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Navigating finances as a couple is a task that, if agreed upon, can be a source of harmony, or if there’s disagreement, ends up being a source of contention in a relationship. From shared bills to joint goals for savings and retirement, managing money together requires a balance of communication, compromise and, above all, trust.
Whether creating a budget for newly married couples merging accounts or long-term partners looking to refine an approach to money management, having agreed-upon goals can be the key to financial peace and prosperity.
The foundation for any successful financial partnership is establishing shared goals. This is especially true in a romantic relationship. The first thing to do is sit down to discuss your priorities, whether that’s taking a big vacation or purchasing a house together. Having an open mind helps the conversation. While you might not agree on everything, compromise is part of finding the right solution that works for you both.
After ranking your priorities, the next step is to break them down into manageable goals. A straightforward way to do this is to have SMART objectives. By setting Specific goals that are Measurable, Achievable, Relevant and Time-bound, couples can help get clarity and comfort around sharing finances.
The next step is to make a budget—to break down where money will be allocated. Every couple doesn’t decide to merge bank accounts, and that’s okay. Every couple, married or not, though, must agree on how much of each paycheck goes where. From the start, it’s important to allocate funds for essential expenses, like housing, food and transportation, while also having discretionary spending for entertainment and hobbies. Remember to include contributions to savings and retirement accounts.
Budget apps and tools can make the process easier. Some apps, including those attached to credit and debit cards, can help track spending in real-time, which allows monitoring of where smaller, often forgotten, purchases are going.
Each partner needs to be transparent about their financial obligations. Some people might have student loans, child support, large credit card debt or even owe money for back taxes. These circumstances don’t have to bring budgeting to a halt. However, these commitments must be addressed to prevent resentment from one partner.
Also important is deciding how couples will split household bills and shared expenses. While sharing finances may mean getting a joint bank account for some, it’s splitting bills based on income for others. There is no right or wrong answer as long as both partners are comfortable with the decision.
Transparency is vital in helping build trust and ensuring that a couple’s financial and personal relationship is healthy. When one person makes purchases outside of agreed-upon goals, it can impact relationships. To help avoid surprises and conflicts after setting a spending limit, if one of them anticipates a need to exceed that limit, they should have a conversation about it. If both agree the limit can be exceeded in this one instance, only then can that money be spent.
Another solution is having separate savings accounts into which a set amount is deposited with each paycheck. This option allows each person to feel like they don’t always have to ask permission to make a purchase and also helps when purchasing gifts for each other.
Finally, there should be a discussion about who will be responsible for paying which bills, plus regular check-ins to discuss upcoming bills and current account balances, so each person feels empowered in managing joint finances.
Sharing finances and budgets as a couple is a lot of work that requires open communication, respect and collaboration. Establishing financial goals together and working on a joint budgeting strategy sets a foundation for a financially secure relationship to fulfill shared dreams.
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This information is being provided for general informational purposes only. The Auto Club Group does not assume any liability in connection with providing this information.
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1Cash back can be redeemed in the form of a statement credit or ACH deposit ($25 cash back minimum redemption). Cash back is not earned on business related transactions or activities. You may not redeem cash back, and you will immediately lose all of your cash back, if your account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Cash back will expire at 11:00 p.m. Central Time on the last day of the calendar quarter that is five (5) years from the date on which they are earned. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement for additional information. Cash back is earned on eligible net purchases. Net purchases are purchases minus credits and returns. Not all transactions are eligible to earn cash back, such as Advances, Balance Transfers, and Convenience Checks and other advance transactions as defined in the Cardmember Agreement, as well as interest charges and fees do not qualify. U.S. Bank cannot control how merchants classify their business or transactions and reserves the right to determine which Purchases will qualify in which category. Earn 2% per dollar for qualifying net purchases made with the card through any participating AAA Club when AAA is the merchant of record, on qualifying net insurance purchases (MCC = 6300) and at eligible retail travel merchants. AAA Clubs located in Northern California, Nevada and Utah are not participating AAA Clubs and purchases made at those clubs will not qualify for 2%. Earn 4% per dollar for qualifying net purchases on AAA purchases, travel and insurance for your first 6 months up to $6,000. After that, earn cash back in the standard 2% category. Foreign Transaction Fee: None.
2 Benefits are subject to terms, conditions, and limitations on the amount of coverage. Travel and Emergency Assistance Services help in coordinating medical, legal and travel services while away from home. Rental Collision Damage Waiver coverage and peace of mind for damage due to collision or theft of most rental cars. Certain terms and conditions apply. Please refer to your Visa Guide to Benefits for details
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*Annual Percentage Yield (APY) is valid as of 11/26/2024. Personal accounts only. Rates are variable and may change without prior notice. $100 minimum balance to open and avoid fees. Fees may reduce earnings. $250,000 maximum opening deposit when account is opened online. After online opening deposit is verified, you may deposit additional funds to your account. $500,000 maximum balance. Auto Club Trust, FSB.
**Annual Percentage Yield (APY) is accurate as of 11/26/2024. Rates are variable and may change without prior notice. Interest rates are fixed until initial maturity after the account is opened. A $1,500 minimum deposit to open the account and obtain the APY is required. A penalty may be imposed for early withdrawal. Fees may reduce earnings. Personal accounts only.
†Annual Percentage Rate (APR). Rates and terms effective as of 10/11/2024. APR is accurate as of 10/11/2024. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Offer valid on personal vehicle loans only. Criteria to receive the stated APR: Loan term 48 months or less new or used, model year 2018 – 2024 with a credit score of 720 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. Auto Club Trust, FSB uses a managed credit program and final APR is dependent on your credit score. An auto loan with an APR of 5.49% for a $20,000 loan at a term of 48 months, your estimated monthly payment would be $465. An auto loan with an APR of 5.74% for a $20,000 loan at a term of 48 months, your estimated payment would be $467. Private party sales will not be financed.
††Terms and Conditions apply. Offer valid for loans on vehicles purchased through the AAA Auto Buying Program from a TrueCar, Inc. (TrueCar) Certified Dealer; and approved and funded by Auto Club Trust, FSB. Applicant must submit the Member Price Summary provided by TrueCar during the application process. Must be an active AAA member to receive the additional TrueCar discounted rate. Loans offered by Auto Club Trust, FSB. Equal Opportunity Lender.
Member Savings currently not available in all states. In these states a "Target Price" is presented, which reflects a market-based example of what you can reasonably expect to pay for a vehicle configured with your desired options. Your configured vehicle may not be available or in-stock at the Certified Dealer.
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