Even if you budget and invest with ease on your own, it can be difficult to develop a budget as a couple. After all, how we want to spend our wealth is connected to our goals, views and even our upbringings.
That doesn’t mean you should sweep budgeting as a couple under the rug, or that it can’t be accomplished. Here are some of our tips for investing as a couple:
Set clear goals for investing
Ultimately, many of our investment and budgeting goals are tied to our relationship goals. Everything from buying a house to even having a child requires that couples are on the same page financially as well as emotionally.
That’s one of the biggest budgeting tips for couples is to set concrete goals for investing and saving when things turn serious. For instance, if you both agree that you want a house together, start putting together a financial roadmap and the necessary budget moves to make it a reality.
Don’t squabble over the little stuff
One of the biggest misconceptions about budgeting and investing for couples is that you have to agree on where every single dollar goes. Although each relationship is unique, one of the budgeting tips for couples that nips the issue in the bud is to have discretionary spending/accounts.
This way, you could focus on agreeing on big-picture goals, while avoiding nitpicking on day-to-day discretionary spending.
Consider a weekly financial date-night
At LexION Capital, we’re firm advocates of financial transparency, whether it’s through you financial advisor or between your significant other. One of the best ways to set the groundwork for equal control of your finances is to have a weekly check in about your spending, and any changes to your financial goals as a couple.
Learn more about our budgeting tips for couples
At LexION Capital, we know that you’re more than just a number. We work individually with our clients to achieve their unique financial goals, whether that’s starting to invest as a couple, or retiring together. If you’d like to learn more about our personalized approach to investing, don’t hesitate to contact us today.