“It’s important for both parties to develop a clear understanding of their short- and long-term financial needs and how they fit into their overall aspirations,” said Margarita Guerra, Senior Vice President and Chief Financial Officer at BluPeak Credit Union.
SAN DIEGO (PRWEB) February 13, 2023
As people’s lives become more intertwined in a relationship, it's important for each partner to understand the other's spending and savings priorities. Studies show couples that sit down to discuss their finances face a better financial future and higher rates of happiness.
“For couples, working towards a common set of financial goals can improve their chances of achieving them,” said Margarita Guerra, Senior Vice President and Chief Financial Officer at BluPeak Credit Union. “It’s important for both parties to develop a clear understanding of their short- and long-term financial needs and how they fit into their overall aspirations.”
This Valentine’s Day, BluPeak Credit Union lovingly offers some basic rules of engagement for discussing how to manage finances as a couple.
Start with honest conversations about your finances. If you’re just dipping your toe into the couple money management pool, start by checking out BluPeak’s blog post titled How to Have a Conversation About Money. You’ll find practical tips for getting the money talk started in a positive way.
Get on the same page about financial goals. Reframing the money conversation from “me” to “we” generates a strong sense of being on the same team. Is a new car or paying for a child’s college education a top priority right now? Have you always wanted to have your own business? Dreaming of a second home for family vacations? Be honest with your partner about what you want your money to do.
Start a shared budgeting system. With your goals defined, you’ll be in a position to put together a plan to save money as a couple and achieve them. BluPeak recently assessed some of today’s most popular online budgeting tools for tracking personal finances. It’s important to start the budgeting process together so you both have a solid grasp of the money coming in and going out. Doing so can head off misunderstandings and disagreements arising from inadvertent overspending.
Decide on joint or separate accounts. Plenty of couples have come up with a wide range of personalized financial arrangements, including those where there is a joint account that both contribute to as well as each person having their own separate account. Decide what is best for you and your partner and be open to the possibility that this arrangement could change over time.
Plan periodic “financial” dates. Financial goals are likely to change as your life circumstances evolve. Early on, the focus may be on purchasing a home or starting a family, while later on you may shift toward other experiences and saving for retirement. The key to long-term couple money management success is to make sure it’s an ongoing conversation.
Inject some fun by making a date of it and taking some time to focus on the great stuff you’re achieving together. Revisit your shared goals and plans at least once or twice a year to ensure you stay aligned and your financial plans still make sense for whatever stage of life you’re in.
Ready to get started with couples money management?
Learn more about BluPeak’s Money Management tool in Online Banking, and check out the range of savings accounts they offer to help you reach your shared financial goals.
About BluPeak Credit Union
Founded in 1936, BluPeak Credit Union empowers its nearly 60,000 members to achieve financial wellness through a full range of financial products and services, including checking and savings options, credit cards, loans, mortgages and more. BluPeak has more than $1.2 billion in assets and members can access their accounts through six California branches, nearly 30,000 surcharge-free ATMs nationwide, and 24/7 online and mobile banking.
BluPeak membership is open to all Californians who live, work or worship in Alameda, Sacramento, San Diego, Santa Clara and Yolo counties, as well as those employed by the state of California, and California university employees and students. Formerly known as University & State Employees Credit Union (USECU), the name changed to BluPeak in 2022. The new name reflects BluPeak’s California roots, is more inclusive to its field of membership, and better conveys a passion for going above all others in member relationships.
As a community leader, BluPeak partners with local causes, events and organizations that speak to our commitment to health, wellness and inclusiveness. Learn more at BluPeak.com.