How to Increase Your Financial Wellbeing as a Couple

Throughout the course of the last few years, many couples have dealt with financial blows and increasing pressure as the nation deals with a global pandemic. This pandemic has led to the loss of many jobs and the closure of small businesses around the country. Unfortunately, this reality also presents the fact that many couples are also dealing with immense financial strain.

Finances are one of the top reasons why many couples break up. Fortunately, there are a variety of ways in which a couple can strengthen their relationship and increase their financial stability. Here are a few tips in order to help you and your partner have productive conversations about your financial situation.

Plan Your Large Investments As a Couple

Some of the most common arguments that many couples have are those which involve financial decisions made by one person in the relationship. Large investments and purchases should always be decided by both parties. Take the time to communicate with each other when you’re considering large financial decisions or investments. 

Stock market investments can be tricky if you’re not familiar with how to go about predicting your future return. Take an ample amount of time to learn how to track insider trading together. By educating yourselves as a couple, and making a joint decision on your investment, you will be less likely to quarrel if something were to go awry.

Have an Honest Conversation About Your Finances

Unfortunately, many couples find themselves in trouble when one partner decides to lie about their spending habits. These deceptions are usually not revealed until someone takes a look at the joint bank account, or finds receipts lying around the house. While those small purchases here and there may not seem like a big deal at the time, over an extended period those purchases can add up and cause significant issues within the relationship. 

Make sure to sit down and have an open and honest conversation with each other about your spending habits as a couple. This conversation should be had when both parties are relaxed and not pressed for time. Refrain from making any accusatory statement or remarks, and engage in this conversation in a loving and caring manner. Support and encourage each other in making better financial decisions in the future. By maintaining open and honest communication, you are more likely to have productive conversations in regard to your financial wellbeing.

Make Sure You’re Both on the Same Page

While it’s true that the dynamics in a relationship continuously change as it matures, there are some relatively stable dynamics as well. Your financial health and dedication to securing a stable financial future should be steadfast. It is important to revisit your financial goals as a couple on a regular basis. Aim to sit down with each other and have these conversations at least three to four times a year. You might find that you are no longer keen on a particular goal or investment that you may have made together as a couple last year. Furthermore, your partner might also not be so sure about certain financial decisions you both may have made in the past. By continuously discussing these matters and revisiting them, you are allowing a chance for yourself and your partner to bring up any concerns or issues surrounding your finances.

Consider Purchasing Secondhand Whenever Possible

A great way to save money as well as retain your financial security as a couple is to purchase items secondhand whenever possible. This concept may seem less than ideal at first, however, purchasing items secondhand can add up to thousands of dollars in savings on an annual basis. Purchasing items secondhand can be applied to a variety of things, including furniture, vehicles, clothes, and household goods. Thrift stores and garage sales are excellent places to find gently used items at a fraction of a price.

Statistics have shown that couples who heavily disagree and argue about their finances are much more likely to find themselves divorced within five to ten years. Fortunately, this doesn’t have to be the case in every situation. By following the aforementioned tips and learning how to openly communicate about difficult topics, you can help create a solid financial foundation for yourself and your partner.