Managing money as a couple can be a challenging endeavor. As clergy, you are often accustomed to looking out for others—now is the time to look out for yourself and your spouse/partner.
Whether you’re just starting your journey together or looking to strengthen your financial bond, here are five tips and tricks to help you build a secure future as partners.
Figure out how to share the load.
Have a conversation with your partner about what financial responsibilities each of you will manage. It’s important to ensure that each partner is contributing to financial planning equally, so that neither of you have too much on your plate. Maybe one of you is better with everyday budgeting, while the other is better with investments. Figure out what works for you and create a routine.
Develop a budget plan that makes sense for both of you.
Being in a relationship means adjusting to a shared lifestyle. Openly discuss your individual financial goals and spending habits. Identify areas where you can compromise and find common ground. Consider setting aside money for shared expenses, savings goals, and maybe even future wedding or honeymoon costs. By working together to develop a budget plan that reflects both of your values and aspirations, you can build a solid foundation for your financial future together.
It’s important to understand each other’s financial pasts. Be open and honest with your partner. Talk openly about debt so that you know your partner better, or so you can work together to pay the debt down. Don’t be afraid to ask your partner for support when you need it, emotionally or monetarily.
Set aside time to discuss your future.
Not every couple’s financial desires align. Candidly discuss future spending desires so you can save and plan accordingly. Maybe you dream about a house, pets, or children for your future. Discussing these topics early on in your relationship allows you to prepare your finances to support the life you want.
Create an emergency fund.
No matter how much you and your partner plan, there is always the possibility of unforeseen circumstances that may require significant spending. Creating an emergency fund together can prepare you for unexpected problems like medical issues, accidents, or job losses.