7 Financial Goals for Couples! The Frugal Girls

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Financial Goals for Couples

Marriage is a team sport and nothing can impact your marriage like money! Or more specifically, different ideas about spending money.

These Financial Goals for Couples are great conversation starters to help you create a shared plan for managing your money, and a common goal for what you’re trying to achieve.

I’ve been happily married now for over 20 years, and I’ll let you in on a little secret. Being happily married for this long has a lot to do with love, and really good communication about money!

Whether you’re dating, engaged, a newlywed, or you’ve been married for years, having a successful relationship is all about having honest talks about money. Not just once in a blue moon, but all the time!

To help you out, I’ve put together 7 Financial Goals for Couples to get those conversations going…

Related: How to Save Money Fast (20 Genius Tips to Save $2200 this Month!)

#1: Talk About Money Openly

One of the hardest things to do as a couple is to combine your separate, and sometimes very different goals. Opposites attract, and when it comes to money you both likely handle your money very differently.

For example, I used to lose important bills in piles. That was a hard concept for my organized husband to grasp. (Oops!) My hubby used to live paycheck to paycheck, and had credit card debt when we first met. I can still remember telling him that I thought savings accounts were romantic on one of our very first dates. 🙂

Talking frequently and honestly about money is so important.

But it doesn’t have to be dull or boring. When we work together with the love of our life, we can do almost anything. And when we talk about money together, we’re also dreaming about our future together and all we hope for.

When you talk about money with your significant other, try following these simple tips:

Dream BIG and never stop.
Work together like a team, not rivals.
Talk about everything, don’t keep secrets.
Establish common goals to work towards.

#2: Create Your Financial Goals Together

It’s always a good time to dream and to dream big. That’s really what financial goals are.

When we remember that our financial goals are simply our financial dreams, talking about money is so much for enjoyable and rewarding.

You’re on the same team, but you probably have some different goals and dreams. Do you know what those differences are?

Financial goals for joint income houses or single income houses might look different. But regardless of your income situation, your financial goals should share some common themes. You should always have a budget, try to live frugal, get out of debt, have good credit, and save as much money as possible.

As married couples, we want to have as many of the same goals and dreams as possible. The more we talk about money, and the better we work together as a team, will determine how many of our dreams can become a reality!

Related: 27 Side Hustles Ideas

#3: Make a Budget & Track Your Spending

The foundation for your financial goals is your budget.

Having a budget that you live by every week is the easiest way to make sure you’ll accomplish all of your other financial goals.

Now hear me out… creating a budget is actually crazy easy to do. Why is that? Just Google “free budget” and you’ll have access to an assortment of free budget tools that you can tailor and personalize. Or you can simply create a budget in Excel or Numbers like I do.

With any budget, you’ll first need to identify all of your expenses.

To make sure you don’t miss anything, sit down with your spouse and make a list. Your list will likely include: mortgage/rent, insurance, car payments, student loans, credit cards, utilities, cell phones, internet, clothing, gas, groceries, entertainment, vacations, and charitable giving.

Next, add up all of your expenses.

Are your monthly expenses more than your monthly income? Then it’s time to cut your spending to make sure you’re not spending more than you make. If your expenses are less than you earn each month, then you can apply your savings to paying down debt and saving toward your future dreams!

#4: Live on Less Than You Earn

So what are some practical ways to spend less so you can save more?

Other than spending too much on a car or a house, there are some common ways we often tend to overspend. I’ve found that overspending on entertainment, vacations, clothes, groceries, and gas is really easy. So when you control these expenses better, you can really get your spending under control fast.

Here’s a frugal tip that will help you live on less than you earn. Use cash to pay for your entertainment, vacations, clothes, groceries, and gas. Set a monthly limit for each that you think you can live with realistically. Then set aside cash for each item, in a separate mason jar or envelope. When the cash runs out… you don’t spend any more on that item for the rest of the month.

Would you like even more creative ideas to help you cut your expenses and save more money? Use these easy tips to cut your expenses and Save Money Fast!

#5: Make Getting Out of Debt a Priority

Now that you’re on track with your budget and are aggressively cutting your expenses, achieving your financial goals can really gain momentum. You now have the capacity to really go after your debt!

When tackling debt, it’s smart to have a plan.

To start, make sure you’re paying all of your bills on time. Next, pay off your highest interest rate debt first. Finally, create an emergency savings fund to handle unexpected bills. One of the most common ways we fall behind and get into debt is due to unexpected bills. Whether it’s a surprise medical bill, or an expensive car repair, weird bills can come out of nowhere. So be prepared for these crazy bills when you have an emergency savings fund.

The sooner you get rid of debt, the sooner you can start making your financial dreams a reality.

Dreams like that new home, a child’s college education, that vacation you’ve been dreaming about… and of course, retirement!

#6: Improve Your Credit Scores

Even if you have your finances under control, have paid off your debt and have found ways to be extra frugal, you still need good credit. Good credit will help you get the best deal on a new home mortgage, and help lower your insurance rates.

Do you even know if your credit is helping or hurting you? All it takes to lower your credit are a few late payments or some inaccurate details being reported on your credit report.

When you’ve worked so hard to achieve your financial goals, don’t let inaccurate items on your credit report hold you back! If you know your credit is holding you back, or even if you’re not totally sure, Lexington Law can help!

Contact them for your free personalized credit consultation and possible solutions.

#7: Jumpstart Your Savings

The purpose of every financial goal I’ve mentioned above is really to help you jumpstart your savings. You will save money every time you stick to your budget, cut an expense, pay off a debt, or get some help Fixing Your Credit.

As couples, we work hard to achieve our financial goals for one simple reason. We have dreams that we want to become a reality. Saving money is how we meet our goals and make those dreams become a reality. It can honestly feel like a bit of a slow process from day to day. However, that’s why it’s so important that we talk to our spouse about money and financial goals often. We need to encourage each other, build each other up, and never give up!

The reward for all our hard work is always worth it… real life dreams becoming a reality! Dreams like helping our kids get off to a great start in life, buying our dream home, and retiring well!

When we dream and work together well as a couple, it also helps build a strong and lasting marriage. So go ahead and start dreaming really big today. You don’t have to do this alone. Working as a team with your spouse to achieve your dreams will make all the difference in the world!