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Money, W(h)ine & Cheese

Organize your Money and your Life

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Setting Financial Goals as a Couple

March 30, 2022

March is over and so is our theme for the month “Having vs Experiencing“.

As I was sitting thinking about the new theme for April, I realized that a lot of you had questions about my last post… Well, it’s not rocket science, it’s really just common sense! When we want to figure out a problem we have to talk about it!

So when we have a different “money personality“ from our partner, we have to discuss it and figure it out! There was some indignation that the solution was to reach compromise! Well, I’m sorry but that’s kind of what has been done for centuries! And to this day there still have been no developments to arrive at a solution without reaching a compromise. Of course, one can always strive for getting ones way and for that instead of a compromise they have to do a lot of persuasion! I say, choose your weapon!

But getting back to reaching an agreement with our partner so that we can work towards the same goal, is the way to go. Be it with compromise or persuasion, when we decide what we are going to work towards becomes a two persons job! It is my experience (and I mostly talk about my experience!) that when we are clear on what we want we get there,1 – faster and 2 – more motivated!

So, after the conversation when the couple has decided what to work towards, be it things or wants, it’s time to set up a “Goal Setting Session“. If this involves children or teenagers, make them a part of the conversation, so that every time they ask for something at the store you don’t have to keep saying no and having to explain why.

For this session it’s always better that it be held when you are both relaxed and have no commitments afterwards, like say a Friday night or Saturday that you can just sit, have your favourite drink and set your goals!

Turn your devices off, that goes for the TV as well! No distractions so that you can really have a conversation and jot down all the things you’d like to do or buy. Create a strategy to reach your goal, a plan, a road map! This will help you stay focused along the way.

If you are striving for a really big goal (a lot of money to save!) create breaks in between “amounts saved“, for example, every $1000 or $1500 saved you get to spend 10% on whatever you want. It can be take out, dinner at the restaurant, drinks with friends, whatever it is you like doing, but are going to cut back on, so that you can reach your goals faster!

TIP: And if the first session is frustrating just give it another go! And dream big! When I look back at the sessions I used to have with my husband… they were so lame, with little goals. But guess what? It works better with bigger goals and that’s how we went on vacation to Australia in 2019! My husband went from non-believer to swearing by these Goal Setting Sessions!

I hope this got you inspired to give it a go! It’s so important that we don’t forget what’s important to us and make it happen!

Love,

Sara

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