such as: buying a new home, moving to a new location, saving up x amount of money for starting a family, saving a certain amount of money for retirement, etc.

It’s important to have a serious conversation with your spouse in regards to their financial goals so that you two can find out where you differ on what you see in your financial future.

#2: Can you work out a compromise if your financial goals differ?

If you and your spouse have different financial goals, you also need to consider this: can you work out an effective compromise in cases where you have different things in mind regarding finances? For example, if you want to save x amount in your savings amount every month but your spouse wants to save y, can you agree to meet in the middle?

Knowing whether or not you and your spouse can compromise on something as important as financial goals is essential for effective married financial planning.

#3: How much are each of you willing to set aside to reach financial goals?

If both of you are working, then you need to consider just how much money each of you are willing to set side from your income to reach your financial goals. These include both long term goals such as buying assets as well as short term goals like creating and sticking to a monthly budget.

Once you know how much your spouse is willing to set aside - and vice versa - you can work towards a more effective and realistic financial plan that takes into consideration your income, goals, and personal wishes in regards to how much money you can set aside for goals each month.

#4: Are you both willing to create a solid financial plan?

Finally, and this is perhaps the most important thing to consider when it comes to financial planning as a married couple: are you both willing and committed to creating a solid financial plan? You and your spouse need to be completely on board in order to create and track a budget, and to reach a variety of different financial goals. If either one of you is not completely committed, it will throw the entire financial plan into jeopardy - but when you work together, you can achieve your financial goals.

Remember, when it comes to financial planning for two, keep the above 4 things to consider in mind.