From mismatched spending styles to managing joint debt, money can be a major source of stress in relationships. Whether partners fully combine their money or keep certain aspects separate, financial alignment is key to building trust and planning for the future. So, what are some strategies for overcoming common financial challenges couples face?

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“Unclear roles and inconsistent money habits can quietly strain a relationship and, over time, lead to financial setbacks that are difficult to bounce back from,” said Manuel Salazar, chief executive officer at Take Charge America, a national nonprofit credit counseling and debt management agency. “When partners take time to talk openly, tailor a system that works for them and set shared goals, they’re setting themselves up for long-term financial success.”

Salazar offers five foundational steps partners can take to strengthen their financial partnership, reduce everyday money stress and overcome financial challenges couples face: 

  • Talk About Money Before You Manage It: Everyone has a different money story that’s shaped by upbringing, culture and personal experience. One person might enjoy digging into investment strategies, while the other tracks household expenses. As long as both partners are in the loop and decisions are made together, dividing responsibilities can make managing money less stressful.
  • Align on Big-Picture Goals & Adjust Habits as Needed: From saving for a home to paying down debt, shared goals create a sense of momentum and teamwork. But financial priorities can shift as life changes. Revisit those goals regularly to ensure habits, spending and saving still align with big picture goals.
  • Agree on Who Pays for What: In many relationships, partners bring different incomes, expenses and financial obligations to the table. Deciding how to divide shared costs, whether it’s 50/50 or proportional to income, helps prevent misunderstandings and resentment. 
  • Create Ground Rules for Spending: Many spouses find it helpful to set thresholds for what requires a conversation, such as agreeing to talk before making purchases over $100.  Ground rules like this can help promote transparency, prevent misunderstandings and support a shared understanding of how money decisions are made.
  • Build an Emergency Fund Together: An unexpected expense like a medical bill, home repair or the loss of a job can quickly derail a financial plan. An emergency fund provides a buffer between life’s surprises and long-term goals, helping couples avoid taking on high-interest debt during a crisis while offering peace of mind.

For expert help building a budget and tackling debt, schedule a free credit counseling session.