Talking about money is never an easy subject to discuss, especially with your partner. Even though it may be challenging to initiate the conversation, it is incredibly important to do so. Without a plan, reaching both of your financial goals will be difficult to achieve. To help with the process, we have outlined some ways to help make the conversation with your partner run more smoothly.
1. Define Your Goal
Where do you see yourself in 5, 10 or perhaps 20 years? By having a mutual understanding of both of your goals, you can collaborate and make sure you are both on the same page. Once you are in agreement, you can move forward to create an action plan.
2. Admit Your Mistakes
It’s never easy admitting that you are wrong and that you have made mistakes. However, by coming forward and admitting what your money faults are, it will make your partner feel more comfortable with you and more open to admitting where he or she could improve.
Sometimes it takes you being vulnerable first to get the conversation started. When you do take the time to talk about this, remember to be empathetic and listen without judging or attacking your partner for their faults.
3. Craft a Goal
After you both share your individual financial goals, take the time to craft a goal to work on together. Perhaps you want to be debt-free, buy a new home or save money for a retirement fund. By creating a plan together, it holds you both more accountable and helps you progress towards that goal.
4. Execute the Plan
Once you and your partner are in mutual agreement about the goal, it is time to figure out what your action plan is to reach it. If you are saving for a new home, you might decide on an allocated amount from each of your paychecks to put into a specific savings account. If you are paying off your debt, you may need to think about one thing you are willing to sacrifice each month to save extra cash. Whatever you decide on, it is time to put that plan into action and execute it.
5. Check Your Goals
How diligent have you and your partner been over the months about working towards those financial goals you set into place? It is crucial to do recurring check-ins to make sure that you are progressing towards your goal and to make sure you and your partner are still on the same page.
It is important for you and your partner to be in agreement on your financial goals. If you have any questions feel free to speak with one of our Member Advisors, stop by our Montebello or Cerritos branch today, visit us online at caminofcu.org or give us a call at 800-835-3400.