Financial planning with your spouse can relieve the stress many couples experience

Building financial resilience with a spouse or partner is essential for long-term stability and a harmonious relationship.

While finances are a common source of stress in relationships (almost always cited as the No. 1 source of relationship stress in surveys), working together toward shared financial goals can lead to stronger bonds and a more secure future.

Financial resilience goes beyond savings and avoiding debt; it’s about being prepared to navigate unexpected financial challenges as a team.

Here are some key tips for couples looking to strengthen their financial resilience together.

1. Open communication about finances—One of the most critical aspects of financial resilience is open, honest communication. Couples should create a comfortable space to talk openly about money, discussing income, expenses, debt, and financial concerns. This transparency lays the groundwork for informed decision-making and mutual trust.

It’s important to schedule regular “money talks” to review household finances, track progress toward shared goals, and address any concerns. These discussions should cover both short-term needs and long-term goals like retirement, buying a home, or saving for major life events. Approaching money as a team ensures that both partners are aligned and working toward a common purpose.

2. Set joint financial goals—Setting joint financial goals is essential for financial resilience. Whether it’s saving for a vacation, paying off a mortgage, or planning for retirement, having clear, shared objectives helps guide financial decisions. Both partners should have input into these goals, ensuring they reflect mutual values and priorities.

Goals should be specific, measurable, and attainable. For example, instead of vaguely deciding to “save more,” a couple could set a target of saving 15% of their combined income each month. These joint goals foster a sense of partnership and keep both partners accountable for their financial decisions.

3. Create a budget together—A budget is a key tool for financial resilience, helping couples manage their money effectively and ensuring that they can meet their financial goals. Creating a household budget together provides visibility into spending habits, identifies areas where adjustments may be needed, and prioritizes essential expenses.

Building a budget as a team also fosters collaboration and encourages both partners to be mindful of their financial decisions. It’s important to review the budget regularly to account for changes in income or expenses and make adjustments as needed. This proactive approach prevents financial stress and keeps the couple on track to meet their goals.

4. Align on supporting family members in the future—Many couples face the possibility of supporting aging parents or other adult family members financially in the future. It’s important to have early conversations about these potential responsibilities to ensure both partners are on the same page. Discussing these issues now can help prevent conflict later, especially if financial obligations arise unexpectedly.

This conversation should cover how much financial support is realistic, what resources are available to help family members, and whether both partners are comfortable contributing. Agreeing on a plan for family support helps maintain financial resilience by ensuring these expenses are accounted for, without derailing the couple’s own financial goals.

5. Find healthy ways to resolve financial disagreements - Disagreements about money are inevitable in any relationship, but finding healthy ways to resolve these conflicts is key to maintaining financial resilience. When disagreements arise, it’s important to listen to each other’s perspectives and avoid blame. Couples should approach financial disagreements as a team, focusing on solutions rather than the problem itself.

If one partner is more risk-averse or has different spending habits, compromise is essential. For example, a couple could agree to set a spending limit for discretionary purchases or take turns making financial decisions for larger expenses. Maintaining a respectful, solution-oriented mindset helps resolve conflicts without damaging the relationship or long-term financial stability.

6. Plan for the future together—Planning for the future is a critical aspect of financial resilience. Couples should discuss their long-term goals and how they plan to achieve them, whether it’s saving for retirement, investing, or securing life insurance. Both partners should be involved in these decisions to ensure they are working toward shared goals.

In addition to retirement planning, couples should review legal documents such as wills and powers of attorney to ensure their wishes are protected. Having a plan in place provides peace of mind and helps avoid future conflicts, particularly in the event of a health crisis or other unexpected situation.

7. Choose a financial planner together—For many couples, working with a professional financial planner can be an effective way to build financial resilience and ensure long-term success. It’s essential that both partners are equally involved in selecting and working with a financial planner. This professional can offer valuable guidance on managing investments, savings, taxes, and retirement plans.

Choosing a financial planner together ensures that both partners feel comfortable with the advice given and are fully engaged in the process. It also creates an opportunity for both partners to stay informed and take ownership of their shared financial future. Regular meetings with the planner can help track progress toward goals and make adjustments as needed, ensuring that the couple’s financial plan stays on course.

Achieving financial resilience as a couple requires open communication, shared goals and a commitment to working together. By aligning on long-term goals, creating a joint budget, and involving both partners in key financial decisions, couples can build a strong foundation for navigating life’s financial challenges.

Whether planning for the future, addressing potential family obligations, or resolving disagreements about money, the key to financial resilience lies in collaboration, mutual respect, and shared responsibility.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.