How to set financial goals with your spouse

Money is a difficult topic of conversation — and it can feel intimidating to discuss with family, friends, and especially the person you decided to share your life with. Additionally, setting objectives for the future can feel even more intimidating when you don’t have the same financial goals as your spouse.

Fortunately, there are several steps you can take to navigate the road ahead. Let’s discuss five things you can do to set and achieve financial goals together.

Plan money dates

It is important to schedule a regular meeting with your spouse to discuss financial updates such as goals, savings, debt, or net worth. This helps ensure that you both are on the same page about your finances and can make informed decisions to support your current and future needs. Choose a place where there are no distractions and make the conversation fun by incorporating activities to make it more enjoyable. For example, find a quiet corner in a coffee shop or restaurant and discuss the subject over coffee or a meal.

Set financial goals

Your goals will depend on your family’s financial situation and should reflect your shared values and lifestyle. These objectives can be anything from purchasing a vehicle, increasing the amount in your emergency fund, or saving up to go on a vacation together. Remember to set S.M.A.R.T. goals — or specific, measurable, achievable, realistic, and time-bound goals. For example, you may want to go on a vacation to Europe one year from now and decide to set aside an affordable amount of money from your paycheques each month until you reach the target amount.

Create a budget

Sit down together to plan your income and expenses for one month. Be realistic and honest in your family budget estimates and leave room for unexpected expenses and shared goals.

Track expenses

Discuss how you are going to track your expenses with your spouse. You may choose to use a shared spreadsheet or an app that enables you both to access the shared information. Keep track of your expenses for a least one to two months — from coffee to groceries. This will show you and your spouse where you are spending and help you understand whether you are on track to stay within your determined budget.

Be transparent

Approach conversations with empathy when you discuss finances with your spouse. It is important to avoid blame, resentment, or being defensive — and to be open and honest with your spouse so you both understand each other’s feelings. This helps prevent stress and makes it easier for you both to ensure you stick to your set goals and budget.

Review and evaluate your budget on a regular basis — especially when there are changes in your financial situation such as a loss of employment, the birth of a child, or health-related issues. You and your spouse will need to update your budget to accommodate your new financial situation if these changes occur.

Take control of your financial future

While discussing finances with your spouse can be uncomfortable, it is an important part of life as a couple. Open and honest conversations about your financial situation will make it easier to set shared goals and foster a better relationship between you and your spouse.

If your family is struggling with debt, contact a Licensed Insolvency Trustee (LIT). LITs can help you explore all your debt relief options so that you can choose the one that works best for your unique situation. Together, we can help you achieve a debt-free future.