The heart of financial wellness: A shared vision
White or dark chocolate? Roses or peonies? Clothes or jewelry? Do you have to choose? It depends on what’s important to you and your partner. In one recent study, 75% of couples said they communicate exceptionally well with their partners about joint money decisions.
Unfortunately, there’s no “one-size-fits-all approach,” so you and your significant other must prioritize what’s most important to you individually and as a couple. What works for one person may not work for another, but here are a couple of account management approaches to consider:
- Keep accounts separate; each partner maintains a personal account and takes responsibility for their expenses.
- Combine accounts, which can simplify bill-paying and budgeting.
Regardless of the approach, clear communication is vital. Maintain transparency and trust to inform each other about financial decisions and activities.
How to break down your financial goals
Whatever your account management preferences, break down your goals together. Categorize them into short, medium, and long-term endeavors:
- Short-term goals typically cover up to a year and could include paying off a small debt.
- Medium-term goals take one to five years, such as saving for a down payment on a house or a major vacation.
- Long-term goals require more than five years of planning and saving, such as retirement or paying for your child’s education.
Making joint financial plans with your partner can improve your relationship while prioritizing your financial well-being, which is an act of self-care. It’s essential to take the time to understand your financial goals and create a plan to achieve them. So why not take the leap and start your journey towards financial bliss?
Love in numbers: Financial harmony in action
What better way to show love for your partner than discussing your financial values and planning for a healthy and prosperous future together?
In a 2021 study, 24% of people said they often feel frustrated by their partner’s money habits but let it go to keep the peace. While money can be a sensitive topic in relationships, it’s important to communicate often and openly about your financial goals and priorities. Another recent survey found that 64% of couples believe they’re “financially incompatible” with their partners due to conflicting philosophies about saving, spending, and financial investments.
Maintaining a harmonious financial journey takes transparency and a dedicated commitment to ongoing communication. A practical first step to achieving financial wellness in your relationship is to agree on spending thresholds to which both of you can commit. Establishing spending boundaries prevents overspending and ensures your budget aligns with your means. Valentine’s Day is fast approaching, and it presents an ideal time to set these boundaries, sparking discussions on how to spend money for gifts or celebrations.
Consider integrating WRCU’s MyCardRules app into your routine for an added layer of financial accountability. This invaluable tool lets you set spending limits, receive real-time notifications, and manage card transactions conveniently, all from your mobile device. You control how, when, where, and who uses your cards, giving you peace of mind over your finances.
Achieving financial harmony in a relationship takes effort, but the long-term stability and happiness you will feel make it worthwhile. This Valentine’s Day, carve out time to discuss your financial values because love and money can lead to your “happily ever after.”
Love is in the budget: Financial reassurance for your future
As we immerse ourselves in the season of love, it’s only natural to have chocolates, flowers, and jewelry on the brain. Yes, amidst these heartfelt gestures, we can’t overlook the significance of practicing self-love regarding our financial health. WRCU has curated a collection of tips to guide you in prioritizing your financial well-being and achieving the freedom that comes with it.
At the core of financial health lies the art of budgeting–an indispensable tool that gives you greater control over your expenses, safeguarding you and your loved ones against the pitfalls of overspending. Equally vital is the commitment to making well-informed financial decisions by researching and understanding the implications of your choices.
Now, consider your credit score, another aspect of financial health. Maintaining a positive credit history helps you qualify for loans and credit cards with better terms, saving you money in the long run. WRCU offers the My Credit Score service to help you monitor and improve your credit health.
This Valentine’s Day, revisit the goals you set for yourself at the beginning of the year and see how you’re progressing towards them. Post them somewhere visible to keep them top-of-mind for you and your partner. Creating a mood board of your ideal life—only achievable through financial wellness—is also a fun and motivating way to visualize your future.
Cupid’s tools for success: Five tips for financial health
To achieve financial harmony, we’ve listed some simple tips to help you and your valentine achieve financial health.
- Discuss each other’s financial goals individually and as a couple.
- Track your expenses to understand where your money is going.
- Prioritize expenses and areas where you can cut back to save money.
- Understand each other’s spending and savings habits and behaviors to avoid conflicts.
- Adopt the 80/20 rule, where you allocate 80% of your income to cover your needs and set aside 20% for your savings goals.
By following these five tips, your finances are closer to success, contributing to a happier and healthier relationship.
Whether setting goals, establishing spending boundaries, or using WRCU’s helpful tools like MyCardRules and My Credit Score, prioritize your financial health to share a lifetime of happiness and stability with your partner. Here’s to a Happy Valentine’s Day for you and your finances!
Feel the love from your credit union
At White River Credit Union, we offer easy appointments with one of our financial experts. Visit our website to make an appointment, or call or text our team at (360) 825-4833 to learn more. You can also visit our WRCU location at 1499 Garrett Street, Enumclaw.