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Home » Love and Money: How to Manage Finances as a Couple

Love and Money: How to Manage Finances as a Couple

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Your Year-End Financial Checklist

Talking about finances may not be the most romantic subject, but it’s an important one. Whether you and your partner are celebrating a long marriage or just starting out, chances are you’ve faced some conflict over financial hardships—and you’re not alone. According to a 2021 Fidelity Investments study, 1 in 5 couples define money as their greatest relationship challenge.

So, in honor of Valentine’s Day, we’ve got a few tips to help take the sting out of intimate money conversations. As you take these steps, remember that whatever you are facing, we are here to support you as you embark on your financial wellness journey together.

  • Be willing to speak candidly. It may feel a little uncomfortable at first to be open and honest about debt, discrepancies, and spending habits, but speaking candidly about finances can dramatically reduce relationship stress. Make financial check-ins a regular habit and it will get easier to discuss them over time.
  • Identify your fears and concerns. Money issues are often tangled up in our emotions, insecurities, and fears. Be on the same team and remember that there doesn’t have to be one universal truth to come to some understanding. You can validate your partner’s feelings without compromising your own beliefs.
  • Create joint goals. Think about what you want most immediately. Do you want to tackle debt? Build an emergency fund? Narrow down your biggest priorities and then create a path to them together.
  • Organize your accounts. A crucial step toward successful money management as a couple is to know what is coming in and going out. Decide what expenses are shared and consider creating a joint account for those expenses.
  • Track your savings success. Set some goals together and celebrate when you achieve them. Paid off that credit card? Have a date night. Raised your credit score? Maybe it’s time to finance that car you have been dreaming about. Celebrating your victories—both big and small—can help keep you both motivated.

Want some help planning your finances or creating a realistic household budget? Our partners at GreenPath Financial Wellness are equipped to help you pay down debt, improve your credit, and achieve your financial goals together.

As a Maps member, you can receive financial counseling, debt management services, housing services, credit report reviews, and student loan counseling at no additional cost. Call GreenPath today at 877-337-3399 or visit your local Maps branch for more information.

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