Married Couples, How To Be The Best Partners In Your Financial Plan

You’ve chosen to walk through life together. That commitment has extended to every facet of your life. Why should your finances be any different? Here’s a hint: it shouldn’t be. 

Finding alignment and clarity with your spouse about your financial habits, goals, and values is instrumental to crafting a holistic plan that speaks to both of you throughout your life together. 

Money can be an obstacle for couples or it can be an opportunity to grow closer together, supporting one another as you both pursue your dreams. Today, let’s take a closer look at how married couples can build a shared vision and remain steadfast partners in their financial plans. 

Both Spouses Should Take an Active Role In Their Financial Lives 

Sometimes in relationships, it’s easy (and healthy) to delegate tasks. Whether it’s chores, cleaning, cooking, etc. it’s nice to have a partner to help pick up the slack in other areas. Your money, however, shouldn’t always be one of those tasks. 

While we expect one spouse will inevitably take control of the day-to-day financial management, both should have a voice in the process and especially the outcome. Not everyone can be the “paper person” walking into meetings with mountains of documentation and that’s okay. Being present in your financial life doesn’t have to be about meticulously checking your account balance, instead, it’s about being open with your partner and your advisor about the things that are most important to you. 

Couples who take an active role in their financial plan are more empowered and engaged to work toward their goals. Each person is on the same page and no one remains in the dark. It also helps the couple create their plans with much more intention and customization. 

Every couple is different and being able to express your viewpoints together will only enhance your plan. It also helps your advisor make recommendations that are aligned with both viewpoints. Too often we see one person completely take the reigns, and that can lead to confusion and apathy from the other spouse later on. 

Even if one person is more involved than the other, working with a trusted professional will ensure that the plan moves forward, no matter which person sits in the driver’s seat. We prioritize building relationships with our clients, so they can trust we operate in their best interests even if they aren’t present at every meeting. 

Create a Shared Vision for the Future

A great way to work together in your financial plan is to think about your shared goals for the future. 

What do you want your retirement to look like? Are you relaxing on a beach? Will you open a business together? Do you see yourself moving or remaining near family? What will you do to fill your time (travel, volunteer, work, passion project, etc.)? 

Talking through your vision begins to bring concrete elements to an intangible event. Envisioning your future in more specific terms makes it easier to adopt the habits and choices that will help you get there. 

Maybe you and your spouse want to move to your favorite vacation hotspot and live on the beach. But to do that, you know you’ll need to make some lifestyle adjustments and redirect more funds to your retirement and brokerage accounts to reach your desired number. Knowing what you’re working toward is critical to helping you build habits to support those goals.   

Craft and Support Individual Goals Along The Way

You’ve vowed to spend your life together but that doesn’t mean your entire life is dedicated completely to your spouse. 

You are each individual people with hopes, dreams, goals, and desires that may differ from your partner. It’s essential to have and pursue your own goals alongside your shared goals as a couple. 

The best part? You don’t have to do it alone! Your spouse will be there to encourage and support you as you reach your goals. Perhaps one of you is passionate about going back to school to get an advanced degree and the other has an incredible business idea they want to act on. 

Talk about these goals with your partner and build them into your saving and investing plan. Knowing what your goals are can help you, your spouse, and your financial planner creates a path to achieving them. 

Know and Express Your Views and Attitudes Toward Your Money

Marital discord over money often comes down to the misalignment of financial values and viewpoints. Take some time to talk with your spouse about your relationship with money. 

• Are you a spender or a saver and why? 
• How much money do you think is appropriate to spend without consulting the other person? 
• Should you combine your money, keep it separate, or a combination? 
• Do you have money deal-breakers? 
• Are you aligned with how much you are investing/saving each month for future goals?

You may think that you intuitively know what your spouse thinks about these areas, but it’s best to talk with them about it anyway. Creating an open and honest space to listen and learn more about one another can do wonders for your financial life.

Find A Financial Partner for Life

Creating a robust financial plan that speaks to both of you opens up many challenges and opportunities. Find a team of financial professionals you trust who can help you take your money to the next level.

Finding the right advisor is a lot like finding your partner. You need someone you trust who knows your goals and can create a plan that helps you get there. 

We love building relationships with our clients and guiding them on their financial journey. If you would like to learn more about our comprehensive financial planning services, schedule a 15-minute call with us today.

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. Legacy Wealth Advisors does not offer tax planning or legal services but may provide references to tax services or legal providers. Legacy Wealth Advisors may also work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters.