Financial Compatibility: Are You Financially Compatible with your Partner?

Regardless of how much you love your partner, or the many goals and interests you may share, it is also important that you both work toward becoming as financially compatible as possible. Whether you have years of history together or are forging a new relationship, prioritizing joint financial planning will pay off in the long run.

Often, this can be easier said than done as adults bring past experiences, biases, and perceptions about saving and spending to relationships. Even though it may be challenging, working together to chart a joint financial plan has many benefits.

Work as a team to achieve your dreams

Couples who communicate openly and honestly about money and budgeting tend to feel like they are on the same team, and are often more forthcoming about their expenditures rather than hiding their purchases from their partners.

A recent study also determined that couples who pool their money are more likely to stay together long term, although many financial experts agree that taking a hybrid approach of opening joint and individual accounts can also be quite beneficial to your financial well-being.

What can you do to strengthen your financial compatibility with your partner? A few simple steps can get you well on your way!

How financially compatible are you?

The first step in strengthening your financial future is to determine how compatible you really are. There are a variety of online tools and calculators that can help you figure this out. You may find that you have some common ground to work with, or that you really aren’t financially compatible at all.

No matter the circumstance, remember, you’re not alone. Many couples in loving relationships often find themselves frustrated when money enters the conversation!

How can you strengthen your financial compatibility?

These tips will may help you and your partner shore up your finances:

  • Begin by discussing your emotions, fears, wants, and needs as they relate to spending and saving. Set aside time to create a budget and communicate about any part of the process that makes you feel uncomfortable, while also being open to hearing your partner’s concerns.
  • Consider obtaining your credit reports and review them to determine if there are any mistakes in reporting and create a plan together to repair transactions that may have reduced either of your scores. There are many ways to obtain these reports for free, and experts recommend that you review your credit history at least one time per year.
  • Set short- and long-term goals and make a plan for achieving them. Consider consulting with a financial representative who can help you navigate the planning process.
  • Review your insurance portfolios. Do you have ample coverage to meet your needs? Does your partner?
  • Pay down any debt with high interest rates to free up money to save for retirement.

Financial compatibility and retirement goals

Once you and your partner have worked toward aligning your saving and spending habits and explored your short and long term goals, you are ready to begin thinking about saving for retirement.

Regardless of your age or stage, you should consider the following suggestions from The Center for a Secure Retirement:

  1.  Your time horizon: How long it will be before you retire.
  2. Your risk tolerance: How comfortable you would feel if an investment’s value were to decrease in the short-term.
  3. Your investment knowledge: Your understanding of and experience with investing and economics.
  4. Your current financial needs: Your budget, emergency fund and debt repayment plans.
  5. Your retirement lifestyle goals: Whether an investment fits within your plan to generate the income you will need in retirement.

Chances are that you and your partner’s attitudes and perceptions about finances did not form overnight. Give yourselves time to sort through the emotions and be patient with each other. Before you know it, you’ll be working together to plan a bright future that you both deserve!

Bankers Life Securities is here for you! We understand that communicating about finances with partners isn’t easy. We can answer questions, discuss investment options, review portfolios and help create financial plans to make your wishes a reality. Call us to get started (844) 553-9083.


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