6 Steps to Setting up a Financial Date with Your Partner
/The new year has been underway for almost a month. It’s started out somewhat tough for many people, which may include you, but I want you to focus on what’s important to you. The stock market may be sliding down, but don’t panic and stay focused on your overall wealth goals! Remember, 2022 is the year of simplicity, so I want you to focus on the few things and forget about all the other clutter or short-term noise.
I hosted an intimate discussion with married women, who told me that one of their biggest goals in 2022 is to get on the same page with their partner on their finances. I suspect that you or someone you know might have a similar goal. Well, how will you manage the finances with your significant other in 2022? Here are my thoughts…
One of the biggest opportunities to get on the same page with a partner is to have a monthly financial check-in. I bet this sounds easier said than done, and you’re right. Here are 6 steps to set you on the right path:
Agree to a mutually convenient date and time for your ‘monthly financial date” with you and your partner. Treat it as a real date, similar to a date out on the town. Get a babysitter or trusted caregiver if you have young ones, just as you would if you’re going out for a date night.
At the beginning of your meeting, set your intentions for your time together. Put some time bounds for your discussion. I find that 90 minutes works well, but do whatever suits your needs with enough time to accomplish the intentions. BONUS: Grab a beverage, spirit, and some food to have some fun in your meeting.
Refresh yourselves with the financial goals that you set in the beginning of the year, or whenever you last set collective goals. If you have not set any financial goals, these can be 2-3 things you want to accomplish together with your money. For my husband and me, one of our financial goals is to put away a certain amount of money in our child’s 529 plan. Whatever is on your list, keep the list manageable - remember simplicity will work in your favor. Now, the trick is that you both have to agree that these are JOINT goals, reflecting your shared values. If your partner does not buy-in to a goal, then it is not a joint goal and you should strike it from the list.
Review your financial accounts and your allocation strategy - your joint accounts and individual accounts. If you need a refresher on setting an allocation strategy, check out my SIPPin and Living strategy, which is part of the “developing an investor mindset’ chapter in my book. Look at the accounts in totality (excel works fine or you might have access to a tech platform that aggregates your accounts for you). Ask yourself if you are on track, or whether you need to make any adjustments to your allocation strategy. Make any adjustments in real time or give yourselves a date by which to make any adjustments as needed.
Celebrate any accomplishments and give constructive feedback. You want to keep doing what’s working and depart from what’s not working by giving constructive feedback.
Close out the meeting and partake in something FUN for the rest of the date night, and return to step 1 to lock-in the next monthly financial date.
A Wealthy Girl Corner
If you want an additional perspective on how to reach your financial goals with a partner, I have another recommendation for you - David Bach’s book, “Smart Couples Finish Rich.” I’ve mentioned this book before and I’ll do it again as I’ve enjoyed reading it over and over again.
For those of you in Chicago, on Saturday, February 5th at 3pm CST, I will be speaking in-person for the “Meet The Author: Charisse Conanan Johnson” event at the Whitney Young Branch of Chicago Public Library. I am so pumped! Please join me if you are free as it is a free event for attendees.
