Nutley Credit Union Shares 6 ‘Smart Money Moves’ For Couples

NUTLEY, NJ — Finances can be one of the biggest causes of tension in relationships. But according to a credit union in Nutley, there are some simple steps that couples can take to take the heat off.

Proponent Federal Credit Union recently shared a list of “Smart Money Moves For Happy Couples.”

The most-common source of financial conflict? Different spending and saving habits and differing approaches to debt management, the credit union said.

“Disagreements about financial goals can also create conflict, such as whether to save for retirement or buy a new car,” Proponent spokespeople said. “Income disparities can cause friction too, leading to arguments about who should pay for what.”

Keeping financial stress to a minimum requires honest communication, a willingness to compromise to achieve shared goals, and basic money management strategies – all things that mindful couples can put to work for themselves.

Here are some suggestions from Proponent:

Understand each other’s money mindset - "Instead of criticizing, take time to understand your partner’s financial values and habits with an open mind."

Choose a way to manage money that works for both partners - "Common approaches include fully or partially merging money or keeping finances completely separated. An income-based system, where expenses are split based on incomes rather than a 50/50 split, may be appropriate if both partners believe in the fairness of the contributions. The bottom line is that there is no one-size-fits-all approach. The key is finding a system that both partners embrace."

Communicate about money matters openly and regularly - "To avoid the build-up of resentment or misunderstanding, set a designated time each month to review finances calmly rather than talking about money in the heat of an argument. Discuss how well the current system for managing money is working and be prepared to pivot if necessary. It’s important to be completely honest and forthcoming during the discussions."

Set shared financial goals - "Whether it’s saving for a home, a vacation or retirement, setting goals together fosters teamwork and shifts the mindset from 'my money vs. your money' to 'our future.'"

Create a budget that works for both of you - "If sharing money, work to accommodate both partners' needs and wants. Make sure that each partner has some financial independence, including personal spending money."

Build an Emergency Fund - "Unexpected expenses can cause tension. Having a shared emergency fund reduces stress when financial surprises arise."

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