What are some examples of financial goals for couples?

Notable examples of financial goals for couples include paying down shared debt, building an emergency fund, and saving for a house, a car or a vacation. Shared financial goals can help ensure couples are on the same page about the things they want to invest time and money in.

More than 1 in 3 people believe their relationship is limiting their financial growth, according to a WalletHub survey. However, coming up with financial goals together can help you grow as a couple.

Examples of Financial Goals for Couples

Create a Household Budget

A household budget allows you to plan out how you will both use your income to pay for joint expenses so you can prevent overspending on unnecessary items. WalletHub found that nearly 1 in 3 people believe irresponsible spending is the worst money problem for a relationship. However, a budget can help you control spending by identifying things you can cut back on so you can reduce problems in your relationship and free up money for other financial goals, such as buying a house or going on vacation.

Build an Emergency Fund

An emergency fund helps you pay for unexpected expenses that normally wouldn’t be included in your monthly budget, such as medical bills or paying a technician to fix your air conditioner during a heat wave. It can also help cover your expenses if you or your partner get laid off. Having an emergency fund prevents you and your partner from needing to borrow to cover these costs.

You should aim to have three to six months’ worth of your living expenses in your emergency fund. Some people have a lot of work to do to get there. For example, about 1 in 5 people say they couldn’t even come up with $1,000 to save a loved one’s life, according to a WalletHub survey. To make sure you are well protected, you and your partner might want to have a shared emergency fund, in addition to separate savings for personal emergencies.

Pay Off Debt

Whether it’s from credit cards, student loans, a car loan or something else, having a goal to pay off debt can be beneficial for couples. Debt can cost you a lot of money and reduce how much you and your partner are able to save, so it’s important to pay back your debts as soon as you can. Once you get rid of your debt obligations, you can divert the money that was used for debt payments to your savings.

Save for a Large Purchase

Saving for large purchases, like a house or a vacation abroad, is a common financial goal for couples. These purchases should be things you both want, so work together to make a list and prioritize the items in order of importance to see which things to save up for first.

Afford Regular Date Nights

Going out to dinner, seeing a movie, or attending a concert costs money. However, making a goal to save money specifically for these date nights can help you relax and have some fun without worrying about whether you can afford it.

Fund Your Kids’ Future College Education

College is expensive. If you have kids, it is a good idea to start saving for college as early as you can. Things like a 529 plan or savings bonds can provide an easy way to save for college while offering you tax benefits.

Afford Adequate Insurance Coverage as Your Needs Grow

Having enough health, life, disability, home, and car insurance can help ensure your loved ones and your finances are protected if disaster strikes. Premiums for all this coverage can get pricey, so get at least the minimum you and your partner can afford now and have a goal to increase your coverage in the future as your needs and your budget expand.

Depending on where you are in life and what your current priorities are, you might not need every single type of insurance you’ll eventually want to acquire. For example, a couple in their 20s may only need to worry about health and car insurance, since they may not own a home and may not have kids that would benefit from a life insurance policy. On the other hand, a couple in their 40s or 50s may own their own home and have kids, so they should consider getting life, disability, and home insurance, in addition to other types of insurance, to make sure their dependents are protected.

Retire Comfortably

Saving for retirement is an important goal married couples or life partners should have. Discuss how much each of you is contributing to your retirement accounts and determine whether you should increase contributions to be able to afford the lifestyle you both dream of during retirement. 

To learn more, check out WalletHub’s guide on setting financial goals.