{"id":56440,"date":"2020-10-22T11:44:37","date_gmt":"2020-10-22T11:44:37","guid":{"rendered":"https:\/\/www.marriage.com\/advice\/?p=56440"},"modified":"2023-02-04T06:51:37","modified_gmt":"2023-02-04T06:51:37","slug":"steps-to-reaching-financial-freedom-as-married-couples","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/finance\/steps-to-reaching-financial-freedom-as-married-couples\/","title":{"rendered":"6 Steps to Reaching Financial Freedom as a Married Couple"},"content":{"rendered":"\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-56443\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/10\/steps-to-reaching-financial-freedom-as-a-married-couple.jpg\" alt=\"Two African Couple Calculating Financial Management In The Kitchen Dining Table At Home\" width=\"804\" height=\"350\"><\/p>\n<p><span style=\"font-weight: 400;\">For most people, marriage is a union where two people who love each other share everything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Life&rsquo;s burdens are so much easier when you have another to take up some of the load, and joys are twofold when the person you love more than anyone is by your side.<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">The one wrench in the works is money.<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The tax benefits and sharing of expenses may not quite be enough to make up for the pressure of sharing each other&rsquo;s debts as well, but working together can strengthen your union and give you something to work toward together.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also watch:<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/q-vIi0PLwKE\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Cultivating willingness in the direction of obtaining financial freedom in a relationship, taking proactive steps to achieve financial freedom in marriage, and <\/span><a href=\"https:\/\/lib.dr.iastate.edu\/cgi\/viewcontent.cgi?article=6240&amp;context=etd\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">learning financial management in marriage<\/span><\/a><span style=\"font-weight: 400;\"> or close relationships, can go a long way in reducing the chances of money fights in family relationships.<\/span><\/p>\n<p><b>Steps to financial freedom<\/b><\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/articles\/pf\/07\/couples-finance.asp\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">Finances are among the top five reasons couples fight<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/www.marriage.com\/advice\/finance\/talk-about-money-in-a-relationship\/\"><span style=\"font-weight: 400;\">Talking about money<\/span><\/a><span style=\"font-weight: 400;\"> before marriage is unromantic and many couples do not even think about it before they tie the knot, but making sure you are on the same financial page is one of the best things you can do for your relationship. So, how to achieve financial freedom?<\/span><\/p>\n<p><b>Understanding each other&rsquo;s spending style and <\/b><a href=\"https:\/\/www.marriage.com\/advice\/finance\/\"><b>financial goals<\/b><\/a><b>, and coming up with a mutual plan can save a lot of future arguments and heartache.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Most married couples can agree that they would like financial freedom.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Creating a <\/span><a href=\"https:\/\/www.oberlo.com\/blog\/financial-freedom\" rel=\"sponsored\" target=\"_blank\"><span style=\"font-weight: 400;\">financial freedom game plan<\/span><\/a><span style=\"font-weight: 400;\"> gives both parties a clear path to success and fewer reasons to fight.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we will examine some important steps to take so you and your spouse understand each other&rsquo;s goals and are equipped to support the work it will take to get there.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"1-Start-the-conversation\"><\/span>1. Start the conversation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-56444\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/10\/start-the-conversation.jpg\" alt=\"Young Men And Women Having Conversation Together In Cafe\" width=\"804\" height=\"350\"><\/p>\n<p><span style=\"font-weight: 400;\">Maybe you are newlyweds and still basking in the warm glow of the commitment you just made to each other.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Maybe you have been married for a while and no longer have any qualms about telling your spouse they have morning breath.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Either way, <\/span><a href=\"https:\/\/www.moneyhelper.org.uk\/en\/family-and-care\/talk-money\/how-to-have-a-conversation-about-money?source=mas\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">starting the money conversation<\/span><\/a><span style=\"font-weight: 400;\"> can be difficult, but you cannot get on the right path without the first step.<\/span><\/p>\n<p><b>Don&rsquo;t spring the subject on each other at the end of a long workday while the two of you are hangry and trying to make dinner.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Instead, communicate that you would like to talk about your financial future and plan a time to do it distraction-free. Ask your spouse to think about and write down what financial freedom means to them.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2-Agree-on-goals\"><\/span>2. Agree on goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Hopefully, you and your spouse have similar visions of what financial freedom means. If not, then <\/span><b>you will need to find a way to either come together and compromise or agree to separate your finances.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The rest of this article will focus on how you can support each other in your goals no matter which path you choose.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just know that if you two have vastly different goals and separate your path, there may be more tension down the road unless you <\/span><b>come up with some detailed boundaries for spending and saving.<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3-Figure-out-what-you-need\"><\/span>3. Figure out what you need<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Chances for success are greater when you write down a <\/span><a href=\"https:\/\/positivepsychology.com\/benefits-goal-setting\/\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">detailed vision<\/span><\/a><span style=\"font-weight: 400;\"> of what your future will look like. <\/span><b>Do you want the basics of being debt-free, owning your home, being able to pay your bills comfortably, and saving for retirement and emergencies?<\/b><\/p>\n<p><b>Or are you interested in something more extravagant like early retirement and world travel?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">No matter where you are right now, both options are achievable if you make a plan, stick to it, and support each other along the way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key is to support each other. Even if you have decided to separate your finances and pursue different goals, you can be a cheerleader for your spouse and increase their chance for success.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4-Figure-out-what-you-have\"><\/span>4. Figure out what you have<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-56445\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/10\/figure-out-what-you-have.jpg\" alt=\"Men And Women Sitting Together By The Wall Women Pointing Finger Dollar Sign Drawn On The Wall\" width=\"804\" height=\"350\"><\/p>\n<p><span style=\"font-weight: 400;\">Now it is time to look at your current financial status. <\/span><b>Evaluate all of your bills and all of your spending.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Figure out where your priorities are, and what you can change about your habits to reach your goals faster. If you and your spouse have agreed to share the same financial journey, this may be your first sticking point.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Maybe your spouse feels like a Netflix subscription is essential, and you do not. If there are expenditures you disagree on, there are ways to <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/how-to-overcome-financial-conflict\/\"><span style=\"font-weight: 400;\">resolve financial conflict<\/span><\/a><span style=\"font-weight: 400;\"> without feeling like you are giving up anything you really need.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will just take patience and a <\/span><a href=\"https:\/\/www.marriage.com\/advice\/relationship\/things-that-may-be-keeping-you-from-opening-up-to-your-partner\/\"><span style=\"font-weight: 400;\">willingness to be open<\/span><\/a><span style=\"font-weight: 400;\"> and honest about your needs and motivations.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5-Keep-an-open-line-of-dialogue\"><\/span>5. Keep an open line of dialogue<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Regardless of your decision to follow the same financial path, it is essential to keep an open line of communication going about the direction you are both headed.<\/span><\/p>\n<p><b>Schedule regular financial check-ins so you can cheer each other on in your successes, and look for ways to solve any problems that may come up together.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you are both working on the same financial plan, now is the time to look at how far you have come and evaluate where you are going. Your future is something worth celebrating, and doing it together makes it even more exciting.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"6-Uplift-each-other\"><\/span>6. Uplift each other<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">One of the points of marriage is to have <\/span><a href=\"https:\/\/www.marriage.com\/advice\/relationship\/how-to-cherish-your-spouse\/\"><span style=\"font-weight: 400;\">someone to cherish<\/span><\/a><span style=\"font-weight: 400;\"> and support, sharing in their joys and carrying some of the load when things are hard.<\/span><\/p>\n<p><b>Make sure you are rooting for each other no matter what<\/b><span style=\"font-weight: 400;\">, and you will have an excellent start on your path to financial freedom.<\/span><\/p>\n","protected":false,"raw":""},"excerpt":{"rendered":"<p>For most people, marriage is a union where two people who love each other share everything. Life&rsquo;s burdens are so much easier when you have another to take up some of the load, and joys are twofold when the person you love more than anyone is by your side. The one wrench in the works is money. The tax benefits and sharing of expenses may not quite be enough to make up for the pressure of sharing each other&rsquo;s debts as well, but working together can strengthen your union and give you something to work toward together. Also watch: Cultivating <\/p>\n","protected":false},"author":749,"featured_media":56443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[2572],"_links":{"self":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/56440"}],"collection":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/users\/749"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/comments?post=56440"}],"version-history":[{"count":2,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/56440\/revisions"}],"predecessor-version":[{"id":56446,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/56440\/revisions\/56446"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media\/56443"}],"wp:attachment":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media?parent=56440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/categories?post=56440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/tags?post=56440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}