Why Married Couples Need To Be Strong Financial Partners
Financial planning is deeply entwined with nearly every facet of your life. Whether consciously or not, it motivates the way you spend, save, invest, and plan for the future. For married couples, those financial habits assume a deeper meaning because each action impacts both you and your spouse.
Financial planning for married couples is a beautiful journey—one that can augment your life and the lives of those around you. Interestingly enough, the central tenets of a healthy financial plan are similar to that of a strong marriage: openness, honesty, transparency, communication, and grace.
When both spouses are actively engaged in the planning process, it helps them work toward a shared vision. Each day, each moment, each action becomes a stepping stone toward that vision, which brings you closer to your goals. Married couples must embark on their financial journey together to find the richness and fulfillment that’s possible when they do.
Today, we are going to look at the top reasons that approaching your finances together can enhance your money and your marriage.
It brings more meaning to your financial plan.
Your partnership can bring more meaning and care to your financial life. When you work together on your plan, both voices are heard and your vision is truly shaped collaboratively.
When one person is more engaged or involved than the other, it’s nearly impossible to build a plan that truly represents both parties. Couples should be equally engaged in their financial plan so that they know what’s coming and have the motivation to stick to the plan.
Think about this in terms of a long road trip. Let’s say your destination is 18 hours away. You could have one person drive the entire time while the other sits in the passenger seat, adjusting the radio every time the signal goes out. In this situation, the passenger likely isn’t paying as much attention to the road signs, other vehicles on the road, or the changing speed limits. The entire task of getting from one point to the other falls on the driver.
Instead of one person driving the whole way, you could switch every few hours, so you both stay fresh, alert, and engaged. Approaching the trip from this perspective puts both of you in the diver’s seat, with each of you playing a crucial role in reaching the final destination.
The same is true for financial planning.
Instead of one partner taking the reins and the other along for the ride, both spouses must take the reins to steer their financial life. Doing so will increase motivation, inspiration, and overall satisfaction with your plan. As with many tasks, with financial planning, you get out of it what you put into it. Married couples can construct a shared path to financial happiness only if both partners take on that responsibility.
Our goal is to help you use your money to live a life a fullness, grace, and generosity. The best way to accomplish that goal is to have both spouses working together to achieve their goals.
Alignment helps clear financial roadblocks.
Life will continue to throw curveballs. 2020 alone has illustrated that you never know what could happen one day to the next and that every day is a gift. When those roadblocks present themselves i.e unexpected illness, drop in the market, change in executive leadership, increase spending needs, etc. it’s essential to lean on your plan to help you stay the course.
When you and your spouse are aligned on your financial vision, it makes clearing those roadblocks much simpler. Why? As partners, you use your financial resources to work toward shared goals and dreams. When something stands in the way or adds complexity to your situation, alignment on the end goal is incredibly helpful to get you through it.
Many arguments and frustrations occur when people aren’t on the same page or can’t effectively communicate their position. But when you are partners in your financial plan, you can see the bigger picture and work together to overcome any obstacles that get in the way.
You can set, revise, and reach new goals together.
Financial planning extends far beyond dollars and cents to goals, dreams, values, and priorities. The economic and health ramifications of the coronavirus may mean that you need to re-think some of your short-term and even long-term goals. Talk with your spouse about the following:
- Do you need to revisit any goals to better suit where you are now?
- Have your priorities shifted, and in what ways can your goals support them?
- How can your values shine through in each part of your financial and personal life?
Goal-setting isn’t linear, instead, it moves, grows, and evolves as you do. When both spouses approach this process as partners, they can take on each changing phase together, making plans that will suit both of their needs going forward.
You are better prepared for the future.
Financial planning seeks to bring clarity, peace, and confidence to your financial life. For couples who make this plan together, they feel more prepared to walk into the future with purpose and promise.
When one spouse doesn’t solely rely on the other for financial matters, it brings more certainty to difficult moments such as an illness or even death. Financial stress is the last thing you want to worry about in the event of an emergency. Ensuring both spouses are involved in the estate planning process, retirement planning decisions, goal-setting review, and more can bring clarity for the future.
Our team at Step by Step specializes in financial planning for married couples. We understand the unique challenges and opportunities that are available to couples and want to help them make the most of every moment, helping them reach their financial and personal goals one step at a time.