It’s widely accepted that talking openly about money is key to financial freedom, yet 62% of Americans don’t. To help couples feel less awkward and more aligned, we’re sharing low-pressure ways to talk about essential money topics—including real-life ice breakers from our Monarch Team.
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Money goals are the things you set out to accomplish outside of your day-to-day expenses. Whether they’re short- or long-term, they’re generally thought of as the ultimate payoff for all the work done and tradeoffs made up to that point.
But they also have an instant benefit—one that is particularly helpful for couples who are starting to manage money together.
Talking about money goals can make you feel happy, now. The reason? Anticipation. Research has shown that people can boost their happiness simply by imagining their desired outcome, even if it’s months or years away.
To take a goals-first approach to money talk, visualize the life you want and get carried away with your future plans. For now, keep timelines and logistics off limits—this is meant to be a no-pressure conversation.
Why are money goals important to talk about with your partner?
Money goals are one of the most natural ways couples can start talking about finances. Almost anyone you bump into in our society has goals and is used to discussing them. Think about it: From a young age, we’re asked what we want to be when we grow up. It’s hard to catch your partner off guard when you bring up such a familiar topic.
Plus, sharing your goals is the only way to establish shared goals—and nothing brings two people together quite like shared goals.
Couples can benefit from talking about goals because:
- They set your sights on a future that excites and motivates you both. When your priorities match up, you’re able to tap into a shared sense of purpose that can make your bond stronger and make the chances more likely for you to hit your goals.
- They help you associate money talk with positive feelings. Let yourselves get carried away with your future, so much that you catch yourself smiling at the vision of life after you’ve hit your goals. It might help set up your next money talk to feel just as open and collaborative.
- They can easily lead to more detailed financial conversations. Once you know what you want—and you know why you want it thanks to your values—it’s logical to start considering the details of how you’ll try to get it. In essence, the numbers tend to bring themselves up.
What if my partner has different money goals than me?
Couples tend to have the same money goals for a very practical reason: They are not easily achievable with one average income. By teaming up, couples make their individual resources go farther and faster than those who aren’t coupled or don’t combine their finances.
Of course, every person has different individual money goals, too. So when couples talk about goals, the trick is to work together to prioritize your most important joint goals with your most important individual goals. Try using your values to talk through what each goal means to you, especially when it feels like you’re on different pages about things.
How can you start talking about money goals with your partner?
Try these if you’re ready to start talking goals:
- If $10K appeared tomorrow, I’d put it toward …
- One silly goal I’d secretly love to save for is …
- If we set a travel goal, the first place I’d pick would be …
- Five years from now, I want to be …
Try these if you want to get a little deeper:
- One financial milestone that would make me feel really proud is …
- A short-term goal that would make life easier right now is …
- The long-term financial goal that feels most tied to our sense of security is …
- What I’d really like to be doing when I’m work-optional (aka retired) is …
Top ways to reach your money goals with Monarch
- Set up each goal in Monarch’s Goal section to help make each one tangible and help you track your progress along the way.
- Decide how much you can carve out in your monthly Budget to put money towards each goal.
- Review your progress on your goals regularly (we recommend once a month) to see how you’re tracking and if there are ways you can accelerate your saving to reach them quicker.
FAQ
What are the best money goals for couples?
The best goals for couples are the ones that excite and motivate you both—whatever those big-picture things are that you want to consider; what’s worth saving your money for later vs spending now. These will likely look different for every couple, but popular ones include a down payment on a home, throwing a wedding, family planning, hobbies, and passions.
However, there are some money goals that all couples should consider—once you feel ready. While they’re not terribly fun, these can set you up for long-term security and stability:
- Creating an emergency fund
- Paying off high interest debt
- Saving for retirement
How can couples make their goals achievable?
We recommend using SMART goals. The acronym stands for:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
When these different factors are used together, they can help couples turn a vague goal into a clear and actionable plan. For example, if you have a shared goal to travel more, your SMART goal might look like this:
We’ll set aside $10,000 to travel for one week, twice a year: one international trip and one domestic trip.
