5 Practical Steps for Couples to Get Aligned with Their Financial Goals

Your finances may not be the most romantic topic during a month dedicated to love, but they play a crucial role in building and maintaining a happy, stable, long-term relationship.

According to the Fidelity Investments 2024 Couples & Money Study, only about half of surveyed couples said they make financial decisions jointly—both day-to-day and long-term. Additionally, more than one in four partners expressed resentment over being left out of financial decision-making.

Whether you’re just starting out or have been married for decades, we at Octavia Wealth Advisors believe that open communication about finances is essential to securing your future. Here are five simple steps to help you and your partner stay on the same page and work toward your financial goals as a team.

1. Start the Conversation

Be open about your financial situation—both individually and as a couple. Even if you maintain separate checking, credit, or retirement accounts, it can be helpful to share updates on a regular basis. If one partner is taking the lead in managing your joint finances, the other should still have access to account information. Having a complete picture of your assets, debts, income, and expenses can help provide valuable insights into your financial health, and empowers you to make informed decisions together.

2. Acknowledge Your Differences

Couples often have different attitudes about money. For example, one partner may be a saver and the other a spender, or one may prioritize experiences over material things. The key is to start by identifying your shared goals first and discussing how you’ll achieve them before diving into the rest of the details. Try to keep the conversation respectful as you discuss your priorities—whether it’s funding your children’s education, maintaining work-life balance, or planning for retirement—and be ready to compromise. Considering each other’s needs and wants upfront can help prevent resentment later on.

3. Make a Plan

Once you’ve identified your goals, it’s time to map out the strategies to help achieve them within a reasonable timeline. This goes beyond just creating a budget (though that’s important too). It’s about building a comprehensive plan that covers investing, risk management, tax optimization, your family’s health and education needs, philanthropy, and more.

Your Octavia wealth advisor can help you design and stress-test your plan, ensuring you’ve checked all the boxes—from paying off student loans and saving for a home to creating a roadmap to a comfortable retirement.

4. Build Trust

Even with a solid plan in place, you may have to set some “ground rules” to help you stay on track. That might mean deciding together how to use a big tax refund or agreeing to discuss major purchases—like dream vacations or home renovations—in advance. The key is to keep things positive—no blaming, shaming, or eye-rolling. Regular and open communication will be essential as you adjust your plan to fit real life in a way that works for both of you.

5. Stay Flexible

Financial planning isn’t a one-time task—it’s an ongoing process. Over the years, you’ll likely need to make adjustments to keep up with changes in the economy, your career, family life, or shifting priorities. Regularly reviewing and tweaking your goals together can help you both remain actively engaged in your financial journey.

Financial planning starts with prioritizing your goals—and then figuring out the practical steps that can help you achieve them. For a couple, that can get a bit complicated, especially if your ambitions are very different. But with open communication, it can be done—and, yes, it can even be a little romantic, as you share your dreams and plan for a secure and fulfilling life together.

If you need help aligning your goals, or turning them into action, your Octavia wealth advisor is always available to serve as an impartial guide. Schedule a time to talk and start creating a holistic and realistic plan for your future.