Pooling Resources with Your Partner

For couples, talking money can touch on sensitivities that neither person knew existed. You may believe having money empowers you to buy anything you can afford, while your spouse believes in saving more for a rainy day. Both of you are right. But without a plan for how to act on these beliefs in your daily lives, you may find yourselves at odds. Follow these four steps to work together in harmony.

1. Establish Ground Rules for Financial Conversations

• Approach all discussions with positive attitudes and mutual respect. It's okay to disagree as long as you talk things through. No one will get his or her way all the time.
• Schedule regular financial planning meetings once or twice a month. Use this time to review immediate concerns. Some, but not all, meetings should track your progress in achieving your goals.
• Initiate any important decision-making conversations before the crisis point. If there's trouble with a car payment, bring it up before its due date. Together, you may come up with a great solution you never would have thought of alone.

2. Identify Your Priorities

Begin by each making a list of short- and long-term goals and when you want to achieve them—and then compare what you wrote down. Possible list entries:

• Accumulating enough savings to handle an emergency
• Buying a house large enough to accommodate a growing family
• Developing a budget to get out of—and to stay out of—debt
• Securing care for your aging parents
• Starting a college education fund for your children
• Taking a nice family vacation at least once a year
• Investing to be financially independent in retirement

3. Identify Your Savings and Spending Plan

• Make sure you continue to share the same financial priorities.
• Most couples should save at least 10% of their take-home pay. Work up to that if need be, but stick to a budget.
• Put savings on autopilot. Have Navy Federal allocate part of your direct deposit to your savings account. Or have money from your checking account automatically transferred into savings each payday.
• Agree to discuss all major outlays before you start shopping. Don't make impulse purchases. Plan for special deals on major expenses, like taking vacations off-season at places where children can stay free.

4. Develop Your Bill–Paying System

Do this together, so you both know what's going on. Later, the person with more time, talent and interest in this task may assume the responsibility. But remember that the other spouse must be informed about the status of the family's finances. If one of you already is paying the bills but not doing a good job, discuss changing the game plan.

Our Web Bill Pay offers convenience and can help you track your expenses.