Chapter 2: Defining Financial Goals
This chapter offers some great tips and ideas about working with your partner to set financial goals. Talking through your dreams, hopes, and realities lays the groundwork for working toward those goals.
Check out the conversation in the video and read below to formulate the ideas that will help you and your partner manage money together.
Cross the threshold into your shared financial future.
Setting goals with your partner takes a healthy mix of commitment, communication, and collaboration.
Think about using one of your financial date nights as a starting point for goal setting. What’s nice about that is the topics for conversation are outlined for you. And, listening to your partner talk about their dreams could open up an entirely new layer of intimacy for your relationship.
Try it out. Like we’ve stated before – managing money as a couple may be a fun thing if you give it a chance.
Consider the short, medium, and long term.
Being in a relationship implies some form of longevity between you and your partner. With that as a baseline, think about how you plan to reach your individual and collective goals together.
Will shared checking and savings accounts work best for you, or should you weigh the pros and cons of separate accounts?
After you watch the video, download the Money Management for Couples Worksheet to help you figure out what’s best for you as a couple.
How much, and by when?
Specifics matter when you set goals. Make them clear and actionable so you know when and what it takes to accomplish them.
For financial goals, you’ll need to include an exact dollar amount and deadline for achieving your goals. This is a great tactic to use as you plan to pay off debt or save for a down payment.
Your Chapter 2 Checklist:
- Watch the Defining Financial Goals video
- Download the Money Management for Couples Worksheet
- Write out your short-, medium-, and long-term goals
Team Up to Customize Your Budget
Build and customize a solid budget with your partner. These ideas could help get you there.