A Quarterly 'Money Date' Might Be the Best Thing You Can Do for Your Retirement — and Your Marriage
Being on the same page is critical for any marriage, and that includes being aligned about your finances.
A third of American couples say money is a source of conflict in their relationship, according to an Ipsos poll. A quarterly “money date” may help. Study shows that talking about money can help relieve financial anxiety and managing money together instead of separately can help strengthen your relationship.
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Not only can you compare notes and agree on next steps, but you can also establish your savings path to a smooth retirement. Financial planning can turn from a source of tension into a shared project — and one you can have over a glass of wine at home or at a restaurant you’ve been wanting to try.
Why you should talk about money
Talking about money can be awkward, especially if you were raised to view money differently, have very different incomes or spend money differently from your partner. But avoiding the topic can result in mismatched savings goals and two different directions for retirement.
One spouse may feel like they are pulling all of the weight, while another spouse may feel like the current budget is too restrictive. One spouse may be saving for long-term goals while the other is spending on short-term ones.
A regular money “date” — like meeting once a quarter to go over your spending, saving and investing habits — can help. This is a time to talk through your different approaches to money, whether that’s related to saving for retirement, a down payment or even an upcoming vacation. Assigning a regular cadence to your check ins also means you don’t have to talk about money all the time, which may be overwhelming.
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What a quarterly money date should cover
Giving your quarterly “money dates” structure helps ensure you have productive meetings and discuss the key details of your finances. These are some of the topics you can discuss during these meetings:
- Retirement account contributions
- Progress toward savings goals
- Budget changes
- Debt payoff
- Large upcoming expenses
- Beneficiary updates
- Insurance
- Any changes in income or job benefits
Some meetings may focus more on certain categories. For instance, debt payoff may get more of your attention if you have a $20,000 credit card debt, but once it is paid off, you may turn to increasing contributions to a 401(k).
If you’re unsure what to discuss on your money dates, it may be worth speaking with a financial planner. This planner can help you establish a roadmap for reaching long-term goals with your partner.
Money dates in retirement
Even once you reach retirement — and have perhaps been with your partner for decades — scheduled time to go over your finances can help keep you on track and make your money last. Your retirement plan will go through fluctuations as your income, expenses and lifestyle changes.
You can take this time to review your Social Security benefits, investment accounts, whether you’re living the lifestyle you dreamed of for your retirement and more.