Love may make the heart flutter, but shared financial harmony makes the wallet fatter.

How many times have you seen one of the following? A relationship destroyed because of money, a couple that can’t agree on how to manage money, or a lack of financial progress because one partner in a relationship is driving the couple into debt. These scenarios happen all to often, we get into to relationships and spend all this time dating talking about what we like to do, what food we like to eat, how many kids we what, etc…but so many times the topic of finances is ignored! Maybe the average person doesn’t think this is that important of a topic to cover, but I would argue if you want a successful marriage and financial success you need to be financiall that needs to be addressed! Consider the following:

• According to a survey by the American Psychological Association, money is a significant source of stress in relationships for 7 out of 10 adults in the United States.
• A study conducted by Ramsey Solutions found that money disagreements are the second leading cause of divorce, surpassed only by infidelity.
• A study by the National Endowment for Financial Education revealed that 31% of adults in relationships admit to lying to their partner about finances, and 58% say they hide money or purchases from their partner. The same study found that couples who reported being open and honest about finances were more likely to describe their relationship as “great” or “happy.”
• A study conducted by the University of Michigan found that couples who reported having similar financial attitudes and values had higher levels of marital satisfaction and stability.

Do I have your attention now? Being in a relationship with a like-minded person when it comes to finances can have several benefits for your financial success and marriage. When both partners have similar financial values and goals, it becomes easier to align and work towards common objectives. Shared financial goals provide a sense of unity and cooperation, allowing you to combine your efforts and resources effectively. When a couple has different financial goals, it’s like they’re playing a game of Relationship Olympics. Each partner competing for the gold in their own event, while secretly wondering if they’re even on the same playing field! How can anyone expect to win when 50% of the team is potentially playing a completely different game? If you are worried that you and your partner might not be on the same page financially speaking here are some ideas for how you can start aligning your financial relationship:

1. Start with Honest Conversations: Have open and honest discussions about your individual financial beliefs, values, and goals. Understand each other’s perspectives and priorities. This lays the foundation for finding common ground.
2. Identify Shared Objectives: Find common financial goals that resonate with both of you. It could be saving for a down payment on a house, paying off debt, or planning for retirement. Identifying shared objectives helps create a sense of unity and collaboration.
3. Define Clear and Measurable Goals: Clearly define your financial goals, making them specific, measurable, achievable, relevant, and time-bound (SMART goals). This clarity provides focus and a roadmap for your financial journey together.
4. Create a Joint Budget: Develop a joint budget that reflects both partners’ income, expenses, and savings. Discuss and agree on how you will allocate funds towards your shared goals. Regularly review and adjust the budget as needed.
5. Establish a System for Financial Decision-making: Decide on a system for making financial decisions together. It could involve consulting each other for significant expenses, setting spending limits, or mutually agreeing on investments. This promotes shared responsibility and avoids unilateral decision-making.
6. Compromise and Find Middle Ground: I think the cheapest option always wins! But recognize that compromise is crucial in any relationship. Be willing to find middle ground when differences arise. Seek solutions that honor both partners’ priorities and aspirations, fostering a sense of fairness and understanding.
7. Seek Professional Help if Needed: If you find it challenging to align your financial goals, consider seeking the guidance of a financial advisor or couples’ therapist specializing in financial matters. They can provide an objective perspective and help facilitate productive discussions.
8. Celebrate Milestones Together: Acknowledge and celebrate milestones along the way. Whether it’s reaching a savings target or achieving a major financial goal, celebrate the progress you make together. This reinforces the sense of teamwork and motivates both partners to continue working towards shared goals.

Ultimately, financial alignment in relationships fosters a sense of partnership, reduces conflicts, and helps couples build a strong foundation for their shared financial future. It is like finding the missing piece of a puzzle – it just fits! When both partners are on the same page financially, it’s like a match made in financial heaven. And let’s be honest, a happy wallet equals a happy heart!

Have you had to overcome financial differences in your relationship, did it end up working out for you?