A couple weeks ago, I was working outside with my husband, and I mentioned that we would probably purchase our next home sometime in 2021. Surprisingly, he informed me that he believed we were going to wait until 2023. Since I did not remember agreeing to that year, we had a lengthy conversation on what we had or had not decided regarding our next home purchase. While we eventually did come to an agreement on what our plan is, it reminded me of some key aspects of having a successful conversation about financial goals with your spouse.
Establish Goals
It is important to make sure you intentionally set aside time to talk to your spouse about financial goals. This time needs to be free of distractions and planned in advance. Coming up with your own goals independently and prior to the conversation can help you have a more productive conversation. In addition, expecting there will be areas you disagree about will help you enter the conversation open minded.
Revisit Goals
My story above is the perfect example of why it is so important to revisit your financial goals. My husband and I had discussed our goals at the beginning of the year. But, after eight months, we had forgotten what we had decided! Revisiting goals keeps them fresh in your mind and helps you know if you and your spouse have the same expectation and are on track or not.
Change Goals
Life circumstances change quickly. Outside factors impact our lives without our having any say. Clearly, 2020 is a good example of that! Being willing to adjust goals due to life circumstances is an important aspect of setting goals with your spouse. You can’t be united on your goals if life circumstances have changed the way you or your spouse are thinking, but at least you have talked about it. Being willing to wait, change, and modify your goals can help you remain aligned and accomplish the things you want to do.
If the financial goals conversation seems intimidating to you, know that you are not alone! At Foster Group, we walk hundreds of couples through their financial goals and help facilitate the conversation. If you do not know how to start the goals conversation with your spouse, ask your financial advisor. They can help point you in the right direction and facilitate a conversation that will align your financial goals with an agreed upon plan. At Foster Group, truly caring for our clients means taking the time to learn what’s in their hearts and using proven methods to help them pursue their goals.