When you’re part of a couple, New Year’s resolutions take on a whole different meaning. You’re no longer just thinking of how to improve yourself and go after your personal goals. You’re committing to collaboration — especially with your finances.
“Creating financial resolutions as a couple requires both parties to take an honest look at where they currently are financially, and to disclose what each feels important to achieve on a short-term, midterm and long-term basis,” said Patricia Roberts, chief operating officer of Gift of College.
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While there are many ways to go about it, below are some expert-recommended ways to create financial resolutions as a couple.
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Design a Financial Bucket List
“I suggest creating a financial bucket list of experiences and achievements you’d like to complete together, such as saving for a child’s education, investing in real estate or retiring early,” said Max Avery, chief business development officer of Syndicately.
He recommended assigning deadlines to each item for accountability.
“For instance, you could set a goal to save $20,000 for a down payment on a house in the next two years,” he said.
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Establish a ‘Rainy Day’ Fund
“I have found it very effective to create a rainy day fund for smaller unexpected expenses, like car repairs or medical copays instead of a general emergency fund,” Avery said.
He said resolving to fund this account reduces stress during minor financial hiccups.
“The best way is to follow the rule of six to nine months of living expenses as a guideline,” he said. “To make it more fun, consider making this fund an automatic deduction from your checking account that you can’t touch.”
Hold Monthly Money Dates
Avery’s best tip is to schedule monthly “money dates” to review your budget, track progress and adjust goals.
He advised to always follow the rule of “by when.” For example, when do you want to pay off your credit card debt?
“Have an agenda for each date and take turns leading the discussion. Make it fun by combining it with dinner or dessert at home,” he explained.
He said these sessions ensure regular communication and prevent financial misunderstandings. “I recently encouraged a couple to use this tactic, and it has helped them stay on track with their financial goals,” Avery said.
Get Proactive in Planning for Your Children’s Goals
“As a couple, as you work on financial resolutions for the year ahead and beyond, it’s critical to get on the same page about the hopes and dreams you have for the educational pursuits of the children in your life — if any,” Roberts said.
If college or other forms of career training are on your wish list for them, she said to consider opening a tax-advantaged 529 college savings plan account and contributing to it on an automatic basis from your paychecks or bank accounts.
“The earnings on these accounts are not taxed as they grow in value and when withdrawn to pay for a wide range of higher education expenses — well beyond traditional college — earnings are never taxed,” she said.
She observed that far too many couples avoid discussing and planning for post-secondary education costs until children are nearing college years.
“Getting on the same page as early as possible about a significant financial goal like this can be a bonding experience for the couple and children — and can certainly help alleviate tremendous financial stress — and student loan debt — down the line,” she said. “You’ll be glad you did!”
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This article originally appeared on GOBankingRates.com: How To Create Financial Resolutions as a Couple
