The 5 things every couple needs for financial harmony
Written and accurate as at: Mar 14, 2025 Current Stats & Facts
By Vanessa Stoykov
Money can be a source of joy or tension in a relationship. Over the years, I’ve seen couples thrive when they’re aligned on their financial goals—and falter when they’re not.
If you want to set yourselves up for long-term success, there are five key things every couple should do to master their money strategy.
1. Have the big money conversations
The first step is to be open about money. This means discussing your beliefs about money, your financial goals and your fears.
Ask yourselves:
- What does financial success look like to us?
- How do we feel about debt and saving?
- What are our top priorities over the next five, ten, and twenty years?
These conversations can be challenging but are essential. The more honest you are, the better equipped you’ll be to create a strategy that reflects both your values.
2. Create a joint financial vision
Once you’ve had the big conversations, it’s time to craft a shared vision. This is where you align your individual dreams with collective goals. Maybe one of you wants to retire early, while the other dreams of owning an investment property. How can you work together to achieve both?
A joint vision should cover:
- Short-term goals (like saving for a holiday or a car)
- Medium-term goals (like buying a home or starting a family)
- Long-term goals (like retiring comfortably or leaving an inheritance)
When both partners feel included in the plan, it’s easier to stay motivated and make joint sacrifices when needed.
3. Build a budget that works for both of you
I know “budget” can be a dreaded word, but it’s really just a plan for how you’ll spend and save your money. The key is to create a budget that works for both partners. Some people like tracking every dollar, while others prefer a looser approach.
Find a method that suits your personalities. For example:
- Use joint accounts for shared expenses like rent, groceries, and bills.
- Keep separate accounts for personal spending so you both maintain some financial independence.
- Use tools like budgeting apps to track your spending and identify areas for improvement.
Remember, flexibility is key. Your budget isn’t set in stone and can evolve as your circumstances change.
4. Plan for the unexpected
Life is full of surprises, and not all of them are pleasant. Whether it’s a job loss, a medical emergency, or an unexpected expense, having a financial safety net can make all the difference.
Here’s what you should do:
- Build an emergency fund with at least three to six months’ worth of expenses.
- Review your insurance policies to ensure you’re adequately covered for health, income protection, and life insurance.
- Have a plan for managing debt if things go wrong.
By planning for the unexpected, you can face challenges together without unnecessary financial stress.
5. Regularly check in on your finances
A successful money strategy isn’t a ‘set and forget’ situation. It requires regular check-ins to ensure you’re on track and to make adjustments as needed. I recommend having a monthly “money date” to review your progress.
During these check-ins, discuss:
- What’s working well and what’s not
- Changes to your income or expenses
- Any new financial goals
Make it fun! Pour a glass of wine, cook a nice meal, and celebrate your wins. These check-ins can strengthen your relationship and keep you both accountable.
Money doesn’t have to be a source of conflict. By having the right conversations, creating a joint vision, building a realistic budget, planning for the unexpected, and regularly checking in, you can set yourselves up for financial success.
Remember, teamwork makes the dream work. When you’re aligned on your money strategy, you’re not just building wealth—you’re building a stronger relationship.
